Segment
P&C Companies
Chubb seeks court clarification in Nortel settlement
February 15, 2006 by Canadian UnderwriterChubb Insurance Company of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Corporation.The action seeks a determination by the court regarding the insurance coverage available…
Cisco study to examine effects of technology on business productivity
February 15, 2006 by Canadian UnderwriterCisco Systems has launched a study into the impact of networking technologies on small to medium enterprise (SME) productivity in the United States, Canada, the United Kingdom and Australia.The study is focused on the impact networking technologies have on outcomes…
Auto insurers can access cheaper replacement parts
February 15, 2006 by Canadian UnderwriterParts Direct, the wholly owned subsidiary of AutoWorks International Ltd., has fully designed, developed, and tested its PartScan software so that it is now available for ‘live’ installation and network systems integration with insurance company clients. Testing of the software…
FM Global’s rating upgraded to “Very Strong”
February 15, 2006 by Canadian UnderwriterFitch Ratings recently upgraded FM Global’s financial strength from ‘AA-‘ to ‘AA,’ a “Very Strong” rating. Heightened confidence in FM Global’s underwriting performance, surplus growth, and engineering expertise and ability to mitigate and absorb volatility prompted Fitch to assign the…
KRG Children’s Charities presents $500,000 to SickKids
February 14, 2006 by Canadian UnderwriterSteven Wise, Chairman and CEO of the KRG Children’s Charities, presented a $500,000 cheque to SickKids hospital at the 17th Annual KRG Children’s Charities Gala, held in February at the historic Carlu in downtown Toronto. Wise presented the cheque to…
Swiss Re renewals premium volume grows
February 14, 2006 by Canadian UnderwriterSwiss Reinsurance Co. has achieved a 7% improvement in its economic profit due to focus on technical profitability and its volume of business written has grown to 9.3 billion Swiss francs (US$7.1 billion) in its January non-life contract renewals.Michel Lis,…
U.S. insurance failures sink to record low in 2005
February 13, 2006 by Canadian UnderwriterU.S. insurance failures fell in 2005 to a record-low level of 16, according to a report recently issued by the Standard & Poor’s rating agency.“In 2005, the number of U.S. insurance failures continued to fall, reaching levels not seen in…
Regulators issue recommendations for avoiding conflicts
February 13, 2006 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) have issued a third consultation paper that includes three recommendations for harmonizing best practices across the country so as to avoid conflict of interest situations.…
P&C insurance suffers underwriting loss
February 13, 2006 by Canadian UnderwriterThe property and casualty insurance industry in the US has suffered an underwriting loss of US$2.8 billion for the first nine months of 2005 as a result of Hurricane Katrina, reversing the $3.4 billion underwriting gain reported during the same…
What’s New: In brief (February 13, 2006)
February 13, 2006 by Canadian UnderwriterDinner tickets for WICC Ontario Chapter’s 10th Anniversary Dinner “Fueling the Flame” are on sale now at wicc.ca. WICC’s goal for its 2006, 10th Anniversary year, is to raise $2 million to fund breast and prostate cancer research projects through…
Fairfax incurrs significant Q4 losses
February 10, 2006 by Canadian UnderwriterFairfax Financial Holdings Ltd. has reported a net loss of $318.1 million in the fourth quarter of 2005 and $497.9 million for 2005. The Toronto-based company says the losses were incurred as a result of the harsh Hurricanes Katrina, Rita…
Willis reports decrease in 4Q net income
February 10, 2006 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH), the global insurance broker, reported its 2005 fourth-quarter revenues decreased 4% to US$562 million, from US$588 million over the same period last year.Net income for the 2005 fourth quarter was US$60 million, or $0.38…