Segment
Reinsurance
What’s New: In Brief (January 09, 2008)
January 9, 2008 by Canadian UnderwriterClive R. Tobin will retire from his post as chief executive of XL Capital Ltd.’s insurance operations, and David B. Duclos will succeed him.Tobin will continue with XL as vice chairman of XL Insurance (Bermuda) Ltd., where he will concentrate…
What’s New: In Brief (January 08, 2008)
January 8, 2008 by Canadian UnderwriterWestport Insurance Corporation, a Swiss Re company, has merged with Employers Reinsurance Corporation. Employers Reinsurance Corporation holds a Canadian branch. In the merger, Employers Reinsurance Corporation assumed the Westport name and all of the liability and obligations under and according…
U.S. outlines its case against ex-insurance executives in finite reinsurance case
January 8, 2008 by Canadian UnderwriterThe United States government has started to present its case against five former executives of General Reinsurance Corp. and American International Group Inc. in a fraud case surrounding a finite reinsurance transaction.The insurers have denied the fraud charges. They will…
What’s New: In Brief (January 07, 2008)
January 7, 2008 by Canadian UnderwriterStrategy Institute, in conjunction with Canadian Underwriter, is holding the 4th annual Captive Insurance Strategies Summit on Apr. 1 and 2.The summit, held at the InterContinental Toronto Centre, will look at a range of issues including: achieving best practices in…
Quebec travellers cash in on risk management offer
January 3, 2008 by Canadian UnderwriterThousands of Quebecers will be travelling on the dime of an online travel risk management service, thanks to more than five inches of snow that fell at Pierre Elliot Trudeau International Airport in Montreal. itravel2000’s Let it Snow promotion offered…
2007 natural catastrophe losses increase without mega-catastrophe
January 3, 2008 by Canadian UnderwriterDespite the absence of any mega-catastrophes, the global insurance industry had to cope with far higher natural catastrophe losses in 2007 than in 2006, Munich Re has reported on its Web site.“Despite the general absence of extreme events, overall economic…
Reinsurance rates down across all markets
January 2, 2008 by Canadian UnderwriterReinsurance rates continued to soften during 2008 renewals, according to separate reports issued by two leading global reinsurance and insurance brokers.Reinsurance broker Guy Carpenter, in a report entitled ‘Near Misses, Plentiful Reminders: Global Reinsurance Review, January 2008,’ notes “property catastrophe…
What’s New: In Brief (December 21, 2007)
December 21, 2007 by Canadian UnderwriterWhat’s New: In Brief York Fire and Casualty Insurance Company has launched a manufacturer connection product aimed at the U.S. market, the latest in a collection of commercial product offerings. “The Manufacturing Connection product is designed to cover a wide…
Wendy Baker resigns as president of Lloyd’s America Inc.
December 20, 2007 by Canadian UnderwriterWinifred “Wendy” Baker, who in 1990 became the first woman to lead a reinsurance company, will step down after nine years as president of Lloyd’s America Inc. at the end of December 2007, A.M. Best has reported.Baker managed Lloyd’s offices…
2007 international p&c losses totalled US$25 billion
December 18, 2007 by Canadian UnderwriterNatural and man-made catastrophes led to overall financial losses of US$61 billion across the globe, with property insurers contending with losses totalling US$25 billion, according to preliminary estimates by Swiss Re.Although the insured losses, at US$25 billion, were US$9 billion…
Beware of business interruption goblins
December 14, 2007 by Canadian UnderwriterUnderwriters need to beware of seemingly “harmless” business interruption (BI) coverages such as for interdependent and contingent losses, power outages and the financial consequences of prevented access that could accumulate into a big payout should a claim occur, Swiss Re…
Facultative reinsurers looking to capital markets
December 13, 2007 by Canadian UnderwriterFacultative reinsurers are exploring capital markets techniques that could boost their competitive position in hard markets, while at the same time allowing underwriters to reduce excess capital in soft markets, Benfield has written in the 08 edition of The Fac…