Segment
Reinsurance
EGI Financial expands US operations
October 15, 2007 by Canadian UnderwriterEGI Financial Holdings Inc. announced it has taken a US$20-million [approximately Cdn$19.54-million], non-revolving term loan with the Bank of Nova Scotia.The loan will help EGI Financial reinsure niche and specialty line insurers underwriting business in the United States through its…
Specialty program markets actively seeking new business
October 12, 2007 by Canadian UnderwriterSpecialty program markets appear to be actively seeking profitable new business, both from new program administrators and existing partners, by building product and volume, according to a recent survey by Guy Carpenter & Company LLC.The survey canvassed an undisclosed number…
D&O claims frequency down in 2007: Role of SOX uncertain
October 11, 2007 by Canadian UnderwriterDespite a slight reduction in frequency of class actions against boardroom executives in the United States, its too early to say weve entered a Brave New World of good corporate behaviour because of the Sarbanes-Oxley Act [SOX], a reinsurer told…
Connecticut state launches antitrust lawsuit against reinsurers
October 9, 2007 by Canadian UnderwriterConnecticuts attorney general Richard Blumenthal has launched an antitrust lawsuit against 10 reinsurers, alleging anticompetitive practices that inflated insurance costs for insurance companies and consumers.The attorney generals allegations have not been proven in court. The principle defendant in the case,…
Marsh arranges US$425 million of non-cat capacity for U.S./Canadian companies in UK market
October 9, 2007 by Canadian UnderwriterMarsh, a global insurance broker and risk adviser, has arranged a property facility that will provide up to US$425 million of non-catastrophe capacity in the London market for United States and Canadian companies, the company has announced.The facility can be…
Tsunamis after next Cascadia earthquake might be more damaging than ground shaking
October 5, 2007 by Canadian UnderwriterGround shaking caused by the next predicted Cascadia earthquake off the western coast of British Columbia is expected to result in losses of between US$40 and US$60 billion and damage losses resulting from the accompanying tsunami waves could be even…
OSFI releases advisory on insuring in Canada a risk
October 2, 2007 by Canadian UnderwriterA foreign entity is not allowed to insure in Canada a risk as per the Insurance Companies Act (ICA), unless the Superintendent authorizes it to do so and the risk is within a class specified by the order, an advisory…
Insurers lowballing PMLs for Vancouver eartbhquake scenario
October 2, 2007 by Canadian UnderwriterIndividual insurer’s probable maximum loss (PML) estimates for insured earthquake damages in Canada are about four times lower than those calculated by an Insurance Bureau of Canada (IBC) working group, a panelist told the National Insurance Conference of Canada in…
Lloyd’s reports 34% increase in profit
September 27, 2007 by Canadian UnderwriterLloyds has reported a pre-tax profit of 1.8 billion [approximately Cdn$3.65 billion], for the first six months of 2007, marking a 34% increase over last year.Lloyds saw a profit of 1.35 billion [approximately Cdn$2.74 billion] for the same period of…
Swiss Re launches Climate Adaptation Development Programme
September 27, 2007 by Canadian UnderwriterSwiss Re launched the Climate Adaptation Development Programme (CADP), which is designed to offer financial protection for weather related risks in emerging countries, during the Clinton Global Initiative 2007 meeting. Swiss Re will partner with Millenium Promise, a non-profit whose…
Munich Re launches Internet portal
September 26, 2007 by Canadian UnderwriterMunich Re launched an Internet portal as a means to provide information on sustainability strategies and projects. The new portal will be the central information medium for the public, media, rating agencies and investors who wish to evaluate Munich Re…
Canadian reinsurance branches here to stay
September 21, 2007 by Canadian UnderwriterRepresentatives of the Canadian reinsurance market assured delegates of the A.M. Best Canadian conference that their Canadian branches are here to stay, despite recent changes to the Insurance Companies Act.The changes to Part 13 of the Act re-defined in-Canada risk.…