Canadian Underwriter

Segment
Reinsurance


News Insurance

AXIS, $1.5 billion syndicated credit agreement

August 26, 2005 by Canadian Underwriter

AXIS Capital Holdings Ltd. (NYSE: AXS) has entered into a $1.5 billion credit agreement with a syndicate of lenders. This renewal agreement is an unsecured five-year facility that allows the Company to issue letters of credit up to the full

News Insurance

Bond insurer served Wells notice

August 22, 2005 by Canadian Underwriter

The U.S. Securities Exchange Commission recently served MBIA Inc. with a “Wells” notice in lieu of the retroactive reinsurance the bond insurer had purchased to cover its losses.As a result of its actions to cover losses resulting from its guarantee

News Insurance

Lloyd’s subpoenaed regarding finite reinsurance

August 16, 2005 by Canadian Underwriter

The U.S. Attorney’s Office of the Southern District of New York and the U.S. Securities and Exchange Commission recently subpoenaed Lloyd’s of London in regards to finite reinsurance information.The information in question is associated to transactions syndicates in the Lloyd’s

News Insurance

More guilty pleas added to Spitzer’s roster

August 4, 2005 by Canadian Underwriter

Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his

News Climate ChangeInsurance

Terrorism backstop likely reality

July 15, 2005 by Canadian Underwriter

A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration

News Insurance

Gen Re CEO under investigation

July 14, 2005 by Canadian Underwriter

Officials investigating a finite reinsurance deal executed in 2000 by General Reinsurance Corp. and American International Group Inc. are examining whether Gen Reinsurance Corp’s current chief executive officer, Joseph P. Brandon, is being investigated regarding whether or not he had

News Climate ChangeInsurance

Canada not fully prepared for terrorist attack (July 12, 2005)

July 12, 2005 by Canadian Underwriter

Almost immediately after London’s deadly terrorist bombings, Canada’s 24-hour emergency preparedness system kicked into effect and worked as intended. However, in a recent speech at an international conference on disaster management, federal public safety Minister Anne McLellan also highlighted the

News Insurance

Swiss Re economists note profit potential of underwriting discipline

July 4, 2005 by Canadian Underwriter

The Federal Reserve will continue to raise interest rates, pushing the federal funds rate to 4.5% by the middle of 2006 in lieu of the anticipated modest rise in inflation and firm economic growth, according to Swiss Reinsurance’s chief economist

News Insurance

Finite investigations lead to Fairfax subpoena

June 24, 2005 by Canadian Underwriter

Fairmont Specialty Group, a subsidiary of Toronto-based Fairfax Financial Holdings Ltd., recently received a subpoena from the U.S. Securities and Exchange Commission.The subpoena, according to Fairfax Financial, seeks information on “any nontraditional insurance product transactions” with General Re and its

News Climate ChangeInsurance

What’s New: In brief (June 21, 2005)

June 21, 2005 by Canadian Underwriter

On June 16, 2005, the newly formed company Assured Automotive representing the recent merger between Imperial Collision Centres and Oaktown Collision Centres held a charity boat cruise to raise money for Erinoak a charitable organization that aids children with physical

News Insurance

ACE, London insurers in arbitration dispute

June 20, 2005 by Canadian Underwriter

Lloyd’s of London and other London-market reinsurers recently moved to block units of ACE Ltd. from consolidating arbitration proceedings on dozens of asbestos claim-exposed reinsurance contracts. According to court filings, ACE units which filed 17 separate arbitration demands charged London

News Insurance

U.S. reinsurers affected by IRS revenue ruling

June 20, 2005 by Canadian Underwriter

The Internal Revenue Service (IRS) recently ruled that an organization that is the sole purchaser of coverage from an insurer cannot take a tax deduction for the premiums.In the Revenue Ruling 2005-40, the IRS states that insurance must involve risk