Segment
Risk Management
Canada lacking investment for its national fire prevention strategy
February 13, 2009 by Canadian Underwriter*** CLARIFICATION Canada’s national fire prevention strategy and FireSmart are two separate programs. This clarifies information that was originally posted on Feb. 12. Canada has a national strategy for fire prevention that “is among the most progressive in the world,”…
Willis reports US$62 million Q4 profit
February 12, 2009 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a 2008 Q4 profit of US$62 million, compared with $95 million in 2007 Q4.For the entire year of 2008, Willis had a net income of US$303 million, down from…
S&P’s downgrades Kingsway Financial Services to a ‘B’
February 11, 2009 by Canadian UnderwriterStandard & Poor’s (S&P’s) lowered its long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX: KFS) three notches to ‘B’ from ‘BB.’The company’s subsidiaries also received downgrades for their debt ratings to ‘B’ from ‘BB.’…
Cunningham Lindsey to acquire multi-national firm and U.S. forensic engineering firm
February 10, 2009 by Canadian UnderwriterCunningham Lindsey has entered into a definitive agreement to purchase GAB Robins’ international businesses (excluding its UK operations) and its U.S. forensic engineering firm EFI Global. GAB Robins’ international businesses include operations in France, the Netherlands, Belgium, Ireland, South Africa,…
AXIS reports drop in 2008 profits
February 10, 2009 by Canadian UnderwriterAXIS Capital Holdings Limited reported a 2008 Q4 net income of $131 million, compared with a net income of $306 million in 2007 Q4.Net income for the full year of 2008 was $351 million, marking a decrease from 2007’s profit…
Kingsway announces Q4 expected loss and streamlining strategy
February 9, 2009 by Canadian UnderwriterKingsway Financial Services Inc. announced it expects to report a 2008 Q4 loss of US$324 million.As a result, the company says it expects to divest its non-core business lines, streamline operating units and cut roughly 750 jobs.Net realized losses from…
Hartford wants court to determine whether peanut company should pay claims for salmonella
February 6, 2009 by Canadian UnderwriterThe Hartford Casualty Insurance Company has filed a motion in a U.S. District Court against the Peanut Corp. of America (PCA) seeking declaratory judgement on whether or not it will have to pay the claims arising from a nation-wide salmonella…
What’s New: In Brief (February 06, 2009)
February 6, 2009 by Canadian UnderwriterAon Corporation (NYSE: AOC) saw its 2008 Q4 net income decrease 95%, down to US$10 million, compared to US$207 million for the prior-year quarter.The company said the drop was “primarily due to an expected [US]$116 million after-tax loss on the…
Cat bond market decreased in 2008, but not at same rate as credit market
February 6, 2009 by Canadian UnderwriterThe issuance of cat bonds decreased in 2008 amid global financial market turmoil, but it was still the third most active year since catastrophe bonds were introduced in 1997, reports Guy Carpenter & Company, LLC.In its cat bond market update,…
Canadian government taking steps to regulate use of nano-materials
February 5, 2009 by Canadian UnderwriterEnvironment Canada (EC) will require companies to report their use of engineered nano-materials in a step toward developing a regulatory framework around the use of nano-technology. EC will publish a notice in Feb. 2009 that will target companies or institutions…
FSCO requiring semi-annual reports on IFRS readiness
February 5, 2009 by Canadian UnderwriterOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has served notice that it considers the required transition to International Financial Reporting Standards (IFRS) in 2011 to be an “enterprise risk,” and so “we are therefore monitoring the company’s…
Communication and information key to mitigating property damage losses
February 3, 2009 by Canadian UnderwriterFor claims adjusters, good communication and providing timely information are keys to preventing minor property damage losses from turning into major catastrophes.The subject “Little, Loss? Total Loss?” was the theme of the 42nd annual CICMA/CIAA joint conference held in Toronto,…