Segment
Risk Management
Outsourcing in economic downturn presents increased challenges
January 6, 2009 by Canadian UnderwriterAlthough the risks of outsourcing during an economic downturn increase, organizations can still benefit if they revisit and revise their risk management practices, PricewaterhouseCoopers (PwC) says. “Even in the best of times, outsourcing requires careful planning and structuring to deliver…
What’s New: In Brief (January 06, 2009)
January 6, 2009 by Canadian UnderwriterDavid Huebel has joined Catlin Canada Inc. as its chief underwriting officer.Huebel will be responsible for the implementation and execution of the Catlin Group’s underwriting plan for all lines of business across Canada.He was most recently the president and CEO…
Hard market is coming and may be prolonged, Advisen says
January 5, 2009 by Canadian UnderwriterThe deteriorating global economy could delay the hardening of the commercial insurance market until the end of this year, but the coming hard market may be more prolonged than past cycles, Advisen Ltd. predicts.Average rate levels for commercial insurance will…
Moody’s credits AIG for restructuring efforts, but weak global economy posing challenge to asset values
December 23, 2008 by Canadian UnderwriterMoody’s has seen good and bad omens as it monitors the restructuring and divestiture efforts of American International Group, Inc. (NYSE: AIG)“AIG has made important strides in the restructuring plan announced on Nov. 10, 2008,” the ratings agency announced in…
What’s New: In Brief (December 23, 2008)
December 23, 2008 by Canadian UnderwriterA.M. Best Co. has upgraded the financial strength rating of Temple Insurance Company to A+ (Superior) from A (Excellent), and revised its outlook on the company to positive.“In A.M. Best’s opinion, the ratings and outlook reflect Temple’s excellent capitalization, consistently…
Munich Re to acquire Hartford Steam Boiler Inspection and Insurance for US$742 million
December 22, 2008 by Canadian UnderwriterMunich Re has agreed to acquire specialty insurer HSB Group from American International Group (AIG) for US$742 million in cash.The HSB Group, headquartered in Hartford, Connecticut, has been a wholly owned subsidiary of AIG since 2000. The core of the…
What’s New: In Brief (December 22, 2008)
December 22, 2008 by Canadian UnderwriterStephen Greene, former executive director of the Insurance Brokers Association of Nova Scotia (IBANS), is one of 18 new senators appointed by Prime Minister Stephen Harper.Harper announced his new appointments to the Senate on Dec. 22. Greene served as the…
Maple Leaf reaches Cdn$25-million class action settlement after listeriosis outbreak
December 19, 2008 by Canadian UnderwriterMaple Leaf Foods has reached a Cdn$25-million settlement agreement in a class action following a listeriosis outbreak.The settlement is designed to increase by up to Cdn$2 million to the extent that claims and costs exceed $25 million, according to Maple…
Willis survey suggsts financial lines insurance will become a hot commodity
December 18, 2008 by Canadian UnderwriterA recent Willis Group Holdings survey suggests liability insurance for financial loss will be a hot commodity in the near future.Willis’ Financial and Executive Risks (FINEX) division surveyed 40 delegates attending Willis’ quarterly Financial Institutions seminar. Sixty-six per cent of…
Kingsway takes initiatives to cut costs by $20 million
December 17, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) has announced a number of initiatives in an effort to reduce costs by approximately $20 million.The actions include reducing staff, freezing salaries, eliminating bonuses (except for exceptional performance) and reducing corporate overhead, according to…
Airline insurance hardening, despite benign loss environment
December 16, 2008 by Canadian UnderwriterThe airline insurance market is showing sure signs of hardening, with premiums increasing 16% through the month of November, despite the fact that the line has not experienced any significant recent losses, reports Willis Group Holdings.In its report, Airline Insurance…
What’s New: In Brief (December 16, 2008)
December 16, 2008 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) and The Co-operators are poised to unveil on Dec. 17 the third “safer living home” to be built in Canada.The house, which replaces a home that was previously destroyed by fire, has been…