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What’s new: In brief (September 20, 2004)

September 20, 2004 by Canadian Underwriter

Window cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting

News Insurance

Converium keeps stake in Global Aerospace

September 19, 2004 by Canadian Underwriter

Converium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re,

News InsuranceMergers and Aqcuisitions

What’s new: In brief (September 19, 2004)

September 19, 2004 by Canadian Underwriter

A survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial

News Insurance

Bermuda, London and U.S. markets showing interest in Canada: Seminar

September 16, 2004 by Canadian Underwriter

Commercial insurance buyers stand to benefit from increased interest from various countries in the Canadian market, speakers noted at the Ontario Risk & Insurance Management Society (ORIMS) “State of the Market” panel discussion Thursday.Even in the difficult executive risk line,

News Climate ChangeInsurance

What’s new: In brief (September 15, 2004)

September 15, 2004 by Canadian Underwriter

WICC Ontario is donating $25,000 to fund prostate cancer research projects in recognition of “Prostate Cancer Awareness Week”, September 20 to 26. The funding is part of WICC’s new goal to reach beyond breast cancer to the fight against all

News Insurance

London market expected to retain capacity despite market turn

September 14, 2004 by Canadian Underwriter

Despite a downturn in the insurance pricing environment, the London market is expected to maintain its record-setting profits and capacity through 2004 and 2005, according to the annual London Insurance Market survey by PricewaterhouseCoopers.However, insurers will be tested to maintain

News Climate ChangeInsurance

Ivan continues trek towards Florida

September 13, 2004 by Canadian Underwriter

Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of

News Insurance

Old and new Bermuda players riding wave of success

September 13, 2004 by Canadian Underwriter

Bermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that

News Insurance

Chubb study finds 60% of companies anticipating employee theft

September 13, 2004 by Canadian Underwriter

A new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39%

News Insurance

Credit derivatives market expands: Fitch

September 9, 2004 by Canadian Underwriter

The global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit

News Insurance

Rate relief creeping into PL lines despite claims growth

September 9, 2004 by Canadian Underwriter

Rate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into

News Insurance

What’s new: In brief (September 07, 2004)

September 7, 2004 by Canadian Underwriter

Aviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first