Segment
Risk Management
Risk map finds improved conditions for global filmmakers
March 6, 2007 by Canadian UnderwriterEconomic and political risks across the globe have created a slightly more favourable environment for filmmakers seeking to film abroad, according to the 2007 Risks in Global Filmmaking Map, produced each year by Aon/ Albert G. Ruben.Of the 207 countries…
Web-based tool for insurers to assess drivers now available in North America
March 6, 2007 by Canadian UnderwriterCogniFit, Ltd., an organization that assesses and trains cognitive skills, is introducing a risk assessment tool designed for auto insurers to the North American market.DriveFit Premium is a Web-based interactive program for auto insurers to assess the cognitive, psychomotor and…
Report finds risk management a key priority in mining sector
March 6, 2007 by Canadian UnderwriterGlobal mining firms have ranked the implementation of enterprise risk management as a key risk challenge in the next three to five years, a new Ernst & Young report has revealed.Attitudes to Risk in the Global Mining Sector, a survey…
ING, Policy Works launch integrated exchange of commercial data
March 5, 2007 by Canadian UnderwriterING Insurance Company of Canada and Policy Works Inc. have developed an integrated solution for exchanging commercial lines data. Data exchange has been common in personal lines insurance for some time, ING Insurance notes in a press release. But the…
FM Global announces ’06 profit of US$737 milion
March 1, 2007 by Canadian UnderwriterFM Global reported a profit of US$737 million [approximately Cdn$864 million] in 2006, an increase from 2005s profit of US$635 million [approximately Cdn$744 million].According to an FM Global press release, the companys combined ratio was 75.3% and the client retention…
Australia’s Macquarie Group acquires Insurance Pay Canada
March 1, 2007 by Canadian UnderwriterAustralian financial services provider Macquarie Group (Macquarie) has acquired Insurance Pay Canada Inc. (Insurance Pay), a Canadian premium finance company.Insurance Pay works exclusively with independent brokers to provide insurance premium financing to commercial customers who prefer to pay their premiums…
2007 reinsurance outlook stable
March 1, 2007 by Canadian UnderwriterA.M. Best Co.s 2007 outlook for the global reinsurance sector is stable, changing from a negative outlook originally assigned nearly two years ago.This outlook revision implies that the majority of 2007 reinsurer rating actions are likely to be affirmations with…
Willis supports permanent government terrorism insurance backstop
February 28, 2007 by Canadian UnderwriterWillis North America has urged the United States government to renew the Terrorism Risk Insurance Act (TRIA), due to expire at the end of 2007, and establish a permanent government terrorism insurance backstop.Don Bailey, CEO of Willis North America, a…
Sovereign forms alliance with OneBeacon
February 27, 2007 by Canadian UnderwriterThe Sovereign General Insurance Company and OneBeacon Insurance Company have formed a strategic alliance regarding the introduction of products to Canada for certain commercial segments.Policies will be written under Sovereigns name and the 2 companies will share equally in the…
Marsh appoints new global leader, consumer business
February 27, 2007 by Canadian UnderwriterMarsh Inc. announced the appointment of Henry S. Allen as global leader, consumer business, which includes the firms affinity and program management businesses, as well as its private client services division.Allen joined Marsh in 2002 as practice leader for the…
Hannover Re securitizes reinsurance recoverables
February 26, 2007 by Canadian UnderwriterFollowing successful securitizations in property/casualty and life/health reinsurance business, Hannover Re has now for the first time transferred the risks deriving from so-called “reinsurance recoverables” to the capital market.Reinsurance recoverables the outstanding claims held by reinsurers against their retrocessionaires traditionally…
World Bank to offer catastrophe risk insurance to Caribbean countries
February 26, 2007 by Canadian UnderwriterThanks to donor countries such as Canada, the World Bank is expected to be able to offer catastrophe risk insurance to 18 Caribbean countries in time for the 2007 hurricane season.Associated Press has reported officials from Caribbean nations are meeting…