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News Climate ChangeInsurance

Human-caused greenhouse gasses heating up hurricane season

January 18, 2007 by Canadian Underwriter

Human-generated greenhouse gasses are a factor in the increasing frequency, intensity and duration of hurricanes in the Atlantic, according to a paper presented at an October 2006 RMS hurricane symposium.The paper, “Principal Drivers of Multi-Year Hurricane Activity,” was presented by

News Climate ChangeInsurance

AON’s risk map shows growing complexity and magnitude of risks

January 18, 2007 by Canadian Underwriter

The overall level of global political risk decreased in 2006, but the magnitude and complexity of risks faced by companies around the world is increasing, according to AON’s Political & Economic Risk Map.Of the 214 countries surveyed, 15 countries pose

News InsuranceMergers and Aqcuisitions

What’s new: In brief (January 18, 2007)

January 18, 2007 by Canadian Underwriter

The Co-operators are making major overtures to sustainable energy operations with grants totaling $50,000 to threeOntario-based wind energy organizations, according to a recent press release.The Toronto Renewable Energy Co-operative (TREC) is a not-for-profitenergy co-operative that erected the first urban wind

News Climate ChangeInsurance

Hannover Re taps capital market to generate capacity

January 17, 2007 by Canadian Underwriter

Hannover Re is once again drawing on the capital market to obtain underwriting capacity for catastrophe risks, boosting the volume of last year’s “K5” risk securitisation to US$520 million.The reinsurer’s latest transaction was placed with institutional investors in North America,

News Insurance

BI&I appoints new executive members

January 17, 2007 by Canadian Underwriter

**CORRECTON NOTICE**[Editor’s Note: The following news item corrects errors that appeared in a Jan. 16, 2007 item entitled ‘What’s New: In Brief.’] John R. Mulvihill has been appointed chief operating officer and senior vice president of the Boiler Inspection and

News Climate ChangeInsurance

What’s New: In Brief (January 17, 2007)

January 17, 2007 by Canadian Underwriter

Gore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the

News Climate ChangeInsuranceMergers and Aqcuisitions

2006 catastrophes cost U.S. insurers US$8.8 billion

January 16, 2007 by Canadian Underwriter

U.S. catastrophes and insured losses cost the U.S. property and casualty industry an estimated US$8.8 billion in 2006, according to ISO’s property claims services unit.That’s a far cry from the estimated damage losses of US$61.9 billion the unit recorded after

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (January 16, 2007)

January 16, 2007 by Canadian Underwriter

Following on the launch of a new Insurance Bureau of Canada (IBC) campaign about driver distractions, IBC president Stanley Griffin will be speaking to the Canadian Club at the Fairmont Royal York Hotel in Toronto on Jan. 19.Griffin will present

News Climate ChangeInsurance

Swiss Re obtains US$705 million of extreme mortality risk protection

January 16, 2007 by Canadian Underwriter

Swiss Re has transferred US$705 million of extreme mortality risk to the capital markets through its Vita Capital securitization program, according to a press release. This is Swiss Re’s third mortality catastrophe bond that has been issued privately to institutional

News Climate ChangeInsurance

Preparing for a pandemic

January 15, 2007 by Canadian Underwriter

After a noticeable absence from its usual media spotlight, bird flu or the H5N1 virus has been rearing its ugly head with reports of outbreaks across Asia in recent weeks.And according to Aon’s second white paper on the subject, entitled

News Climate ChangeInsurance

Reinsurance industry regains “calm” in 2007, Benfield says

January 15, 2007 by Canadian Underwriter

The reinsurance market has regained “a universal, if fragile calm” in 2007, according to a report by reinsurance intermediary Benfield.The report, entitled ‘Global Reinsurance Market Overview: Pick ‘N Mix,’ noted “an acute shortage of catastrophe capacity at U.S. mid-year renewals.”

News Insurance

Hedge fund managers to be registered

January 12, 2007 by Canadian Underwriter

Canadian Securities Administrators (CSA) will be requiring the registration of hedge fund managers and will also be looking to improve referral arrangements to hedge funds and the distribution and sale of Principle Protected Notes (PPNs).Its proposals are a result of