Segment
Risk Management
Better alignment needed between actuarial/IT departments
January 8, 2007 by Canadian Underwriter“Model steward” positions should be created within organizations to better align actuarial and IT departments, according to the Insurance and Actuarial Advisory Services (IAAS) practice of Ernst & Young LLP.Both actuarial and IT departments are critical in conducting companies’ risk…
BB&T acquires AFCO and CAFO
January 4, 2007 by Canadian UnderwriterBB&T Corporation has completed its acquisition of AFCO Credit Corporation, an insurance premium finance company, and its Canadian affiliate, CAFO Inc., from Mellon Financial Corporation.The move is expected to elevate BB&T from the ninth-largest provider of insurance premium financing in…
Lloyd’s endorses new protocol for resolving reinsurer/client disputes
January 4, 2007 by Canadian UnderwriterLloyd’s has endorsed a new International Reinsurance Industry Dispute Resolution Protocol, which, according to Lloyd’s, “provides the insurance industry with an alternative to a court case or a lengthy arbitration if a disagreement should arise between reinsurer and client.”In a…
Firms to spend more on operational risk management in 2007
January 4, 2007 by Canadian UnderwriterAdoption of and spending on operational risk management will increase substantially in 2007, according to a recent study by AMR Research.The study reveals 46% of firms surveyed plan to implement or evaluate technologies for risk management in the next 12…
Ironshore Insurance formed in response to U.S. market dislocation
January 3, 2007 by Canadian UnderwriterIronshore Inc. has raised more than US$1 billion through a private placement of its equity securities, and it will begin underwriting specialty lines of insurance immediately through its Bermuda-based insurance subsidiary, Ironshore Insurance Ltd., the company has announced. “This newly…
Frank Cowan forms partnership with Temple Insurance
January 3, 2007 by Canadian UnderwriterFrank Cowan Company has announced that Canadian-based Temple Insurance Company (Temple) will participate on all of its insurance programs starting Jan. 1, 2007. Temple is a member of the worldwide Munich Re Group.Frank Cowan Company has been providing specialized insurance…
A.M. Best assigns ‘A-‘ rating to Co-operators General Insurance Company
December 21, 2006 by Canadian UnderwriterA.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of “a-” of Co-operators General Insurance Company (Co-operators General) (Ontario). A.M. Best has also upgraded the FSR to B++ (Very Good)…
What’s New: In Brief (December 19, 2006)
December 19, 2006 by Canadian UnderwriterGore Mutual Insurance Company is offering more than 50,000 free taxi rides this New Year’s Eve to their auto policyholders, the company recently announced.“Community and road safety is a shared responsibility, and the taxi offer program is an excellent safety…
Hub International Trucking Insurance Services expands into Vermont
December 19, 2006 by Canadian UnderwriterHub International Limited (NYSE:HBG)(TSX:HBG) plans to accelerate its penetration of the transportation insurance market by acquiring Vermont-based Coburn Insurance Agency, Inc. Coburn, a broker earning US$9 million in revenue, has entered into a letter of intent with Hub International Transportation…
Canada petitions U.S. to help Canadian trucking insurers compete
December 19, 2006 by Canadian UnderwriterThe Canadian government has petitioned the U.S. Federal Motor Carrier Safety Administration (FMCSA) to allow Canadian trucking insurers to underwrite Canadian carriers operating south of the border without having to link with an American counterpart, according to a report by…
SAS wins risk tech vendor award
December 18, 2006 by Canadian UnderwriterSAS has ranked first in the “core risk technology” category and second overall in Chartis Research’s RiskTech 100 report. The report is an overall assessment of the risk technology vendors. It examines each vendor’s functionality, core technology, organization strength, customer…
Trisura launches Montreal office
December 18, 2006 by Canadian UnderwriterTrisura Guarantee Insurance Company has expanded into Quebec with the launch of its Montreal office. The new location will be headed-up by Jose Levesque, manager of corporate risk, and Jean-Franois Therrien, manager of surety.Levesque is responsible for underwriting and marketing…