Falling commercial insurance rate levels and expanding insurance capacity have led to a slowing of new captive insurance company formations, according to a recent study by Advisen, a company that provides data to the insurance industry. “Right on cue, the…
ICBC representatives are on site in Prince Rupert, B.C. to aid ferry passengers and expedite the handling of all vehicle-related claims related to the sinking of the Queen of the North.According to the Vancouver Sun, a Canadian Coast Guard vessel…
Noel Group is selling Travel Guard International and several affiliated companies to American International Group, Inc. (AIG). Travel Guard International provides travel insurance, emergency medical assistance and travel assistance programs. It markets its products through a network of more than…
In the wake of the worldwide surge in natural catastrophes over the past few years, the insurance industry is turning more frequently to catastrophe bonds, according to a Standard & Poor’s report.The bonds are designed to mitigate the catastrophe risk…
The Canadian Trucking Alliance recently called upon the country’s provincial governments to take action on the problem of speeding trucks. The Alliance, a federation of Canada’s provincial trucking associations, has endorsed a national policy to pass a law making it…
A new task force of the National Association of Insurance Commissioners in the United States is working to increase awareness of climate change in the industry, A.M. Best reports.Nebraska Insurance Commissioner Tim Wagner, co-head of the task force, notes the…
A D&O liability market recovery is far from certain, and underwriters will need to allocate their capital wisely to stay in the business, panelists told a symposium of the Professional Liability Underwriting Society (PLUS).PLUS is an international, non-profit association with…
D&O insurers and risk managers take note: Canada’s version of the U.S. Sarbanes-Oxley Act has arrived.The Canadian Securities Administrators (CSA) recently announced proposals that would require all publicly-traded companies in all Canadian jurisdictions to report on the effectiveness of their…
Royal & SunAlliance in Canada has reported that its 2005 combined operating ratio (COR) is the best in history, at 94.8%Overall, the Royal & SunAlliance Group delivered a strong year-end result with a COR of 93.8% for ongoing businesses, compared…
SGI is driving home the message of how seatbelts save lives with its newest traffic safety tool, a rollover simulator.“Given our vast network of roads in Saskatchewan, some residents may think seatbelts are not important in areas where there is…
Despite the record 2005 hurricane season, several Lloyd’s syndicates are releasing results forecasts ahead of market expectations, Lloyd’s has announced.The news comes in the wake of last year’s devastating hurricane season, which was widely expected to have a huge impact…
The 2005 class of Bermuda reinsurance start-ups will face much tougher market conditions, is writing less diverse property risks, and is more reliant on short-term, high return investment money than their predecessor Bermuda start-ups in 2001, according to a special…