Segment
Risk Management
Swiss Re completes first securitization
January 24, 2006 by Canadian UnderwriterSwiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing…
David Williams to manage Chubb specialty lines
January 23, 2006 by Canadian UnderwriterDavid Williams has been appointed vice president, manager of Chubb Specialty Insurance, Canadian zone. Effective immediately, he will oversee policy development, sales and marketing and underwriting activities for all of the Chubb Insurance Company of Canada’s specialty insurance products across…
S&P’s takes Hannover Re off CreditWatch
January 20, 2006 by Canadian UnderwriterStandard & Poor’s Ratings Services affirmed its long-term counterparty credit and insurer financial strength ratings on Hannover Rckversicherung-AG and its core entities – collectively Hannover Re – and removed them from CreditWatch, where they had been placed with negative implications…
Benfield Corporate Risk opens Calgary office
January 19, 2006 by Canadian UnderwriterBenfield Corporate Risk, the corporate insurance and risk intermediary catering for the complex risk management and transfer needs of the corporate sector worldwide, has announced the opening of a Canadian office in Calgary. Incorporated Jan. 19, Benfield Corporate Risk’s Canadian…
Alberta drivers get visual cue into road safety
January 19, 2006 by Canadian UnderwriterA new system of camera-equipped road weather information stations that enables motorists to preempt road conditions before hitting the road, has recently been launched on Alberta’s highways. Motorists are able to asses road risks prior to leaving the house as…
Severity of U.S. class actions increases
January 18, 2006 by Canadian UnderwriterThere have been dramatic increases in the severity of U.S. securities class actions over the last five years, panelists have told 18th Annual PLUS International Conference attendees. At the same time, the frequency of class actions remains manageable and is…
Protection against the scourge of pirates
January 17, 2006 by Canadian UnderwriterLloyd’s is offering shipowners a new type of kidnap and ransom insurance, following rising levels of piracy attacks around the globe.Specialist intermediary Seacurus and Lloyd’s broker Cooper Gay have launched CrewSEACURE, a new type of marine cover underwritten within Lloyd’s.Captain…
SCOR selects new cat modeler
January 17, 2006 by Canadian UnderwriterThe international reinsurer SCOR recently chose EQECAT Inc.’s WORLDCATenterprise catastrophe management software for the assessment of catastrophe risks in 88 countries.“SCOR, like many other insurers and reinsurers, has gone through a re-evaluation of catastrophe models after the last two turbulent…
Insurers must debate weather-related losses: Lloyd’s chairman
January 13, 2006 by Canadian UnderwriterThe insurance industry must “face up to the growth in weather-related losses over the past four decades,” and lead debate about whether future weather-related catastrophes will be insurable, Lloyd’s chairman Lord Levene says.He made his remarks in a Jan. 11…
FSCO sets insurer territory definitions, not Canada Post
January 11, 2006 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is reminding insurers that any changes to rates and risk classification systems, including territory definitions, must be filed with and approved by FSCO, notwithstanding recent postal code changes made by Canada Post.“To reflect…
Demand for political risk coverage to increase in 2006
January 11, 2006 by Canadian UnderwriterDemand for political risk coverage will increase in 2006, Aon predicts, based on trends identified in the company’s Political and Economic Risk Map. Published recently, Aon’s map suggests political interference poses the greatest threat to global businesses, followed by legal…
Enterprise flies into airport insurance
January 10, 2006 by Canadian UnderwriterEnterprise Rent-A-Car recently released a new Canadian travel agency partnership program, which offers each agency the ability to set its own commission structure. Under the new program which currently has more than 1,000 agents enrolled agencies can select from four…