The Export Development Corporation (EDC) posted record year end results for 1998. The corporation provides financial and risk management services to Canadian exporters, serving a record 4,183 exporters last year — a 13% increase on 1997. The EDC’s business volume…
Bermuda-based ACE Ltd., listed on the NYSE, has acquired the global property and casualty insurance operations of CIGNA Corporation for US$3.45 billion. Subject to regulatory approval by the end of June this year, the deal will be cash financed which…
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. Canadian Insurance Accountants Association:…
Instant communication has come to the computer desktop through a miraculous little software company called Mirabilis. The Tel Aviv based company has revolutionized communication across the Internet with its innovative little program called ICQ which translates to the not-quite-acronym “I…
With most insurance claims the paper trail starts with an incident report. The incident report is then prepared as a claim report by the internal claims handler who in turn creates a paper track process. A third party adjuster then…
Delphi Information Systems Inc., another supplier of broker management software, has released details of a new web browser-enabled policy management system. Located at www.ebix.com, ebix.com provides carriers and brokers with a data exchange system that allows brokers to send information…
New York-based Worldwide Weather Trading (WWT), a trading company dealing exclusively in weather hedges, has announced agreements with 10 reinsurers to underwrite its trading risk. With the announcement, the company unveiled its new trading offices in New York, facilitating full-scale…
Ontario’s auto insurance regulations under Bill 59, and the latest revisions under Bill 90, have created a unique legislative environment in the provincial governing of consumer insurance. So much so that several provincial insurance regulators have eyed the legislation as…
The Synchron initiative, once heralded as the industry’s ultimate electronic interface solution between companies and point of sale, collapsed last year. From its ashes have risen several alternative solutions, one of the most prominent being The Freedom Alliance, a strategic…
Bugs, big deals, bad spills and a certain public official’s sexual high crimes and misdemeanors were all key factors driving the corporate insurance market throughout 1998. And the same scary financial exposures will likely be very much in the minds…
Consolidation and cost cutting became the corporate buzzwords of the 1980s and 1990s, with operators from insurance to retail-chains through to the aviation industry embracing downsizing and cheaper marketing and delivery systems. The aviation business emerged from this process, particularly…
A battle of brawn and wits has begun among service providers to the insurance industry in response to the rapid consolidation taking place at the primary company level.Faced with a changing landscape, service providers are looking for new opportunities and…