Last to Receive
March 1, 2005 Philip CookIn an industry focused on risk management techniques for insureds, it is ironic that we spend so little time “managing” the risks confronting our own industry. In the fable of the “shoemaker’s children” it is always the children of the shoemaker who are the last to receive shoes. Similarly, our industry spends considerable time and effort assisting customers with their risk management problems, while the same effective techniques are often missing from our own internal planning process.
Canadian market set for interesting year in 2005: Cook
January 30, 2005 by Canadian Underwriter2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking…
Fairfax buys run-off French reinsurer
January 12, 2005 by Canadian UnderwriterFairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is…
The Spanish School Saga – A New Direction in “Claims Made” Coverage
January 1, 2005 William BlakeneyIn the late 1800s, the Canadian federal government developed a residential school system to ensure the education of native children. As the Royal Commission on Aboriginal Affairs has pointed out, one flaw of this well intended plan was the fact that Canada looked to the U.S. for a working model. The goal was not to teach Indian children to read and write, but to ensure that by removing them from their home environment, they would be more easily integrated into white society.
What’s new: In brief (December 16, 2004)
December 16, 2004 by Canadian UnderwriterThe Canadian Federation of Independent Business (CFIB) says its members remain concerned over the issue of insurance pricing. In its quarterly survey of 100,000 small business owners, the CFIB finds 72% saying insurance prices have had a negative impact on…
BC roofers form own insurance company
December 8, 2004 by Canadian UnderwriterThe Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions…
Retrocession Extinct?
December 1, 2004 Adrian Leonard“Cyclicality” in international insurance markets is said by some commentators to be inevitable. Whilst their argument has some obvious truth to it – risk premiums will always fluctuate somewhat according to the fundamentals of supply and demand – several factors today are mitigating the severity of future price swings. One of these is a supply factor: the much-welcomed disappearance of under-priced retrocession coverage. Its global extinction is already having a very important price-sustaining influence, as premium rates continue to ease in many insurance markets.
BI Exposure on R&D
December 1, 2004 Richard DavidsonRisk managers employed by corporations which may have some involvement in research and development (R&D) activities could unknowingly face a significantly uninsured exposure on their business interruption (BI) coverages. Typically, R&D is regarded as an area of the business that…
U.S. reinsurers producing “mixed results”: Benfield
November 3, 2004 by Canadian UnderwriterIn its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined…
Lloyd’s sees market turn in 2005, but opportunities remain: A.M. Best
September 20, 2004 by Canadian UnderwriterWhile market conditions for Lloyd’s in 2005 will be less favorable than in recent years, A.M. Best still sees opportunities for underwriting profit in the London market.Price weakening is already being seen in 2004, with pricing having peaked in 2003…
Converium keeps stake in Global Aerospace
September 19, 2004 by Canadian UnderwriterConverium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re,…
Raters react to Converium restructuring
September 2, 2004 by Canadian UnderwriterA.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies…