Gerling group placed on bidding block as Deutsche Bank looks for exit
March 15, 2002 by Canadian UnderwriterCologne, Germany-based Gerling Versicherungs Beteiligungs A.G. which operates globally in the primary insurance, reinsurance and life sectors has been put up for sale by one of the company’s majority shareholders, Deutsche Bank, a statement released by the group says.The troubled…
Losing by Default
March 1, 2002 Glenn McGillivray, assistant vice president & head of corporateWith a softening economy — which was exacerbated greatly by the 9/11 events — an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
Risk Management Precarious Times
March 1, 2002 Vikki Spencer“The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives.” So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
Hi-Alta raises $7 million with debenture sale
February 26, 2002 by Canadian UnderwriterBroker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and…
Information at the Speed of Light
February 1, 2002 Kyle Urech, an account executive at Qunara Inc.I would not want to be the CEO of an insurance company. Aside from traveling first class, CEOs have few luxuries. They face a dizzying array of problems with an equally large number of potential solutions from which to choose.…
The Problem of Partners…
January 1, 2002 AxiomFred Wilson and I leaned into our brushes, sweeping hard in front of the stone as it slowly slid into the 16-foot circle, crept past the 8-foot before finally coming to rest inside the 4-foot ring. A winning shot. We…
Global catastrophes top US$115 billion, study reveals
December 21, 2001 by Canadian UnderwriterOn a worldwide scale, catastrophes both man-made and natural resulted in losses of more than US$115 billion, costing insurers more than US$32 billion, in 2001, says a study from Swiss Re. The US$115 billion figure is three times that of…
Hi-Alta achieves healthy 3-Q profit gain
November 30, 2001 by Canadian UnderwriterBroker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest…
Personal Injury Fraud: Time for Healing
November 1, 2001 Vikki SpencerLast year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF)…
U.S. insurance groups look for temporary reinsurance solution for terrorism
October 10, 2001 by Canadian UnderwriterChicago-based The National Association of Independent Insurers (NAII) has released a proposal which it believes offers the best short-term solution to insurers in the wake of the reduction in reinsurance cover for terrorism exposures. NAII says it will continue to…
The Risk of Terror: Cost on Life
October 1, 2001 by Canadian UnderwriterThe images of death and destruction that burned into our consciousness on September 11, 2001, will forever haunt us. Over time, the buildings, airplanes, and property damage can be replaced or repaired, however the horrific and sudden loss of life will always remain with us. The human suffering from this disaster is incalculable. Although life can never be replaced, life insurance can help prevent further financial trauma. Life insurers and life reinsurers are now called upon to make good on promises made to policyholders.
The Risk Of Terror
October 1, 2001 Sean van Zyl, EditorTerrorism, and the cost of terror, has taken the forefront of catastrophic loss concerns of the global insurance industry. Until September 11 of this year, when acts of terrorism perpetuated in New York City and Washington D.C. brought about destruction…