New MGA built on need for better corporate governance
November 22, 2004 by Canadian UnderwriterAlthough the new Executive Risk Services Ltd. is a managing general agent (MGA) focused on the directors’ and officers’ (D&O) market, its CEO says the company is also committed to helping organizations practice better risk management.Executive Risk has been up…
Hurricane Ivan loss total reaches US$6 billion: ISO
October 17, 2004 by Canadian UnderwriterThe tally of insured losses from Hurricane Ivan is now expected to be about US$6 billion, according to the Property Claim Services unit of the Insurance Services Office (ISO). The storm, which hit the U.S. on September 16 is expected…
Market Stability…?
October 1, 2004 Sean van Zyl, Managing EditorIs there cause to believe that the North American property and casualty insurance marketplace has achieved stability? The latest insurance industry financial numbers from the U.S., produced by rating agency A.M. Best, suggests that insurers down south have “pulled the…
What’ new: In brief
September 16, 2004 by Canadian UnderwriterThe vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this…
Moody’s revises global reinsurance outlook to stable
September 14, 2004 by Canadian UnderwriterRating agency Moody’s says it has revised the outlook on the global reinsurance market to stable from negative on the back of favorable underwriting and more stable investment results.While rating agencies have been liberally handing out ratings downgrades over the…
Lights! Camera! Coverage?
September 1, 2004 Craig HarrisInsuring Canada’s rapidly growing film and entertainment industry is a niche business fraught with perils of ego-driven cast members, property risks and copyright lawsuits. As a result, insurance coverage remains tight and expensive, with only a handful of insurers and brokers willing to take center-stage.
Life reinsurance market marked by consolidation
August 22, 2004 by Canadian UnderwriterThe Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but…
Silica Liability: Ready to Explode
August 1, 2004 Vikki SpencerStill reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe – silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?
Bermuda’s “class of 2001” sees sunny days
July 1, 2004 by Canadian UnderwriterBermuda start-ups in the post-9/11 environment have benefited from strong pricing and a lack of legacy claims issues, according to a new report from Fitch Ratings.In 2003, the “class of 2001”, which includes Axis, Allied World, Endurance, Montpelier and Olympus…
Our Own Worst Enemy
July 1, 2004 Glenn McGillivrayTo some, the insurance cycle is a phenomenon we must endure. In reality, however, it is something we create, and we must endeavor to manage it better.
RIMS 2004: Tough Talk
June 1, 2004 Vikki SpencerThe property and casualty insurance industry’s mantra of late has become, “how can we stop the cycle”? At this year’s RIMS Conference in San Diego, commercial clients urged insurers to find a way to avoid the startling price increases of the past two and a half years, and temper the behemoth known as the “insurance cycle”. Insurers say this can be done, but caution that everyone – carriers, buyers and legislators – must be part of the solution.
“Rich Man, Poor Man” Syndrome
June 1, 2004 Sean van Zyl, Managing EditorCanada’s property and casualty insurance industry – inclusive of the primary and reinsurance sectors – appears to suffer from a condition of “rich man, poor man syndrome”, a condition which the insured public whether they fall in the personal lines…