Claims

Swiss Re notes disconnect between risk and mitigation

Theres a growing disconnect between risk and mitigation, and bold action must be taken to address it, a Swiss Re executive member told a panel discussion at RIMS 2007 in New Orleans.Agostino Galvagni, a member of Swiss Res executive board and head of the companys global and large risks division, outlined sponsorship of a report, […]

By Canadian Underwriter | May 1, 2007

2 min read

Claims

Canadian climate risk needs to be researched, panel says

A panel of senior Canadian climate change experts, chaired by Dr. Gordon McBean of the Canadian Foundation for Climate and Atmospheric Sciences, called on the federal government to increase funding for research on the impact of global warming. “We need to factor climate risks into every area it is relevant,” Ian Burton, an international expert […]

April 30, 2007

1 min read

Claims

European bank, insurer team up to create new financial company, reinsurer

In a European marriage between banking and insurance, NATIXIS, an investments and projects bank, has partnered with the White Mountains Insurance Group, Ltd., to create Pentelia Capital Management (PCM), an asset management company based in Bermuda.In addition, the two companies have closed PCMs first fund, Pentelia Limited. Pentelia Limited is a highly innovative alternative investment […]

By Canadian Underwriter | April 30, 2007

2 min read

Claims

What’s New: In Brief (April 27, 2007)

Loyalist Insurance Group reported revenue of Cdn$2.1 million in 2006, an increase from Cdn$2 million for the year ended Dec. 31, 2005. The company also reported a smaller operating loss of Cdn$50,399 in 2006, compared to the Cdn$266,040 loss it reported in 2005. In July 2006, the company sold a portion of its book of […]

By Canadian Underwriter | April 27, 2007

1 min read

Risk managers and senior company executives at odds over risks

Top-level company executives and risk managers may not always see eye-to-eye when it comes to the risks associated with international expansion, according to the 2007 Chubb International Risk Survey. The survey was conducted jointly in March 2007 by Opinion Research Corporation, a worldwide research firm in Princeton, NJ, and the Chubb Group of Insurance Companies […]

2 min read

What’s New: In Brief (April 26, 2007)

The Canadian Council of Insurance Regulators (CCIR) has prepared a ‘Report on Action on the IPRC Principles by Industry Associations,’ which is anticipated to be posted on the CCIR website. The CCIRs industry practices review committee (IPRC) is conducting a review confirming the extent to which its 2006 recommended principles have been embraced by industry […]

2 min read

Insurers advised to insure against contagions, not pandemics

Insurers need to consider insuring against a contagion, rather than a pandemic, Barrett Hubbard, managing director of MINT Canadian Specialty, told attendants of the Insurance Institute Ontario Chartered Insurance Professionals Societys Symposium 2007.A pandemic is an epidemic that is geographically widespread; occurring throughout a region or the world, Hubbard explained, whereas a contagion is the […]

2 min read

Cross-communication required when developing catastrophe contingencies

Attendees at the The Insurance Institute Ontario – Chartered Insurance Professionals Societys Symposium 2007 were warned to focus on their companies interdependencies and resiliencies while developing a catastrophe contingency plan.Bruce Nelson, critical infrastructure assurance program coordinator for Emergency Management Ontario, teamed up with Susan Meltzer, Aviva Canadas assistant vice president, risk manager, to deliver the […]

1 min read

Chubb reports 2007 Q1 income increase

The Chubb Corporation [NYSE: CB] reported 2007 Q1 income of US$710 million, compared to a 2006 Q1 income of US$672 million.Net written premiums for 2007 Q1 declined 2%, to US$2.9 billion. Premiums for the insurance business increased 1%; they decreased 1% in the U.S. and increased 7% outside the U.S. (1% in local currencies).The 2007 […]

1 min read

S&P’s raises Lloyd’s financial strength rating to ‘A+’

Standard & Poor’s Ratings Services increased its financial strength rating on the U.K.-based Lloyd’s insurance market (Lloyd’s or the Market) to ‘A+’ from ‘A.’ At the same time, Standard & Poor’s raised its counterparty credit rating on The Society of Lloyd’s to ‘A+’ from ‘A.’ The outlook is stable.”The upgrade reflects the recent successful conclusion […]

2 min read