Claims

New York seeks extradition of Canadian charged with insurance fraud

The United States Attorney for the Southern District of New York has announced the arrest on May 5, 2006, in Canada of Ian Stuart, following the investigation of a massive, $7-million insurance fraud scheme.Stuart, also known as “John Harris” and “John Harrington,” is currently detained in Canada and the United States is pursuing his extradition. […]

By Canadian Underwriter | May 24, 2006

2 min read

Claims

Above average hurricane season anticipated

The upcoming Atlantic hurricane season will likely see approximately six major hurricanes, according to the National Oceanic and Atmospheric Administration (NOAA).The NOAA says there will be an 80% chance of an above-normal hurricane season, a 15% chance of a near-normal season and only a 5% chance of a below-normal season, which begins June 1. In […]

By Canadian Underwriter | May 23, 2006

1 min read

Claims

Swiss Re’s Mexican earthquake CAT bond rated ‘BB+’

The US$160 million class A and B principal-at-risk notes issued by CAT-Mex Ltd. but originally received by Mexico from Swiss Re, have been assigned a ‘BB+’ credit ratings by Standard & Poor’s Ratings Services.The transaction, which was sponsored by the Mexican government to finance rescue and rebuilding after an earthquake, closed on May 11, at […]

By Canadian Underwriter | May 19, 2006

2 min read

Claims

Regulatory settlement in U.S. affects Zurich’s bottom line

Zurich Financial Services Group’s 2006 Q1 net income of US$785 million represented an increase of about 1% over the same period last year, notwithstanding a US$262-million settlement with U.S regulators, the company announced.Zurich General Insurance achieved a combined ratio of 95.1%, an improvement of 1.8% over 2005 Q1.”Strong performances in our major markets produced a […]

By Canadian Underwriter | May 18, 2006

2 min read

Paul Davis Systems Canada rolls out Xactimate 24

Paul Davis Systems Canada, a mitigation, restoration and reconstruction network, has rolled out an international version of Xactimate 24, a software estimating program for replacement cost calculations, estimate tracking, and data trending in real time.”Xactimate allows us to provide uniform pricing as well as send estimators across Canada to participate efficiently in CAT situations,” Ken […]

2 min read

AIG adopts climate change policy

AIG recently unveiled a new policy that will manage the risks and capture the business opportunities posed by climate change, making it the first U.S.-based insurance company to adopt such a product.The national coalition of investors and environmental groups Ceres says AIG’s new policy is in line its goal to incite improvement in insurance industry […]

2 min read

Look both ways for reinsurance side-cars (May 17, 2006)

Reinsurance “side-cars” special-purpose reinsurers are likely to become increasingly important to the business strategy of insurers and reinsurers, according to a recent Moody’s report.In its report, Reinsurance Side-Cars: Going Along for the Ride, Moody’s notes reinsurance side-cars are “a recent innovation in the catastrophe-battered insurance and reinsurance industries, whose managements are seeking solutions to stabilize […]

2 min read

New service to cover segment of Total-loss claims

Armada Data Corporation (TSX:ARD) recently launched “Actual Cash Value Replacement Vehicle Service,” which will facilitate insurance companies settling total-loss claims for vehicles of any age that are not covered by a “Waiver of depreciation” endorsement. The new service is meant to complement Armada’s existing 43r.ca service “New Vehicle Replacement Value Service.” This original service facilitates […]

1 min read

U.S. property/casualty industry records net profit in 2005

Thanks largely to solid investment returns and strong underwriting results, the U.S. property and casualty industry was able to absorb record-high catastrophe losses and report an overall operating profit in 2005, A.M. Best reports. The U.S. property and casualty industry’s 2005 net income after taxes improved to US$48.4 billion, a 20% increase from 2004 year-end […]

2 min read

RBCI gets ‘A’ rating (May 11, 2006)

Royal Bank of Canada Insurance Company Ltd. (RBCI) has received a financial strength rating of A (Excellent) and the issuer credit rating of “a+” from A.M. Best Co.The rating’s agency reports that these ratings, which have stable outlooks, reflect RBCI’s capitalization, as well as its underwriting and operating performance. A.M. Best also notes that RBCI […]

2 min read