Claims
Catlin Insurance Company Ltd. of Bermuda plans to enter into catastrophe swap agreement that would provide it with coverage of up to US$200.25 million in the event of a series of severe natural catastrophes.The transaction, which is subject to completion of contractual arrangements, would provide Catlin with competitively priced and fully collateralized protection against severe […]
By Canadian Underwriter | September 28, 2006
3 min read
ICBC is planning to drop a car from a 50-foot crane at the PNE fairgrounds in Vancouver to illustrate graphically the damage of a head-on crash between a car moving at 60 km-h and a stationary object.The public event will mark the launch of Zero Crash Month, which is designed to raise public awareness of […]
By Canadian Underwriter | September 25, 2006
2 min read
A.M. Best Co. has released a new methodology for rating the “basis risk” associated with parametric catastrophe bonds.The new methodology is designed to help the ratings agency determine the amount of reinsurance credit that can be claimed by the sponsors of such bonds.Insurers and reinsurers use “parametric” bonds to protect capital, and to share profits […]
Syncro Limited, a Bermuda-based company, is establishing a Bermuda sidecar-like reinsurance arrangement to allow Lloyd’s managing agencies to increase their underwriting access to additional capacity at any point in the underwriting year. Structurally, the arrangement is similar to a side car arrangement. In a side car arrangement, a reinsurer or insurer cedes premiums associated with […]
By Canadian Underwriter | September 22, 2006
Aviva is one of the corporate donors that is funding international aid agency Oxfam’s initial response operations, which will enable it to deal immediately with disasters whenever and wherever they occur.This includes a global rapid response team of aid workers and the UK’s biggest warehouse with a stockpile of emergency supplies, according to Aviva.According to […]
By Canadian Underwriter | September 20, 2006
1 min read
Max Re Capital Ltd.’s subsidiary, Max Re, has launched an aviaition insurance unit.The aviaition unit, which will be based in the Company’s Dublin office, will be led by senior vice-president Olivier Marre. Previousy Marre the was general manager of underwriting, accounting and claims of Paris-based insurer La Reunion Aerienne.Max Re’s aviation unit will offer aviation […]
Lloyd’s of London recently commemorated Sept. 11, 2001, noting how the event changed the entire face of the insurance industry.Benfield chief executive Grahame Chilton noted the effects of 9-11 on the insurance industry during Rendez-Vous, an event that marks the beginning of the annual negotiation process prior to renewals agreed. “You cannot forget the tragic […]
Over the next 15 years, risk managers may be looking more towards credit financing as a means to backstop major catastrophes, rather than relying on more traditional forms of insurance or reinsurance, a panelist told participants at the 2006 RIMS Canada conference in Calgary. Felix Kloman of Risk Management Reports observed at the conference that […]
Companies attempting to optimize their reinsurance programs are turning to reinsurance modeling more and more, A.M. Best reports.The ratings agency notes Raju Bohra, a senior vice president at Willis Re Inc., made the observation at the 111th National Association of Mutual Insurance Companies convention in Tampa, Florida.A.M. Best reports Bohra as saying that “reinsurance optimization […]
By Canadian Underwriter | September 19, 2006
ICBC has obtained a conviction in B.C.’s provincial court for a fraud scheme in which a claimant produced fraudulent tax returns to support the receipt of exaggerated payments for lost wages following a car accident.Alen Melki of Burnaby, B.C. was charged and convicted through trial of two counts of uttering forged documents, an offence under […]
By Canadian Underwriter | September 14, 2006
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