Claims
Solid investment income helped Manitoba Public Insurance (MPI) offset a significant rise in claims costs for the first quarter of 2006, MPI reported. For the three months ended May 31, 2006, MPI’s claims costs were up CD$17.1 million, or 11.5%, over the same period a year earlier. The corporation’s investment income grew almost as quickly, […]
August 31, 2006
1 min read
Robert E. (Bob) Gallagher, chairman of the board of Arthur J. Gallagher & Co., passed away following a brief illness. Gallagher, 83, joined his father’s insurance agency in 1947 after graduating from Cornell, working alongside his two brothers. In 1963, he was named president and CEO of Gallagher. The company went public in 1984 and, […]
By Canadian Underwriter | August 31, 2006
2 min read
Canadians are being urged to review their travel plans and take necessary precautions when visiting regions forecasted to be affected by hurricanes.The warning comes from The Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency, whose announcement was made in response to the potential damage of Ernesto. MacKay told […]
By Canadian Underwriter | August 30, 2006
A recent report published by an assembly of global fire ecologists indicates recent climate change will hinder our ability to manage wildland fire and apply prescribed fire across the landscape.The Association for Fire Ecology’s report, “San Diego Declaration on Climate Change and Fire Management,” says that considering future drought and high heat scenarios it is […]
FM Global privately placed its second US$300 million catastrophe bond, in response to the increasingly unusual earthquake activity in the U.S. and Canadian Pacific Northwest regions. Aon Capital Markets served as lead manager to place the most recent cat bond.FM Global says it placed its first US$300 million catastrophe bond in June 2005.”The catastrophe bond […]
By Canadian Underwriter | August 29, 2006
A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit rating (ICR) of “aa” of Swiss Reinsurance Company (Swiss Re) (Switzerland) and its rated subsidiaries, following the company’s completed acquisition of GE Insurance Solutions.The ratings have been removed from under review, where they were placed on Nov.18 , […]
By Canadian Underwriter | August 23, 2006
The U.S. property and casualty industry reported a US$5-billion underwriting loss and a combined ratio of 100.9% in 2005, according to a recent study by rating agency A.M. Best.The result represents a US$10.5-billion reversal from 2004’s underwriting profit, and a deterioration of 2.4 points from the industry’s 2004 combined ratio of 98.5%. “The underwriting loss […]
By Canadian Underwriter | August 21, 2006
The U.S. property/casualty insurance industry “exceeded all expectations in 2005,” Fitch Ratings says in a recent report, “demonstrating considerable resiliency by reporting record net income for the second consecutive year despite enduring the highest insured catastrophe losses in recorded history.” Fitch goes on to say it “believes that if catastrophe losses return closer to historical […]
By Canadian Underwriter | August 15, 2006
The global reinsurance industry is still struggling to manage its catastrophe exposure even almost a year after hurricanes Katrina, Rita and Wilma struck, according to a recent report from A.M. Best Co.The 2006 global reinsurance report called “Reinsurers Humbled, But Most Not Broken, By Hurricane Losses,” says the U.S. hurricanes caused reinsurers across the globe […]
By Canadian Underwriter | August 14, 2006
Zurich North America Commercial, a unit of the Zurich Financial Services Group, will welcome Mike Foley of McKinsey & Co. to the position of chief operating officer as of Sept. 1. Foley’s responsibilities will include taking charge of all operating matters related to Zurich North America Commercial’s businesses and functions. Some such responsibilities will include […]
By Canadian Underwriter | August 9, 2006
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