Claims
Scientists at the NOAA Climate Prediction Center have observed that El Nio conditions which affect the intensity of hurricanes have developed in the tropical Pacific and are likely to continue into early 2007.”The development of weak El Nio conditions helps explain why this Atlantic hurricane season has been less active than was previously expected,” the […]
By Canadian Underwriter | October 5, 2006
2 min read
The family and friends of a 21-year-old rugby star, Sean Corner, is holding a benefit event to raise funds after the star player was paralyzed from the waist down during a rugby match in September.Corner was studying insurance at Mohawk College in Hamilton and started work at Economical Insurance in May. He was injured when […]
By Canadian Underwriter | October 3, 2006
The Co-operators has pledged $5,000 to Tree Canada to assist with tree planting efforts following the damage caused by an F2 tornado that touched down near Ottawa on Aug. 2.The amount is in addition to the claims The Co-operators handled when the tornado ripped through the Madawaska Valley, causing extensive damage to the nearby town […]
1 min read
The Canadian Hurricane Centre has downgraded Hurricane Isaac to a Tropical Storm, just prior to Isaac’s sweeping past Newfoundland on Oct. 2.”Isaac has weakened from a hurricane to a tropical storm this morning,” the Hurricane Centre announced in a storm bulletin posted at 11 a.m. on Oct. 2. “The tropical storm continues racing towards Newfoundland […]
By Canadian Underwriter | October 2, 2006
Supply shortages, low catastrophe losses and buoyant investment income resulted in record first-half profits of US$4.5 billion for Bermuda’s reinsurers, according to the latest Benfield Bermuda Quarterly report. Modest catastrophe losses held the average combined ratio to 89.2%, little changed from the 89.3% for the first six months of 2005, Benfield said. “Reserve strengthening of […]
September 30, 2006
A proposed federal catastrophe backstop would not be a good idea as it would be “detrimental” to the industry and encourage continued development in risk-prone areas, according to members of the insurance industry who recently responded to a survey conducted by Best’s Review. Most respondents however responded that if a backstop were created they would […]
By Canadian Underwriter | September 29, 2006
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
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
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