Claims
Risk Management Solutions (RMS) recently launched a new platform for quantifying wind-related risk. Meteorological modeling has been extended to include a comprehensive suite of wind events enabling loss calculations both from large-scale Extra-Tropical winter-storms, such as windstorms Anatol, Lothar and Martin in 1999, as well as from smaller-scale summer thunderstorm events, such as the Birmingham […]
By Canadian Underwriter | May 30, 2006
2 min read
ING Canada and belairdirect are promoting car seat safety by offering to compensate auto policyholders for any child safety restraint system installed in a vehicle that is involved in an accident, even if the car seat was not damaged on impact.The majority of insurers in Quebec pay out compensation only for child car seats with […]
By Canadian Underwriter | May 26, 2006
Standard & Poor’s Ratings Services affirmed the ‘A’ counterparty credit rating on Bermuda-based reinsurer PartnerRe Ltd. (NYSE: PRE), but changed its outlook on the reinsurer from’stable’ to ‘negative.’According to the ratings agency, “the revised outlook reflects PartnerRe’s operating capital adequacy, which remains below Standard & Poor’s expectations for a ‘AA-‘ rating, at an estimated 121% […]
By Canadian Underwriter | May 25, 2006
The energy insurance market has proven its resilience despite the large losses of 2005, according to the Energy Market Review published by Willis Group Holdings (NYSE:WSH). However, the report notes that with numerous changes and challenges affecting the industry, it is currently unclear whether the market could be as successful if the 2006 storm season […]
By Canadian Underwriter | May 24, 2006
1 min read
North America’s commercial insurance industry remained a buyers’ market in 2005 and shows no signs of hardening any time soon, according to the 2005 Annual Benchmark Survey from the Risk and Insurance Management Society (RIMS).The 2005 RIMS Benchmark Survey book provides risk managers objective and actionable insurance market information based on the insurance programs of […]
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. […]
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
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
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
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 […]
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