Claims
Commonwealth Insurance Company, a Canadian-based insurance company, has signed a licensing agreement to create an integrated catastrophe management system using EQECAT’s WORLDCATenterprise(TM) platform and XML interface technology. Financial terms of the agreement were not disclosed.”To give our underwriters the most up-to-date technology in selecting the appropriate risk and delivering superior service to clients, we sought […]
By Canadian Underwriter | April 17, 2006
1 min read
A recent Munich Re report says “existing mechanisms for distributing the risk between the private insurance sector, the state, and the federal government should be reconsidered” in light of the hurricane seasons of 2004 and 2005.The report, entitled ‘The 1906 earthquake and Hurricane Katrina,’ was released in recognition of the centennial anniversary of the 1906 […]
By Canadian Underwriter | April 13, 2006
2 min read
A.M. Best Co. is making modifications to its catastrophe stress test, which in some cases will require less capital for a company to support its catastrophe exposure. The ratings agency says “those companies that would be afforded additional leeway in the catastrophe stress test [would have to] demonstrate a strong understanding of their catastrophe exposure, […]
By Canadian Underwriter | April 11, 2006
Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of AXA Re. Other lead investors in the deal, facilitated through the Stone Capital sponsored acquisition […]
By Canadian Underwriter | April 7, 2006
Standard & Poor’s Ratings Services has revised its criteria for measuring the catastrophe risk of primary property and casualty insurance companies, according to a recent S&P’s article. The article “Property/Casualty Insurance Criteria: Primary Insurer Catastrophe Capital Charges Revised” says that the new criteria will capital-charge CAT risk with company-specific data for exposures, so this new […]
By Canadian Underwriter | April 6, 2006
Citing net claims of 3.309 billion (US$5.79 billion) as a result of the “most severe hurricane season on record,” Lloyd’s of London reported a net loss of 103 million (US$180 million) in 2005, compared to a profit in 2004 of 1.367 billion (US$2.39 billion).Lloyd’s combined ratio in 2005 reached 111.8%. In 2004, the combined ratio […]
ICBC says its anti-fraud programs saved B.C. motorists more than CD$73 million in 2005.The figure is based on the estimated value of fraudulent claims that were denied, money recovered, and savings generated through fraud prevention.ICBC’s anti-fraud efforts led to 175 criminal charges against 94 people last year. The number of criminal charges laid in 2005 […]
By Canadian Underwriter | April 5, 2006
Pethealth Inc. (TSX :PTZ) saw record revenues for both the full 2005 year at CDN$14.4 million, a 28% increase over 2004, and for the fourth quarter at CDN$3.9 million, a 37% increase over 2004.The Company also saw a net loss for the year of CDN$1.89 million ($0.01/share) a 44% improvement from the restated CDN$3.4 million […]
By Canadian Underwriter | April 3, 2006
Lloyd’s is apparently in discussions to insure the first “tourist” flights into space in 2008.Virgin is proposing to launch the space flights for tourists from a site in New Mexico, and media reports have indicated that Lloyd’s are among the insurers in talks about providing cover.According to the company’s Web site, Bruno Ritchie, director of […]
Eight key ways to produce the best medical legal report
March 31, 2006
6 min read
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