Claims
Members of the insurance industry were among a group of Canadian business representatives calling on the federal government to embrace the new plan to reduce greenhouse gas emission beyond the current Kyoto deadline of 2008. Among the members of the Executive Forum on Climate Change are: Alban D’Amours, CEO, Desjardins Group; George Cooke, CEO, Dominion […]
December 31, 2005
1 min read
The UK Court of Appeal recently ruled that excess-of-loss coverage can not be denied even on the grounds that reinsurance buyers owe their reinsurer a duty of care to underwrite original risks prudently, unless this duty of care is stated in policy wordings. In the nonproportional energy reinsurance coverage case of ‘Bonner & Others vs. […]
Devastating catastrophes that struck this year have resulted in an estimated insurance loss of $80 billion making 2005 the costliest year ever for insurers, according to Swiss Reinsurance Co. A preliminary study that was recently sent via e-mail from Swiss Re’s Zurich office reports that although the entire magnitude of catastrophes in 2005 have not […]
By Canadian Underwriter | December 20, 2005
ACE Limited (NYSE: ACE) has announced some key financial guidelines for its group of companies for the full year 2006.”Property and casualty net earned premium growth is expected to average 6% to 8% for the full year,” ACE announced in a press release. “Earned premium growth is expected to be slower in early quarters and […]
By Canadian Underwriter | December 19, 2005
The more stringent capital requirements of ratings agencies post-Katrina will challenge the ability of new Bermuda reinsurers to generate attractive financial returns, according to a new study by Benfield Group Ltd.”Most business plans [of the new reinsurers in Bermuda] indicate projected returns on equity in the range of 12-19%, compared with the 20-25% targeted by […]
The Terrorism Risk Insurance Revision Act of 2005 has been approved by a voice vote from house lawmakers and the legislation is now awaiting a sign-off from President Bush.The federal terrorism backstop is in line to be renewed in two years. The new legislation, which follows a Senate version that is favourable to the Bush […]
2 min read
State Farm Insurance has announced it is issuing refunds to approximately 3,800 automobile insurance policyholders in New Brunswick as a result of an error in the application of a New Business Discount that was introduced in 2000. The average refund is approximately $82.00. The refund applies to customers who were eligible for the New Business […]
By Canadian Underwriter | December 15, 2005
Despite record-breaking damage losses absorbed during consecutive hurricane seasons, U.S. property and casualty insurers are on track to record the lowest financial impairment and failure rates in a decade. “Typically, major catastrophes trigger surges in property/casualty impairments, pushing already vulnerable companies into financial failure,” according to a special report issued by ratings agency A.M. Best. […]
By Canadian Underwriter | December 13, 2005
Effective April 1, 2006 Andrew Cook will step down as chief financial officer of AXIS Capital Holdings Limited (NYSE: AXS). The Bermuda-based global insurance and reinsurance Company has commenced an executive search to replace Cook, who left for personal reasons. “As our chief financial officer since our founding,” John Charman, chief executive officer and president […]
3 min read
Standard & Poor’s Ratings Services has affirmed its ‘A’ long-term insurer financial strength rating on the U.K.-based Lloyd’s insurance market and removed the ratings from CreditWatch, where they had been placed with negative implications on Sept. 9, 2005.The outlook for Lloyd’s is now stable, S & P has affirmed. At the same time, S& P […]
By Canadian Underwriter | December 12, 2005
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