Claims
St. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84 million for environmental. However, this was offset by US$140 million in favorable prior year development […]
By Canadian Underwriter | January 31, 2005
2 min read
CGI and Insurance Search Bureau (ISB) have signed an agreement wherein CGI information products will be exclusively distributed to the p&c claims industry by ISB. ISB president Michael Damm says, “the fact that the information required in handling of a claim is available through a single source brings efficiency and cost savings to the claims […]
By Canadian Underwriter | January 27, 2005
1 min read
The shutdown of Calgary, Alberta-based Suncor Energy Inc. following a fire earlier this month, could produce a significant insurance bill as the company announces it will not be back to full production until the third quarter of this year.Suncor is part of OIL Mutual Insurance and sEnergy, insurance companies created by the energy industry. The […]
By Canadian Underwriter | January 25, 2005
In the wake of the December 26th Asian tsunami disaster, insurers have a role to play in providing financial protection in developing countries, says Swiss Re. In a new report on the tsunami and its consequences, the reinsurer notes that two lessons can be learned: that steps can be taken to mitigate the impact of […]
The damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”, Guy Carpenter says losses to the offshore energy sector as a result of Hurricane Ivan, […]
By Canadian Underwriter | January 24, 2005
Federal and provincial representatives meeting in Ottawa have agreed to a plan to strengthen Canada’s emergency preparedness plans. In a meeting chaired by Deputy Prime Minister Anne McLellan and Ontario Minister of Community Safety Monte Kwinter, provincial and territorial ministers drew up an eight-point plan and established a permanent forum for annual meetings on emergency […]
Aviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot, Scottish & York and Traders companies. Aviva Canada CEO Igal Mayer says, “I personally believe […]
Broker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and CEO, as well as president of Canadian operations for Hub International. Hub also announces that […]
By Canadian Underwriter | January 23, 2005
Claims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more than 220,000 people, Moody’s says despite massive human and economic losses, insured losses are "expected […]
Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was […]
By Canadian Underwriter | January 19, 2005
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