What’s New: In Brief (January 17, 2007)

Gore Mutual Insurance Company has donated Cdn$1 million to their charitable Foundation.This is the third year in a row the company has made a Cdn$1-million contribution to the Gore Mutual Foundation.The Foundation was established to support worthwhile causes in the communities where Gore Mutual’s brokers and policyholders live. The Foundation works closely with local independent insurance brokers to determine ways in which they can make a difference.”One of Gore Mutual’s core values is to support the communities in which we operate,” Gore Mutual president and CEO Kevin McNeil said in a press release. “Our brokers are leaders in supporting worthwhile causes in their communities and we are pleased to help them in their efforts.”In 2006, Gore Mutual made donations to more than 130 organizations, including the purchase of digital x-ray machines, supporting camp programs for children with illnesses, funding research for diabetes and muscular dystrophy and providing women’s support services.Gore Mutual’s goal is to have one of the largest foundations in the country. Established in 1839, Gore Mutual is Canada’s oldest property and casualty insurance company and is headquartered in Cambridge, Ontario.

Marsh is launching a new sidecar aimed at bringing as much as US$1 billion in new capacity to the market. Marsh has formed MaRI Ltd, a vehicle created with investors including Lehman Brothers Holdings, Marsh & McLennan Risk Capital Holdings and a variety of funds. According to a posting on Marsh’s Web site, with Ace acting as a fronting company, MaRI will be able to directly assume cat risks such as windstorm and earthquake for Marsh clients.Ace plans to supplement MaRI’s cover, Marsh has reported. MaRI will offer up to US$25 million in limits per property account, on Ace’s admitted paper. This is available at the lower end of insurance programs, within the first US$35 million of coverage.MaRI will begin writing cat risks on Jan. 31, Marsh says. The sidecar expects to offer about US$400 million in capacity through the May renewal period. The possibility exists of offering up to US$1 billion of cover, if required. Marsh expects that North American clients will use most of MaRI’s capacity.”The only risk classes that MaRI does not plan to write are energy and stand-alone builders risk,” Marsh says.