Chubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited. Harbor Point, which is to be based in Bermuda, is expected to have an initial capitalization of about $1.5 billion, Chubb announced. Going forward, it is expected Harbor Point […]
October 31, 2005
2 min read
Chubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited.Harbor Point, which is to be based in Bermuda, is expected to have an initial capitalization of about $1.5 billion, Chubb announced in a news release. Going forward, it is […]
By Canadian Underwriter | October 26, 2005
2 min read
ING Insurance brokers in BC recently gained direct access to a true point-of-sale ‘Savers’ system for property insurance that allows brokers to quote and issue new business for personal property in BC , according to Applied Systems Canada Inc. ING has worked with Applied Systems to link The Agency Manager (TAM) and Savers through Applied […]
By Canadian Underwriter | October 18, 2005
1 min read
The U.S. property and casualty insurance industry’s after-tax net income rose 29.1% over last year from $23.9 billion in the first half of 2004 to a record-setting $30.9 billion in the first half of 2005.The Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI) also reported recently that the industry’s consolidated […]
By Canadian Underwriter | October 5, 2005
2 min read
PPG Canada Inc., through CertifiedFirst Network sponsorship, is supporting the Holy Trinity Catholic High School in Simcoe, ON in the annual Baja 1000 Race. This will be the second consecutive year that PPG has, in support of the CertifiedFirst Network, funded students who will gain valuable real-world experience by building their own vehicle for the […]
By Canadian Underwriter | October 4, 2005
3 min read
AIR Worldwide estimates insured losses from Hurricane Ophelia, the main brunt hitting North Carolina, arising mainly from the U.S. eastern seaboard will not exceed $800 million. “Though its strongest winds remained over the Atlantic, Ophelia will still impact the insurance industry,” Dr. Jayanta Guin, vice president for research and modeling at AIR Worldwide Corporation, says. […]
September 30, 2005
1 min read
Peel Maryborough Mutual Insurance Company has become the 40th property and casualty insurance company to become a member of the Centre for Study of Insurance Operations (CSIO).CSIO is Canada’s national standards association of property and casualty insurance companies, broker management system/vendors and independent insurance brokers. It oversees the development, implementation and maintenance of industry standards […]
By Canadian Underwriter | September 30, 2005
1 min read
Canada’s car, home and business insurers will likely have to pay out more than $400 million to help Southern Ontario recover from the storm that hit on August 19, resulting in what the IBC calls the “highest insured loss in Ontario history.” The series of storms, including two tornadoes, wreaked havoc on southern Ontario, destroying […]
August 31, 2005
2 min read
According to a recent survey of reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America (RAA), a group of 26 U. S. property-casualty reinsurers wrote $13.2 billion of net premiums during the six months ended June 30, 2005.The reinsurers’ combined ratio was 105.8%, compared with the combined ratio of 96.3% reported by a […]
By Canadian Underwriter | August 31, 2005
1 min read
Swiss Reinsurance Co. has appointed Jacques Aigrain, currently deputy CEO of the company, as the new chief executive officer.Aigrain will succeed John Coomber upon his retirement as CEO in December.Coomber will be nominated for the board of directors at Swiss Re’s annual general meeting in 2006, according to the Company.Swiss Re also recently created the […]
By Canadian Underwriter | August 25, 2005
1 min read