Risk

Canada petitions U.S. to help Canadian trucking insurers compete

The Canadian government has petitioned the U.S. Federal Motor Carrier Safety Administration (FMCSA) to allow Canadian trucking insurers to underwrite Canadian carriers operating south of the border without having to link with an American counterpart, according to a report by Today’s Trucking Online.The Property Casualty Insurers of America has joined with the Canadian government in […]

By Canadian Underwriter | December 19, 2006

2 min read

Risk

SAS wins risk tech vendor award

SAS has ranked first in the “core risk technology” category and second overall in Chartis Research’s RiskTech 100 report. The report is an overall assessment of the risk technology vendors. It examines each vendor’s functionality, core technology, organization strength, customer satisfaction and market presence. “Our top ranking speaks volumes for SAS’ leadership in the risk […]

By Canadian Underwriter | December 18, 2006

1 min read

Risk

Trisura launches Montreal office

Trisura Guarantee Insurance Company has expanded into Quebec with the launch of its Montreal office. The new location will be headed-up by Jose Levesque, manager of corporate risk, and Jean-Franois Therrien, manager of surety.Levesque is responsible for underwriting and marketing the company’s directors’ and officers’ liability, professional liability and fidelity products across Quebec.She has extensive […]

By Canadian Underwriter | December 18, 2006

1 min read

Risk

Corporate governance still a concern in 2007

Corporate governance is likely to remain an area of relevance and concern in 2007, according to a recent report by Standard & Poor’s.”While the numerous corporate governance reforms, laws, and code implemented earlier in the decade in markets around the world have in many ways improved governance standards globally, governance issues continue to present challenges […]

By Canadian Underwriter | December 14, 2006

2 min read

EGI Financial enters U.S. non-standard auto market

EGI Financial Holdings Inc. has entered the United States non-standard automobile insurance market, signing a reinsurance treaty with AssuranceAmerica Insurance Company (AAIC).AAIC has accepted EGI Financial Holdings’ authorization to underwrite 17.6% of AssuranceAmerica’s 2007 quota share reinsurance treaty. Under this reinsurance agreement, Echelon will accept a maximum of US$15 million of non-standard automobile premiums in […]

1 min read

What’s New: In Brief (December 11, 2006)

A Nov. 30 Hamilton fundraiser raised about $100,000 for Sean Corner, a rugby star who was paralyzed during a game just prior to learning the team’s insurance had been cancelled. More 1,200 people industry colleagues attended the fundraiser, which was held at at Michelangelo Banquet Centre in Hamilton, Ontario. The event was titled: “We Are […]

2 min read

Supreme Court to hear cases about “vehicle-related’ claims

The Supreme Court of Canada is hearing two cases that, taken together, will help define what constitutes a “car accident.”The twin Ontario cases each dealing with “auto” claims that, on their face, are only tangentially related to the autos involved have been on the insurance industry’s radar for some time. Insurance companies are concerned that […]

2 min read

Damaged restaurant reputation is often the financial fall-out, but seldom insured

A food-contamination crisis can leave a restaurant with a hefty clean-up bill, says A.M. Best, but few realise that the financial damage that comes in the wake of the eatery’s tarnished reputation is seldom insured. Pam Ritz, president of Specialty Risk Management, a crisis manager for Lloyd’s underwriters, told BestWeek that “traditional insurance, conceptually, tends […]

1 min read

Enterprise Risk Management requires a cultural shift, actuaries told

Developing and implementing enterprise risk management (ERM) within a firm is essentially on par with invoking a cultural shift in a company’s operations, actuaries were told at the Casualty Actuarial Society (CAS) annual meeting.Thomas Hettinger, managing director of EMB America LLC, explained that ERM is a process of identifying risk, assessing risk, transferring risk and […]

1 min read

US reinsurers see declining loss ratio

Net income for 13 major U.S. reinsurers rose to US$6 billion for the first nine months of 2006, compared to a break-even position during the same period last year, according to Benfield.The reinsurance and risk intermediary’s U.S. quarterly report revealed the positive result was prompted by a 30-percentage-point fall in the loss ratio. The weighted […]

1 min read