Risk

More ships doesn’t translate into P&I premium decrease

Ship owners accustomed to double-digit increases in their protection and indemnity premiums over the past five years may be disappointed if they are expecting an improvement in their 2007 renewal terms, a Lloyd’s broker says.HSBC Insurance Brokers, a P&I specialist, says an optimistic shipping industry may be hoping for lower premiums based on the strength […]

By Canadian Underwriter | November 29, 2006

1 min read

Risk

RIMS launches online ERM assessment model

The Risk and Insurance Management Society, Inc. (RIMS) has launched a new Risk Maturity Model for Enterprise Risk Management (ERM), an online resource that provides guidelines and best practices for developing and maintaining a comprehensive risk management program. The Risk Maturity Model uses standardized criteria by which organizations can evaluate and improve their approach to […]

By Canadian Underwriter | November 28, 2006

2 min read

Risk

IBC tells Alberta board that competition is the best regulator

Competition is the best regulator of price and profit, the Insurance Bureau of Canada (IBC) has told the Alberta Insurance Rate Board (AIRB).Earlier this month, the AIRB held a series of consultation meetings to “discuss an acceptable cost of capital and profit margin for auto insurers.” The board posted the IBC submission on its Web […]

By Canadian Underwriter | November 27, 2006

1 min read

Risk

What’s New: In brief (November 23, 2006)

Independent insurance brokers representing The Dominion of Canada General Insurance Company will have the opportunity to meet the flammable-liquid-detecting dog they sponsor through Ottawa Fire Services. The Dominion signed an agreement earlier this year to sponsor the pooch in an effort to improve the city’s arson prevention and detection capabilities.Fiesta, the black lab, sniffs out […]

By Canadian Underwriter | November 23, 2006

1 min read

What’s New: In Brief (November 21, 2006)

Fitch Ratings has removed from Ratings Watch negative the ratings of Fairfax Financial Holdings Limited (Fairfax), Odyssey Re Holdings Corp. and its insurance subsidiaries (Odyssey Re), and TIG Holdings Inc.The rating outlook for all of these companies is now stable. The move does not affect the holding company ratings of Crum & Forster Holdings Corp. […]

2 min read

A.M. Best gives SGI Canada an ‘A- (Excellent)’ rating

A.M. Best Co. has affirmed the ‘A- (Excellent)’ financial strength rating (FSR) of SGI Canada.In addition, A.M. Best upgraded the strength ratings of SGI Canada Insurance Services Ltd. (SCISL), a subsidiary of SGI, and SCISL’s Atlantic Canada subsidiary, The Insurance Company of Prince Edward Island (ICPEI). Both received ratings of B++ (Very Good), improving from […]

2 min read

Totten Insurance Group acquires EMC Underwriting

Totten Insurance Group, a provider of specialty niche products to brokers, has acquired intermediary EMC Underwriting (Excess Markets Corporation), which handles special risk property and casualty accounts in the province of Ontario.Totten Group and EMC will join forces effective Jan. 1, 2007.EMC Underwriting president Eugene Yen and his staff will be joining the Totten Group. […]

1 min read

Mutual insurance company, OIL Insurance, loses nine members

Oil Insurance Limited (OIL), a mutual insurance company in the energy industry, has announced that nine of its more than 83 members have elected to withdraw from OIL and not renew their policies effective Jan. 1, 2007.None of the nine withdrawing members were identified in a company press release.Collectively, the nine shareholders had gross assets […]

2 min read

Guy Carpenter, Amlin complete first “paperless” claim settlement

Guy Carpenter & Company Ltd., a global risk and reinsurance specialist, and Lloyd’s insurer Amlin (LSE: AML) say they have completed the Market’s first fully paperless claim settlement.The claim settlement was made possible through the successful implementation of Electronic Claims File (ECF) initiatives in the London Market, Guy Carpenter said in a press release.”As one […]

2 min read

Canadian D&O limits average Cdn $71 million

Canada’s average reported Directors & Officers (D&O) liability insurance limit was just under Cdn$71 million, according to a survey of 270 TSX/S&P companies.Hunters International Insurance, a Toronto-based company, conducted the study. It found the highest reported overall D&O limit in 2006 was Cdn$333 million, while the lowest was Cdn$4.5 million.”All of these figures are lower […]

2 min read