Risk

World Trade Center insurers sued

The developer of the World Trade Center (WTC) Larry Silverstein alongside The Port Authority of New York and New Jersey are suing the seven WTC insurers due to payment delays, which the Port Authority says are required if the site is to be rebuilt.The action, filed in the Supreme Court of the State of New […]

By Canadian Underwriter | June 27, 2006

2 min read

Risk

S&P’s changes Munich Re outlook to ‘positive’

Standard & Poor’s Ratings Services has revised its outlook on Germany-based Munich Reinsurance Co. and its core operating entities to positive from stable. In addition, the ‘A+’ counterparty credit and insurer financial strength ratings on Munich Re and related core entities were affirmed. “The outlook revision reflects the significant progress the group has made in […]

By Canadian Underwriter | June 27, 2006

1 min read

Risk

Risk managers see jobs ease

Risk managers’ may see their jobs ease up if a bill meant to ease regulatory burden that is placed on surplus lines insurers is passed according to a recent congressional panel discussion. Risk & Insurance Management Society Inc. vice president Janice Ochenkowski told the House Financial Services’ Committee’s Subcommittee on Capital Markets, Insurance and Government […]

By Canadian Underwriter | June 23, 2006

2 min read

Risk

SGI Canada now selling insurance products in Alberta

SGI Canada has begun selling insurance products and services in Alberta, the Crown corporation announced in an online posting.”We’re very pleased to enter the Alberta market as it holds great potential for growth for SGI Canada,” SGI Canada president Jon Schubert said. “We’re already familiar with Alberta because of its close proximity and similarities to […]

By Canadian Underwriter | June 22, 2006

1 min read

Manitoba lowers auto premiums; credits auto theft program

Three out of four Autopac customers could pay less for auto insurance next year because of a 2.6% rate cut made possible by expected reductions in auto theft, according to Manitoba Public Insurance (MPI).MPI has filed a rate application with the province’s Public Utilities Board that would reduce the cost of Basic Autopac for nearly […]

2 min read

Reinsurers squeezed for capacity

Reinsurance demand is up, capacity is down, and that has led to a focus on internal growth, a higher tolerance of lower-rated reinsurers, and a proliferation of alternative capital sources such as sidecars, catastrophe bonds and securitizations, according to a panel discussion conducted by Standard & Poor’s.Reinsurers’ growth models have notably shied away from merger […]

2 min read

What’s New: In brief (June 14, 2006)

Integro recently established its Aviation Practice with the appointment of Edward Nicholls to the position of managing principal and aviation practice leader. Offering 25 years of experience in the aviation sector, Nicholls comes to Integro from Aon Corporation, where he served as an executive vice president for 13 years. Previously he served as chief operating […]

2 min read

Sedgwick acquires CompManagement

Sedgwick CMS Holdings, Inc. recently signed a definitive agreement to acquire CompManagement, Inc. and its affiliated companies.The acquisition is facilitate through a merger of a subsidiary of Sedgwick CMS Holdings and CompManagement’s parent company, Security Capital Corporation (AMEX: SCC), for a cash purchase price of approximately US$191.5 million. CompManagement and its affiliates provide third-party claims […]

1 min read

Swiss Re launches Kyoto-related insurance

Swiss Re has partnered with RNK Capital LLC (RNK), a New York-based private investment firm specializing in the U.S. and international environmental markets, to provide the carbon markets’ first insurance product for managing Kyoto Protocol-related risk in carbon credit transactions. “The insurance product enables RNK to mitigate a key risk factor in carbon credit transactions […]

2 min read

Fitch to assess insurers’ internal capital models

Fitch Ratings has released its proposed guidelines for assessing insurance companies’ internal capital models.”Fitch Ratings welcomes the use of in-house capital models developed by insurers as an important part of the enterprise risk management of these organizations,” the agency says in an online posting announcing its new guidelines for assessment.Fitch went on to note that […]

1 min read