Risk

S&P’s withdraws PXRE ratings

After receiving ratings downgrades from Standard & Poor’s Rating Services, management at PXRE Group Ltd. (NYSE:PXT) has requested S&P’s withdraw its ratings on the Company and its affiliates.PXRE Group and PXRE Corp.’s counterparty credit ratings were recently lowered by S&P’s to ‘BB-‘ from ‘B+.’ In addition, S&P’s removed the ratings on PXRE Group and PXRE […]

By Canadian Underwriter | April 12, 2006

2 min read

Risk

AIG removed from watch negative

Fitch Ratings has affirmed and removed all of its ratings on American International Group, Inc. (AIG) and subsidiaries from watch negative, which it originally place in March 2005. In addition, Fitch has assigned ‘AA’ Issuer Default Ratings (IDRs) to AIG and several of its downstream holding company subsidiaries. The Rating Outlook is Stable. Fitch says […]

By Canadian Underwriter | April 11, 2006

3 min read

Risk

What’s New: In brief (April 11, 2006)

The OIAA will hold this years ‘Out of Town Meeting’ on June 2 and 3, 2006 in Thunder Bay, ON. Details about the annual shindig, dubbed “Rendezvous 2006: Thunder Bay,” can be found at www.tbiaa.ca. The Website offers information about the seminars, trade show, tours and special events that will be featured at the event. […]

By Canadian Underwriter | April 11, 2006

1 min read

Risk

Technology may compromise hospital professional liability

Technological advancements in the medical field may improve hospital performance and safety leading to lower medical malpractice and professional liability costs but panelists told the Sixth Annual PLUS Medical Professional Symposium that such advances may also expose hospitals and doctors to emerging risks leaving underwriters hurting. This new technology impacts productivity and revenue, principal of […]

By Canadian Underwriter | April 10, 2006

2 min read

Willis expands Toronto group

Willis Group Holdings, Ltd. (NYSE: WSH) is strengthening its Canadian contingent with the appointment of five new insurance professionals to its Canadian operations. The new Toronto-based employees include Ayesha Navarro, Murray Kammer, Charles Fogden, Matthew Cook, and Douglas Bundock.Formerly senior vice president at Aon, Navarro joins Willis as senior vice president, account executive with Willis’ […]

2 min read

Quebec auto insurance posts growth in 2005

The Qubec automobile insurance industry posted further growth in 2005, reporting an overall operating income totalling 16.8% of earned premiums up slightly from the 16.6% generated in 2004.Losses in 2005 (3.0%) grew at a slower pace than earned premiums (3.2%), according to the Autorite des marches financiers (AMF). The findings came from the 2005 annual […]

2 min read

Manitoba Public Insurance offers free immobolizers

Manitoba Public Insurance [MPI] is offering immobilizers at no cost to 78,000 Winnipeg and commuter customers whose vehicles are most likely to be targeted by thieves provided the installations are completed within the next six months.According to MPI, the unprecedented strike against auto theft will cost up to CD$21.8 million, but could reduce claims costs […]

2 min read

What’s New: In brief (April 06, 2006)

Members of the TU Group of Companies recently participated in a signature head shave event in order to support the Canadian Cancer Society Tour de Coast. The signature event, which helps raise funds for children living with cancer, kicks off April as cancer awareness month. This years donation totaled CD$8,355. The senior management team, which […]

3 min read

Global reinsurance outlook stable

The global reinsurance industry’s outlook has been revised from negative to stable indicating little near-term movement in ratings or outlooks, according to two reports recently published by Standard & Poor’s Rating Services.The reports “Strong Industry Fundamentals And Resolution Of Hurricane Fears Signal Stable Outlook For Global Reinsurance” and “Industry Report Card: Global Reinsurance Companies Bounce […]

2 min read

Hub acquires Citizens Financial Group insurance brokers

Hub International Limited (NYSE:HBG)(TSX:HBG) has closed its acquisition of three insurance brokerages of Citizens Financial Group, Inc. (“CFG”). Hub also entered into a previously announced strategic alliance with CFG as part of the transaction. As a result of the alliance, Hub and CFG will leverage their insurance and banking expertise to provide expanded products, services […]

1 min read