Risk

Swiss Re, GE Insurance placed on CreditWatch

Standard & Poor’s Ratings Services is keeping Swiss Reinsurance on CreditWatch with negative implications — and GE Insurance Solutions Corporation on CreditWatch with a positive outlook — pending Swiss Re’s completed acquisition of GE Insurance, expected in mid-2006.S&P recently placed Swiss Reinsurance Co. (Swiss Re) and its core operating companies on CrreditWatch. “The long-term counterparty […]

By Canadian Underwriter | February 20, 2006

2 min read

Risk

Zurich Financials 2005 profits soar by 30%

Zurich Financial Services profits for 2005 increased by 30% to reach a net income of $3.2 billion (27.11 Swiss francs per share), as compared to a net income of $2.47 billion (20.83 Swiss francs) in 2004, according to the Switzerland-based insurer.This profit increase is a result of a small reserve the Company set aside and […]

By Canadian Underwriter | February 16, 2006

1 min read

Risk

IAIS to establish international solvency standards

The International Association of Insurance Supervisors (IAIS) established in 1994 to develop international principles and standards for insurance supervision has issued a paper that outlines a work plan and timetable for the development of international supervisory standards on insurance solvency assessment.The paper is entitled Roadmap for a Common Structure and Common Standards for the Assessment […]

By Canadian Underwriter | February 16, 2006

2 min read

Risk

FM Global’s rating upgraded to “Very Strong”

Fitch Ratings recently upgraded FM Global’s financial strength from ‘AA-‘ to ‘AA,’ a “Very Strong” rating. Heightened confidence in FM Global’s underwriting performance, surplus growth, and engineering expertise and ability to mitigate and absorb volatility prompted Fitch to assign the commercial and industrial property insurer a “Stable” rating outlook. According to Fitch, FM Global’s favorable […]

By Canadian Underwriter | February 15, 2006

1 min read

KRG Children’s Charities presents $500,000 to SickKids

Steven Wise, Chairman and CEO of the KRG Children’s Charities, presented a $500,000 cheque to SickKids hospital at the 17th Annual KRG Children’s Charities Gala, held in February at the historic Carlu in downtown Toronto. Wise presented the cheque to Wanda Schoonheyt, director of the burns, plastic surgery and craniofacial program at SickKids, and Dr. […]

2 min read

S&P’s affirms Alea’s ‘BBB’ rating

Standard & Poor’s Ratings Services has affirmed its ‘BBB’ long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe AG, Alea (Bermuda) Ltd., Alea Global Risk Ltd., Alea Jersey Ltd., Alea London Ltd., Alea North America Insurance Co., and Alea North America Specialty Insurance Co. The outlook is stable […]

1 min read

U.S. insurance failures sink to record low in 2005

U.S. insurance failures fell in 2005 to a record-low level of 16, according to a report recently issued by the Standard & Poor’s rating agency.”In 2005, the number of U.S. insurance failures continued to fall, reaching levels not seen in the past decade,” noted Standard & Poor’s credit analyst Steven Dreyer. “Compared with 2004, not […]

2 min read

Stability predicted for marine insurance clubs

Marine insurance clubs can look forward to a stable outlook for protection and indemnity according to the sector report “Industry Risk Analysis: Protection & Indemnity Clubs,” published ahead of its customary February 20 renewal date by rating agency Standard & Poor’s Corp. Rate increases will be sought out by most protection and indemnity clubs at […]

1 min read

Sovereign pulls plug on personal auto, homeowners lines

Focusing on its core strength of commercial insurance, The Sovereign General Insurance Company has announced that it will no longer write personal auto and home insurance in Alberta, Nova Scotia, Saskatchewan and the Northwest Territories.”The size of the portfolios and their geographic concentration create an unacceptable level of exposure for the company,” the company announced […]

1 min read

Assurex Global appoints new chairman

The global network of independent insurance brokers Assurex Global, which represents $21 billion in premium volume, recently appointed Paul J. Hering as new chairman in order to focus on growing leading North American insuarnce markets.Hering succeeds Gregory S. Belton (with Hunter Keilty Muntz & Beatty Ltd., Toronto, ON), who continues his board service as chairman […]

1 min read