Risk

SRS partners with Arch

Third party property casualty administrator for workers’ compensation and general liability claims, Specialty Risk Services, LLC (SRS), has incited a new claims administration agreement and partnership with Arch Insurance Group. Under the terms of the agreement, Arch will utilize SRS’ claims management expertise to service property and casualty insurance programs underwritten by Arch. The arrangement […]

By Canadian Underwriter | January 25, 2006

1 min read

Risk

Lloyd’s cuts power to electronic data system

After a mere five years and a price tag of $124.9 million, Lloyd’s of London plans to close its Internet-based risk-data platform Kinnect.Kinnect customers were recently informed by interim chair of the market-backed Internet platform Michael Dawson that the Lloyd’s Franchise Board would not continue to fund the project.”After close consultation with a number of […]

By Canadian Underwriter | January 24, 2006

1 min read

Risk

Lloyd’s online data transfer system ends

By Canadian Underwriter | January 24, 2006

1 min read

Risk

Swiss Re completes first securitization

Swiss Re has successfully completed its first credit reinsurance securitization, the company recently announced on its Web site.The company’s EUR 252 million (about Cdn$356 million) issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re’s capital efficiency.John Fitzpatrick, head of Swiss Re’s financial services commented: “This is the […]

By Canadian Underwriter | January 24, 2006

2 min read

A.M. Best affirms Royal’s ‘A-‘ rating; outlook negative

A.M. Best Co. has affirmed the financial strength ratings of A- (Excellent) for both Royal & Sun Alliance Company of Canada and Quebec Assurance Co. A.M. Best also affirmed the financial strength rating of Ascentus Insurance Ltd. at B+ (Very Good).Additionally, A.M Best downgraded the financial strength rating of Unifund Assurance Co. (Newfoundland) to C […]

2 min read

Benfield Corporate Risk opens Calgary office

Benfield Corporate Risk, the corporate insurance and risk intermediary catering for the complex risk management and transfer needs of the corporate sector worldwide, has announced the opening of a Canadian office in Calgary. Incorporated Jan. 19, Benfield Corporate Risk’s Canadian operations will be managed by Richard Cutfield. Cutfield has more than 25 years of experience […]

2 min read

Strategy receives $100 million in new capital

Strategy International Insurance Group, Inc. (OTCBB:SGYI) and Nexxus One Holding, Ltd. recently signed a binding letter of intent, which states that Nexxus One will provide $100 million in new capital for Strategy by January 31, 2006.Under the terms of the letter Nexxus One will increase the underwriting capacity of Strategy by delivering $100 million in […]

1 min read

Crawford administrates South Western Group’s claims

South Western Group rang in the new year by beginning to use Crawford Adjusters Canada as their exclusive supplier of claims administration services. Under an agreement between the two company’s, Crawford is providing South Western Group with 24 hour-a-day claims intake through CLAIMSALERT” and complete claims adjusting and administration services for all lines of business […]

1 min read

FSCO approves fourth-quarter auto rate decreases

The Financial Services Commission of Ontario (FSCO) has approved an average fourth-quarter rate decrease of 2.56% for 12 companies representing almost a quarter of the Ontario private passenger auto insurance market.Average rate decreases for the first, second, and third quarters were 1.12% (representing 7.5% of the market), 1.62% (representing 45.79% of the market) and 1.62% […]

2 min read

Collision repair industry welcomes subsidized staffing project

In response to the collision repair industry’s reported problem of finding qualified staff/apprentices that are both affordable and familiar with their type of work, a new pilot program has been introduced.The Hamilton District Autobody Repair Association (HARA) in conjunction with Mohawk College and the local apprenticeship office of the Ministry of Training, Colleges and Universities […]

2 min read