Risk
The Securities and Exchange Commission recently served RenaissanceRe Holdings Ltd. chairman and chief executive James N. Stanard a “Wells” notice, initiating a civil enforcement action against Stanard for allegedly violating U.S. securities laws.The Bermuda-based reinsurer’s accounting and use of finite risk products has been under SEC’s scrutiny. The Company’s has already announced that it is […]
By Canadian Underwriter | July 25, 2005
1 min read
The 9th U.S. Circuit Court of Appeals in San Francisco recently ruled that an employer who refused to refer to a staff member by his actual Arabic name is liable for employment discrimination. The three-judge panel unanimously affirmed a district court’s ruling upholding a jury verdict that found Greg Young, chief executive officer of Austin, […]
2 min read
Royal Bank of Canada Insurance Company Ltd.’s financial strength rating of A (Excellent) and its issuer credit rating of “a+” has recently been affirmed by A.M. Best. Both ratings have a stable outlook. According to A.M. Best, these ratings reflect RBCI’s success in capitalization, underwriting and operating performance. These ratings also consider the stability and […]
By Canadian Underwriter | July 21, 2005
Temple Insurance Company financial strength rating of A (Excellent) has been placed under review with negative implications, by A.M. Best. This degraded review was initiated in line with the recent announcement that Munich Re is reviewing the reserve position of its U.S. subsidiary, American Re Corporation Group.Temple’s published rating was recently affirmed on June 24, […]
By Canadian Underwriter | July 19, 2005
Underwriters and accountants will have many opportunities to advise companies in interpreting and implementing the Sarbanes-Oxley Act, but should be aware of the increased exposure to risk, according to information recently revealed at the PLUS E&O Symposium. Douglas Carmichael, chief auditor, Public Company Accounting Oversight Board, reviewed the requirements of the Act and the responsibilities […]
By Canadian Underwriter | July 12, 2005
A new website slated to quickly and effectively pair up insurance industry job seekers and employers was recently released by Canadian Underwriter Magazine. i-hire.ca is, according to Canadian Underwriter’s senior publisher Steve Wilson, "Canada’s Insurance Career Destination," offering the insurance industry an exclusive careers website providing a common meeting place for all areas of the […]
By Canadian Underwriter | July 6, 2005
3 min read
The Federal Reserve will continue to raise interest rates, pushing the federal funds rate to 4.5% by the middle of 2006 in lieu of the anticipated modest rise in inflation and firm economic growth, according to Swiss Reinsurance’s chief economist Kurt Karl.Swiss Re also released information reporting that if insurers wish to remain profitable they […]
By Canadian Underwriter | July 4, 2005
Last year marked the second year in a row where Canadian reinsurers experienced solid combined ratios and double-digit ROEs, a reality that should put them in a positive frame of mind. However, there are some lingering doubts, especially about casualty business and how long the "culture of underwriting discipline" will last at the primary level. Where the market is headed for renewals in January depends on whom you talk to and which specific line of business they work in.
June 30, 2005
9 min read
While the deadline for new financial services legislation is more than a year away, insurers, brokers and bankers have taken their traditional positions on the issue of banks' ability to fully sell and market insurance products. The association representing Canada's major chartered banks is aggressively advocating a stance regarding increased insurance powers that will not see this topic retiring gently into the night without a long and arduous fight.
8 min read
The insurance industry's environment has changed rapidly over the last few years. The perception of the insurance industry became fragile. The disregard for improved modelling to increase exposure transparency, the stagnancy of technology and the lack of innovation in exposure assessment tools have contributed to the downgrading of the industry as a whole. Today, the consequences of this changing environment are being felt in a manifold way, especially through the requirement for a higher RoE.
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