Risk
When you read the headlines these days, there is a sense of susceptibility and unease amongst top executives when it comes to the security of their critical information systems – most often the lifeblood of their organization. Whether it is computer viruses running amok, the theft of vulnerable hard drives, or the growing threat of […]
May 31, 2003
3 min read
The Hartford Financial Services Group Inc. has sold the renewal rights to much of its US$700 million global property and casualty reinsurance business under HartRe to Bermuda-based Endurance Specialty Holdings Ltd. A statement released by Endurance says the deal will involve about US$400 million in annual premium, of which business written by HartRe Canada is […]
2 min read
The Ontario School Boards’ Insurance Exchange has named Jim Sami as general manager and Attorney-in-Fact. He has over 20 years insurance experience, and began at the Safeco Claims School. Hub International shareholders have added a new independent director to the company’s board with the election of Frank S. Wilkinson, an independent consultant. Wilkinson is former […]
1 min read
Insurance broker Willis says it is forming a special unit to capitalize on the risk market created by the rebuilding of Iraq following its invasion by U.S.-led forces.The company says more than US$10 billion in reconstruction projects are expected to begin within the next five years, providing a market for risk and insurance services.Willis will […]
By Canadian Underwriter | May 30, 2003
A new study shows that “fronting” arrangements are becoming less attractive, and less available, for captives. The 2002 survey by the Captive Insurers Companies Association (CICA) and the Vermont Captive Insurance Association (VCIA) shows that a growing number of captives are avoiding fronting arrangements due to cost concerns, amongst other reasons.Fronting is a process whereby […]
By Canadian Underwriter | May 21, 2003
A new survey suggests only about half of corporations in various sectors in the U.K. feel prepared to deal with the consequences of a terrorist attack. Digital security company mi2g, along with the Association of Insurance and Risk Managers (AIRMIC), the U.K.’s Northwest Development Agency and the Asymmetric Threats Contingency Alliance, surveyed 40 key corporate […]
By Canadian Underwriter | May 20, 2003
Export Development Canada (EDC), a Crown corporation, has agreed to provide reinsurance backing on surety bonds for exporters issued by St. Paul Guarantee Insurance Company.This is the first time EDC has provided surety quota share reinsurance, in this case for up to US$200 million in additional capacity. The treaty is part of EDC’s mandate to […]
By Canadian Underwriter | May 14, 2003
The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up to $674 million versus $614 million in the same period a year prior, an increase […]
By Canadian Underwriter | May 8, 2003
Since their inception in 1696 in London, England, mutual insurers have outlived the ups and downs of the insurance industry cycle, competition from large multi-national carriers and even changes to their own operating style. In Canada, their presence has been felt in rural communities and beyond since 1836. Today, members of the Canadian Association of Mutual Insurance Companies (CAMIC) represent annual premiums of about $1.2 billion and serve 1.5 million policyholders, or about 6% of the total Canadian marketshare. CAMIC president Normand Lafreniere says that, although the issues impacting mutual companies have changed over the last 150 years, their foundation of cooperation remains.
April 30, 2003
6 min read
Some property and casualty insurers rode the stock wave of the late 1990s, only to crash back to reality with the nasty downturn in equity markets over the past two years. Although most industry assets are held conservatively in bonds, investment income tailed off sharply in 2002, with few signs of reprieve this year. The recently introduced minimum capital test (MCT) and new accounting rules are prompting insurers to carefully balance risk profile with investment strategy. For some, it is a task easier said than done.
8 min read
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