The Facility Association has named David Simpson its new president and CEO. Simpson is former president of the Insurance Institute of Ontario and assistant division manager with State Farm. He succeeds Stan Griffin, who has become executive vice president of regional operations for the Insurance Bureau of Canada. William Fischer has joined the brokered group […]
July 31, 2001
2 min read
Bermuda-based XL Capital has finalized its purchase of the Wintherur International operations of Credit Suisse Group. The all-cash deal, valued at US$405 million, is slightly less than originally announced because of the exclusion of "certain parts of the business agreed by the parties", states a press release.The sale includes the Canadian branch of Winterthur International, […]
By Canadian Underwriter | July 27, 2001
1 min read
Reinsurance will play an key role in capital management for insurers, says a new study from international reinsurance intermediary Guy Carpenter. The study, based on a seminar on capital management, notes that insurance companies need to manage capital more effectively for greater profitability, and that reinsurance will be a part of this strategy.In “Managing Capital […]
By Canadian Underwriter | July 25, 2001
1 min read
Swiss Re, the parent company of Swiss Re Canada, has entered into a unique "risk swapping" agreement with Japanese insurer Tokio Marine and Fire, through Tokio Millennium Re of Bermuda. The catastrophe risk swapping deal, worth US$450 million covers losses from three types of perils, each exchange valued at US$150 million. Japanese earthquakes are swapped […]
By Canadian Underwriter | July 12, 2001
1 min read
Co-operators General Insurance Company has obtained regulatory approval to sell 50% of its interest in Echelon Insurance, a wholly-owned subsidiary catering to the higher risk, “non-standard” auto insurance market. Under the terms of the sale agreement, EGI Investments Limited of Toronto is to acquire 50% ownership of Echelon and will be responsible for day-to-day management. […]
By Canadian Underwriter | July 4, 2001
1 min read
Last year may have been a period in "hell" for global reinsurers. after seven consecutive years of declining rate adjustments spurred by weak market conditions, reinsurers were struck a double whammy of soaring catastrophic losses and a sudden reduction in retrocession capacity. action had to be taken, and was taken with treaty renewal rates rising around the globe. However, if last year was "hell", then this year the industry must face "purgatory", where the sins of the past will be tested against the resolve of reinsurers to implement the necessary premium rate adjustments desperately needed to regain profitability.
June 30, 2001
10 min read
The reason for cyclical rate peaks and valleys in the international insurance and reinsurance market always comes down to the issue of supply.; By Glenn McGillivray, assistant vice president & head of corporate communication at Swiss Reinsurance Co. Canada
June 30, 2001
7 min read
The area of subrogation is a necessary part of the claims process, one which is often overlooked or under-utilized by the primary insurer. A poor or effective claims management approach to subrogation can mean the difference of millions of dollars to the bottom-line. Faced with the current business climate, can insurers afford financial spillage?
June 30, 2001
5 min read
“We stand on the verge of an incredible opportunity.” With these words, incoming Risk and Insurance Management Society president David Mair opened the society’s 2001 conference in Atlanta. The opportunity, he says, comes from the changing insurance market, and the changing role of risk management on the corporate landscape. As hardening insurance rates create new […]
June 30, 2001
6 min read
A recently released Swiss Re Sigma report titled “Capital Market Innovation in the Insurance Industry” suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into capital market insurance vehicles since 1996 – with catastrophe bonds accounting for nearly half of […]
June 30, 2001
1 min read