What’s new: In brief (September 29, 2004)

Members of The CIP Society from numerous Institutes and chapters across Canada (Saskatchewan, Manitoba, Hamilton/Niagara, Ottawa, London and Toronto) will participate in the CIBC “Run for the Cure”, this Sunday, October 3. The society’s goal is to raise $20,000 for breast cancer research. The CIP asks anyone interested in participating to contact their local Institute/chapter to join a team links to contact information can be found at The CIP’s new website, http://cip.iic-iac.org.

The Terrorism Risk Insurance Act (TRIA) has survived one crucial stage, with passage by the U.S. House Financial Services Committee. Bill H.R. 4634 would extend the government reinsurance backstop until the end of 2007. The Property Casualty Insurers Association of America (PCI) says it will now push for the House and Senate to enact legislation by the end of the year to extend TRIA.

Converium’s move to raise US$420 million in capital was approved by shareholders this week, paving the way for the troubled reinsurer to issue almost 107 million shares for an price of CFH 5 (about US$4) each. Converium says the offering should be complete by October 15. The news prompted A.M. Best to affirm Converium AG’s financial strength rating at “B++” and remove it from under review.