Commercial
Anthony Clark International Insurance Brokers Ltd. (“ACL”) closed a $30,750,000 (US$25,000,000) secured debt financing arrangement with the lenders Bridge Healthcare Finance, LLC (“BHF”) and Bridge Opportunity Finance, LLC (“BOF”). These lenders are providing Addison York Insurance Brokers Ltd. the US wholly-owned subsidiary of Anthony Clark with a five year term loan facility of $30,750,000 (US$25,000,000), […]
By Canadian Underwriter | June 17, 2005
1 min read
The industry is pessimistic that the commercial insurance sector will be hard hit by an overall softening trend. The Canadian Underwriter Web Poll for May asked “Will commercial insurance rates soften significantly across the board through the remainder of 2005?” Slightly tipping the scale, 60.68% of 323 respondents say “yes” while 32.51% say they don’t […]
By Canadian Underwriter | June 2, 2005
U.S. tort costs continued their upward trend, although at a far less dramatic rate in 2003, according to a new study by Tillinghast.In its annual review, the research firm finds tort costs rose 5.4% in 2003, exceeding overall economic growth which was up 4.9%. Overall tort costs were US$246 billion in 2003, or US$845 per […]
By Canadian Underwriter | January 10, 2005
In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken by Ken Crerar, president of the Council of Insurance Agents & Brokers (CIAB), stresses that […]
By Canadian Underwriter | November 10, 2004
Global reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades should not outnumber upgrades significantly as has been the case over the last three years. […]
By Canadian Underwriter | July 27, 2004
2 min read
The outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the near term and that the number of downgrades with be close to the number of […]
By Canadian Underwriter | July 19, 2004
The Insurance Corp. of B.C. (ICBC) has hired firm Ray & Berndtson Tanton Mitchell to find its new CEO following the announcement that Nick Geer will vacate the position. Geer joined ICBC as chair in 2001 and took over as interim CEO in 2002. Geer leaves the position at the end of June, to be […]
June 30, 2004
The World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred insurers to adopt policies to avoid liability. These “three Rs” include retrenchment of sources of […]
By Canadian Underwriter | May 10, 2004
Toronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks has paid off and will continue in the future. GCAN was purchased last year by […]
By Canadian Underwriter | May 9, 2004
Following shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers, will trade on the New York Stock Exchange as STA.The merger, which will create the […]
By Canadian Underwriter | March 30, 2004
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