Industry
The North American insurance industry currently faces a high-stakes, $40-billion to $60-billion question: Will the destructive winds of Katrina, Rita and Wilma blow the industry into the grip of an enduring hard market? Several ratings agencies note that thanks to a hard market in the early part of the new millennium, the fierce 2005 hurricane […]
By David Gambrill, Editor | October 31, 2005
3 min read
Transatlantic Holdings Inc., XL Capital Ltd., ACE Ltd. and Arch Capital Group Ltd. have all announced taking financial hits as a result of a particularly fierce hurricane season in 2005. Transatlantic Holdings, Inc. (NYSE: TRH) reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over […]
October 31, 2005
2 min read
Buoyed by what it calls a warm reception to its new insurance office in Toronto, RBC Insurance is opening a second Canadian retail insurance office, once again to be located adjacent to one of RBC’s Royal Bank Ontario branches. RBC Insurance plans to locate its second retail office right next to RBC Royal Bank’s branch […]
Ontario private passenger auto insurance approved rates decreased during the third quarter of 2005, the Financial Services Commission of Ontario (FSCO) has reported. “The rate changes posted reflect cost saving measures arising from recent reforms to the automobile insurance system, which are being passed on to consumers in the form of lower rates,” FSCO says […]
1 min read
Royal & SunAlliance Canada, through its subsidiary, Johnson Inc., has acquired the commercial rights to the business of Morgex Insurance Group – a leading insurance broker in Alberta – for Cdn $44.7 million. Royal & SunAlliance says the consideration, payable in cash, is for the commercial rights to the main insurance activities, non-core business and […]
A group of investors into WorldCom Inc. that purchased the Company’s bonds and stock from 1998 to 2001, recently reached a US$651 million settlement with the telecommunications company and its investment bank but most of these monies will not be covered by insurance.The federal securities regulators may, as a result, hear petitions from two of […]
By Canadian Underwriter | October 31, 2005
Five class-action lawsuits, originally introduced and dismissed in 2004, against wireless telephone companies over radiation emissions will be able to go forward, after the U.S. Supreme Court U.S. Supreme Court on Monday declined to hear an appeal by the companies. The lawsuits are seeking money for wireless users to buy a headset or reimburse those […]
Markel Insurance Company of Canada today announced the appointment of Silvy Wright as president, effective January 1, 2006. Wright will take over from the current president, Mark Ram, who will become president and CEO of Markel’s parent company, Northbridge Financial, also effective January 1, 2006.Markel is a trucking insurer that has served a range of […]
By Canadian Underwriter | October 28, 2005
In response to recent calls for corporate transparency in the insurance industry and a trend toward improved governance, the American International Group Inc. (AIG) has adopted new guidelines for board members oversight.The company’s board of directors move toward protecting against its board member oversight, includes a mandate that director nominees must participate in an uncontested […]
By Canadian Underwriter | October 24, 2005
Canada’s home, car and business insurers are questioning the Bruce Cran’s most recent auto insurance rate report, which the Insurance Bureau of Canada (IBAC) Atlantic region calls a “bluff” of a study.”We have already refuted the methodology and conclusions of earlier releases of the study in B.C. and Toronto.,” Don Forgeron, vice-president, Atlantic, Insurance Bureau […]
By Canadian Underwriter | October 21, 2005
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