Industry
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003, under auto legislation from the new […]
By Canadian Underwriter | July 18, 2004
1 min read
Groupe Promutuel has named Adrien Viens as its new president, following the departure of former president Mario Fortier for health reasons. Mr. Viens had been filling the president’s role in the interim, and the board of directors voted to offer him a three-year term in the position at a special meeting last week.Viens is president […]
Fairfax’s reinsurance subsidiary, Odyssey Re has seen its financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service, concluding a review announced in mid-May.The rater points to Odyssey Re’s strong financial performance in the past two years in particular, with increased earnings, shareholders’ equity, and even improved underwriting leverage despite an increase in […]
By Canadian Underwriter | July 14, 2004
Broker consolidator Hub International Ltd. has purchased California-based Payne & Co. Insurance Brokers Inc.The brokerage, acquired for an undisclosed amount of cash, brings in about US$2 million in annual revenue, largely focused on middle market commercial business benefits and personal insurance. While the Payne operation will move to Hub’s existing Los Angeles office, owner John […]
By Canadian Underwriter | July 12, 2004
Independent adjuster Cunningham Lindsey Canada has secured a new loan facility for $105 million with Brascan Bridge Lending Fund.The unsecured, non-revolving facility has an initial termination of March 31, 2005, with the possibility of two six-month extensions beyond that date. Proceeds from the loan are being used to pay short-term debt, including that owed under […]
In 2003, Canadian commercial property writers saw across-the-board improvement with rising rates and declining loss ratios, according to a new report by A.M. Best.Best’s data shows the net loss ratio in commercial property dropped to 49.5% in 2003, a 12.3 % improvement over the 61.8% posted in 2002. Direct written premiums were up 10.4% year-over-year, […]
By Canadian Underwriter | July 11, 2004
With the failure of the U.S. Senate to invoke cloture on its class action reform bill, the legislation is effectively dead, causing widespread disappointment amongst insurers.Bill S.2062, the “Class Action Fairness Act of 2004”, failed when Republicans failed to get support to end discussion of the bill and force a vote. “This is a missed […]
2 min read
Not unexpectedly, growth of the Bermuda market slowed in the first half of 2004, with insurance company incorporations dropping compared to the first six months of 2003, according to data from the Bermuda Monetary Authority (BMA) Insurance Division published by The Royal Gazette.The number of incorporations dropped to 34 in the first half of 2004 […]
By Canadian Underwriter | July 7, 2004
Fairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its shareholders are employees of United Parcel Service and the operation began in 1983 as a […]
By Canadian Underwriter | July 6, 2004
A survey of Canadian and U.S. insurance executives shows confidence in the industry is at its highest level in that last three years. The annual “Insurance Industry Outlook” survey by National Marketing Services shows confidence in the primary sector at 7.2 (out of 10), and also at a two-year high for reinsurers.Most indicators of confidence […]
By Canadian Underwriter | July 5, 2004
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