Industry
Rating agency Standard & Poor’s has revised the outlook for Allianz Canada from negative to stable, citing the expectation of improved results in 2004 and 2005. As well, Allianz Canada (which includes Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada) has seen its “BBB+” counterparty credit and financial strength ratings affirmed.”In 2004, […]
By Canadian Underwriter | June 10, 2004
1 min read
The Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment.”Rest up” is the IBC’s newest safety initiative, and also part of its five-point plan to tackle auto insurance reform in New Brunswick (other […]
As competition looms in the U.S. property & casualty market, insolvency could be the order of the day for some insurers, says Insurance Services Office (ISO) CEO Frank Coyne.Coyne made the comments as part of the Insurance Accounting & Systems Association Conference in Las Vegas this week.Coyne points to evidence of softening conditions despite many […]
By Canadian Underwriter | June 9, 2004
2 min read
A.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset by uncertainty surrounding reserving related to U.S. casualty business written between 1997 and 2001. A […]
The responsibility for maintaining control over underwriting discipline even as competitive forces creep into the market goes all the way up the corporate ladder to rest with CEOs, industry leaders told the World Insurance Forum this week. In the “leadership forum”, representatives of the insurance, reinsurance and brokerage communities agreed insurers must stand tall in […]
Lloyd’s run-off reinsurer Equitas has upped it reserves to cover U.S. asbestos lawsuits by 296 million pounds (Cdn$735 million) on the expectation that tort reform to limit such suits will not be reached.Overall Equitas, which was created to handle Lloyd’s general insurance liabilities for the years prior to 1993, is holding reserves of 4 billion […]
The Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO spokesperson Rowena McDougall says as a result of consultations on the EAN proposal, more than […]
By Canadian Underwriter | June 8, 2004
The Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike Colle, the man leading the Liberal government’s auto reform efforts. For the insurance industry’s part, […]
By Canadian Underwriter | June 7, 2004
Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway Financial as CEO of the subsidiary in the interim. Kistruck currently faces charges from provincial […]
Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided the men artificially inflated the value of the brokerage’s stock when they purchased shares in […]
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