Industry
Rating agency Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB+” from “A+”. The ratings have been taken off watch, but have been assigned a negative outlook.”The ratings on AZ Canada [Allianz and Trafalgar collectively] were lowered due […]
By Canadian Underwriter | December 15, 2003
1 min read
In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas Hess, chief economist for Swiss Re. “To a large extent, the price increases achieved this […]
By Canadian Underwriter | December 12, 2003
2 min read
Western Financial Group Inc. (TSX: WES) plans to raise approximately $10 million through a private placement, which the company says the proceeds will be used to fund its ongoing acquisition program, as well as for “general corporate purposes”. Subject to regulatory approval, the placement closes on December 18 this year.Western expects to issue just over […]
By Canadian Underwriter | December 11, 2003
Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger vehicle premium. New rates kick in as policies renew after March 1, 2004.Rising claims costs […]
By Canadian Underwriter | December 9, 2003
SIAA (Strategic Independent Agents Alliance), the largest network of partnering independent insurance agencies in the U.S., recently announced that Omni Insurance Brokers of London, Ontario has assumed control of SIAA Canada and has established Southwest Brokers Network as a Strategic Master Brokerage covering southwest Ontario.According to Randall McDonald, Chairman of SIAA Canada, “This will be […]
By Canadian Underwriter | December 7, 2003
While financial market turbulence continued to plague the insurance markets in 2002, some signs of recovery were evident in the most important markets: the non-life insurance sector grew at a record-breaking rate, the life sector posted minor improvement according to a Swiss Re sigma analysis of 2002 insurance data for 91 countries. Global premium volume […]
By Canadian Underwriter | December 3, 2003
Along with the announcement by Aviva that it would move 2,350 jobs out of the U.K. to India, the company also announced it would set up a sales center in India to deal with Canadian business. The company stresses there will be no Canadian job losses as a result of the new operation.About 150 people […]
By Canadian Underwriter | December 2, 2003
As part of a joint effort between the Insurance Bureau of Canada (IBC) and the Toronto Police, 59 people now face charges in connection with auto theft.Project Heat “help eliminate auto theft” – as it has been dubbed, involves the IBC sharing data with the police to aid in auto theft investigations, as well as […]
By Canadian Underwriter | December 1, 2003
Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2 a share for the latest quarterly reporting period against the 1 a share shown for the […]
November 30, 2003
The skies may have been clear over St. Pete's Beach for the annual North American Insurance Conference this fall, but the prospects for the insurance industry are far from bright, speakers told the conference. Insurers are facing a crisis of confidence, with everyone from regulators to raters, and especially consumers, taking a jaundiced view of the industry. And, alarmingly, there are fears the industry may already be sinking back into the soft pricing/writing for marketshare environment that led to its current stormy situation.
By Vikki Spencer | November 30, 2003
6 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
