Industry
Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of travel insurance products for the ETFS portfolio”. The ETFS portfolio is currently valued at about […]
By Canadian Underwriter | March 19, 2003
1 min read
Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of the cost of capital. The average rate increase over the last six months is 12.5%, […]
Toronto-based Fairfax Financial Holdings Ltd. has seen the financial strength of all but one of its subsidiaries affirmed, while its senior debt rating was lowered by A.M. Best. Only TIG Insurance Group’s financial strength ratings was dropped to B+ from B++. All ratings have a negative outlook, the result of the holding company’s constrained financial […]
By Canadian Underwriter | March 14, 2003
Liberty Health, the Canadian life-health operation of Liberty Mutual Group subsidiary Liberty International, is being sold to Maritime Life, a Canadian company owned by John Hancock Financial Services Inc. The move is part of Liberty International’s move to focus on p&c insurance, the company says in a press release. While Liberty Health has been an […]
The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario unit, for a price of $4.6 million, back in December.Now Vector says the sale was […]
By Canadian Underwriter | March 13, 2003
The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There were 30 insolvencies in each of 2000 and 2001.”Several years of inadequate pricing, escalating loss […]
By Canadian Underwriter | March 12, 2003
Insurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the title as worst year on record, despite price increases and improved underwriting results.Based on regulatory […]
By Canadian Underwriter | March 11, 2003
3 min read
Moody’s Investors Services is forecasting a profit of 3 billion pounds (Cdn$7 billion) for the Lloyd’s of London market in the 2002-2003 years of account. This comes on the heels of a forecasted 4.5 billion pounds (Cdn$10.5 billion) in losses for 2000-2001. Moody’s expects profit of 1.6 billion pounds (Cdn$3.75 billion) in 2002, and, assuming […]
By Canadian Underwriter | March 10, 2003
2 min read
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) posted record financial results for the year ending December 31, 2002. The company brought in total revenue of $3.66 million, a 146% increase over revenue of $1.49 million in 2001. However, the company posted a net loss for last year of $4.99 million, […]
A consumer group has thrown the latest attack in the battle over how to deal with New Brunswick’s auto insurance system. In a press release, the Consumers Coalition Against No-Fault Insurance says that it fears the government is going to “cave in” to insurer demands which it says would create a “no-fault” system in effect.The […]
By Canadian Underwriter | March 7, 2003
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