Industry
Property and casualty customers of The Co-operators Group may be breathing a sigh of relief as it was revealed the theft of a hard drive containing some of the insurers’ files applies to life and pension customers only.At a news conference, The Co-operators president and CEO Katherine Bardswick noted explained that the hard drive disappeared […]
By Canadian Underwriter | January 31, 2003
2 min read
The recent series of announcements regarding U.S. insurers’ reserve moves over asbestos could signal further downgrades in early 2003, says Standard & Poor’s Ratings Services. In recent weeks, Travelers Property Casualty Corp. and ACE Ltd. have announced sizeable increases to their reserves, and The Hartford Financial Services Group just this week announced an asbestos reserve […]
By Canadian Underwriter | January 30, 2003
3 min read
Ontario’s insurance regulator is giving p&c insurers a year’s time to get their books in order for the new claims discounting practice. In a bulletin this week, the Financial Services Commission of Ontario (FSCO) says that the reporting of claims discounting is optional for 2003 quarterly reports and will not become mandatory until 2003 yearend […]
By Canadian Underwriter | January 29, 2003
1 min read
Bermuda-based ACE Ltd. says it will take a charge of US$354 million on fourth quarter 2002 earnings in order to bolster asbestos reserves.Reserves will be increased by US$2.178 billion gross, with US$1.86 billion offset by reinsurance. US$533 million of this comes from a reinsurance agreement with Berkshire Hathaway’s National Indemnity Co. Also figured in are […]
By Canadian Underwriter | January 28, 2003
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average price for auto insurance at the end of 2002 was 15.8% higher than at the […]
By Canadian Underwriter | January 27, 2003
A new report from Standard & Poor’s suggests that the settlement of a recent Enron lawsuit against surety insurers in the U.S. highlights problems within that line of business. Specifically, S&P says the settlement shows how “ill-prepared” some insurers are to handle surety claims.”This is an example of underwriters not fully understanding the consequences of […]
Judy Maddocks, the former CEO of Kemper Insurance Canada, has been appointed senior vice-president of insurance at the Insurance Corp. of British Columbia (ICBC). The appointment is effective from February 17 of this year.Maddocks replaces John Hancock who retired from ICBC at the end of last year. Maddocks will be responsible for underwriting, competitive insurance, […]
By Canadian Underwriter | January 24, 2003
U.S., Connecticut-based Travelers Property Casualty Corp. has disclosed a net loss of US$793.4 million for the fourth quarter of 2002 compared with net profit of US$303.3 million for the same period the year previous. Travelers’ loss for the full 2002 financial year amounted to US$27 million.The loss for the latest quarterly reporting period is largely […]
The U.S. p&c market can expect to see further ratings downgrades when fourth quarter 2002 results are released in the coming weeks, says Standard & Poor’s. In a presentation to investment and brokerage communities, S&P said that despite price hardening, troubling losses in certain lines and the continued malaise of the investment markets signal ongoing […]
By Canadian Underwriter | January 23, 2003
A majority of commercial accounts saw premium increases during the fourth quarter of 2002, according to U.S. brokers. In the Council of Insurance Agents and Brokers (CIAB) quarterly survey, more than 66% of small and mid-size accounts and 59% of large accounts saw increases of 10-30% during the last three months of the year.Premiums held […]
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