Industry
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with 2002’s 106.3%. The III […]
December 31, 2002
1 min read
In two separate agreements, Royal & SunAlliance Insurance Co. of Canada has handed over its Quebec personal lines and long-haul trucking books as the company turns its focus to commercial lines. CGU Insurance Co. of Canada will be offering renewals on Royal’s Quebec personal lines book as of April 2003. Although the book is profitable, […]
2 min read
The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto insurance claims and therefore premiums.”This bill will not improve the system in the manner consumers […]
By Canadian Underwriter | December 20, 2002
The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a backdrop of poor company financial performance and plummeting stock values. Royal & SunAlliance recently announced […]
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with this year’s 106.3%.The III […]
By Canadian Underwriter | December 16, 2002
The act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under the authority of a 10-member board which will institute industry standards. The board is made […]
The Lloyd’s of London insurance market says in 2003 it will hit its highest capacity ever, with an estimated US$22.44 billion (Cdn$35.02). At a speech today in New York, Lloyd’s chairman Nick Prettejohn announced that market would leap over this year’s capacity of US$18 billion (Cdn$28.09 billion). The figure represents the maximum volume of insurance […]
By Canadian Underwriter | December 13, 2002
CGU Insurance Co. of Canada will be offering renewals on Royal & SunAlliance’s Quebec personal lines book, notes a joint press release from the insurers. This will commence with April 1, 2003 renewals, as policies expire. Some of Royal’s Quebec staff will be offered positions with CGU, although no numbers were disclosed. The deal with […]
By Canadian Underwriter | December 12, 2002
CGU Group Canada Ltd., the Canadian arm of the global Aviva plc. Insurance group, issued a media statement clarifying its decision to withdraw from A.M. Best’s rating services. A.M. Best issued a statement on Monday of this week indicating that the financial strength ratings of the CGU Group and its subsidiary companies of "A (excellent)" […]
By Canadian Underwriter | December 11, 2002
In a release today, Montreal-based Optimum Group Inc. says it has bought 83,900 class A subordinate shares in Optimum General (TSX: OGI.A), through subsidiaries Optimum Re and Optimum Vie.Since November 30, Optimum Re has purchased 66,200 and Optimum Vie, 17,700, of the shares at the current market price, in the range of $2.50-$2.75. This increases […]
By Canadian Underwriter | December 10, 2002
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