Industry
Despite continued lack of consensus on a terrorism reinsurance bill from the U.S. Congress, President George W. Bush continues to push.He reiterated his plea to Congress to come to a resolution on Saturday in New Hampshire. “My call to Congress, before they go home: for the sake of jobs, for the sake of putting hard-hats […]
By Canadian Underwriter | October 7, 2002
2 min read
Rating agency Standard & Poors’ (S&P) has placed Employers Reinsurance Corp. under "negative credit watch", warning that the reinsurer’s current "A-plus" financial rating could fall by a full category.The negative watch announcement by S&P follows a recent investment analyst meeting held by ERC through which management revealed that the company’s third quarter financial results are […]
By Canadian Underwriter | October 4, 2002
1 min read
Specialty insurer Kingsway General was the latest to present before the Ontario government’s Auto Insurance Review Committee (AIRC). President Bill Star says the company’s initiatives were well-received by the committee.”I was very pleased with the reception that I received from the review committee on our suggested changes to the Auto Insurance System in Ontario”, says […]
By Canadian Underwriter | October 3, 2002
Hub International Ltd. (NYSE, TSX: HBG) has added to its Ontario business with the purchase of Ottawa-based O’Neil & Company Ltd. The acquisition was made through Hub Ontario’s Gifford Associates Insurance Brokers Ltd.O’Neil, which sells commercial and personal p&c products, has been in business since 1935. Its focus is the natural resources industry, specifically forestry […]
Zurich-based Winterthur Insurance Co. is the latest in a long line of insurers boosting its capital. Owner Credit Suisse is injecting CHF2.0 billion (Cdn$2.15 billion) into the company based on falling equity markets draining the insurer’s assets. This is on top of a CHF7.9 billion (Cdn$8.5 billion) boost in late June.The announcement follows on the […]
By Canadian Underwriter | October 2, 2002
Moody’s Investors Service expects that Lloyd’s of London will return to profitability for the 2002 financial year. However, Lloyd’s will likely show higher than expected losses for the market’s still to be reported 2001 and 2000 financial years, the agency says in a recently released report.Moody’s predicts that Lloyd’s will report a US$4 billion loss […]
By Canadian Underwriter | October 1, 2002
U.S. president George Bush has called on a special conference committee appointed by Congress to investigate and draft legislation enabling a single terrorism insurance bill to act swiftly. Bush is pushing for legislation by October 4, just prior to when Congress goes into recess.The conference committee was established to work out differences between two pieces […]
At last check, it was anticipated that the British Columbia government's plan for opening the auto insurance market would have been announced by now. Indeed, the original plan was for the "core review" of the state-owned Insurance Corp. of B.C. (ICBC) and all other crown corporations to have been completed by this spring. Where do we now stand?
By Dennis Prouse, government affairs manager, Pacific region, at th | September 30, 2002
3 min read
The free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.
By Danny Craig, president of IBAO | September 30, 2002
4 min read
Are brokers having fun in their business anymore? Against the backdrop of a hard market post 9/11, dealing with disgruntled customers and restrictive carriers, stiff competition and a range of internal management issues, this may sound like a flippant question. But, in reality, it gets to the heart of the issue for principals.
By Rick Bauman, president of Bauman Consulting Inc. | September 30, 2002
5 min read
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