Industry
As expected, a package of reforms intended to modernize the 300-year-old Lloyd’s of London market has been passed at an extraordinary shareholders meeting yesterday. Despite opposition from associations representing individual members, or names, the reforms were passed with a vote of 79.88% in favour and 20.12% against, Lloyd’s reports.Commenting on the vote, Lloyd’s chairman Sax […]
By Canadian Underwriter | September 13, 2002
2 min read
According to a report in the The Financial Times, asbestos litigation in the U.S. has spread to so many companies and divergent industries that it now “spans 85% of the American economy.”FT cited a report to be published by the Rand Institute of Civil Justice, either later this month or in October. The study says […]
By Canadian Underwriter | September 12, 2002
1 min read
U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this year. A slowdown in growth may spur a new round of mergers and acquisitions within […]
By Canadian Underwriter | September 10, 2002
Two-hundred and fifty of the world’s largest companies will today petition the US Supreme Court in an attempt to halt a new asbestos compensation crisis that will claim a record number of bankruptcies this year, the Financial Times (FT) has reported (www.ft.com).According to the FT article (by Dan Roberts, London), “the group, which includes General […]
The latest Pollara-conducted poll of drivers in British Columbia suggests that about 72% of the driving population favors open competition in auto insurance within the province. The Pollara poll, conducted on behalf of the Insurance Bureau of Canada (IBC), also indicates that 63% of drivers are opposed to the government-run Insurance Corp. of B.C. (ICBC) […]
By Canadian Underwriter | September 9, 2002
Hub International Ltd. is expanding its U.S. brokerage network with the acquisition of New Jersey-based C.S. Nenner Inc. The new operation is being purchased by Hub’s Kaye Insurance Associates Inc. (KIA) in New York, in a deal for undisclosed amounts of cash and Hub stock.Nenner is a specialty group focused on transportation and warehousing coverage […]
By Canadian Underwriter | September 5, 2002
The “widespread support” Lloyd’s claims for its market modernization plans does not include the largest association representing individual members, or “names”.The Association of Lloyd’s Members (ALM) this week advised its members through a letter to vote against Lloyd’s proposals to reform the market. This follows similar responses from other “names” groups. In the letter, ALM […]
By Canadian Underwriter | September 3, 2002
After several years of an intense political battle with the banks and direct writers over the conditions of retailing insurance, the Insurance Brokers Association of Canada (IBAC) has reached a point where it feels comfortable that the independent brokerage community's rights have been legislatively entrenched and protected under the new federal financial services bill C-8, says the association's incoming president Brian Gilbert. This new "era of peace" will enable IBAC to focus on developing the skills, tools and consumer recognition of independent brokers nationwide. "We have some huge projects on our plate over the next 12 months," Gilbert notes.
By Sean van Zyl, Editor | August 31, 2002
6 min read
Folksamerica Re has a new Canadian team, also responsible for the English-speaking Caribbean, led by senior vice president and chief agent John Game. Game brings more than 20 years experience to the role, including as a vice president with Gerling Global Re. Gina Ferris also joins the team as vice president, bringing with her 15 […]
August 31, 2002
Despite posting another record financial showing for the second quarter of 2002, specialty insurer Kingsway Financial’s (TSE: KFS) stock dropped sharply upon release of the company’s second quarter results. Net income for the latest reporting period rose by 42%, to $16.2 million from the $11.4 million reported for the quarter ending June 30, 2002. Earnings […]
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