Industry
Market capacity in Lloyd’s of London is growing, rising from 12.2 billion pounds (Cdn$30.25 billion) at the beginning of 2002 to a mid-year high of 12.5 billion pounds (Cdn$31 billion).At the recent Western States Surplus Lines conference in Whistler, B.C., Lloyd’s director of worldwide markets Julian James said that the market is at its most […]
By Canadian Underwriter | August 1, 2002
1 min read
The insurance industry has gone through two years of a hard market which started mid-2000 and became more restrictive following the disaster of September 11 of last year. Currently, the tight conditions experienced within the marketplace remain a dominating factor, particularly for managing general agents (MGAs) and program business.
By Bill Star, president of Kingsway Financial Services Inc. | July 31, 2002
5 min read
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for its U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”. Fairfax filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock. The company also notes that it has netted US$69 million […]
July 31, 2002
Royal & SunAlliance is introducing a new specialty operation, “knowledgeworks”, to focus on lines that require expert knowledge and underwriting skills. Billed as “an insurance think-tank” the new operation will largely be “invisible” to the broker and customer, writing business for insurer clients. The first product, yacht insurance, will soon be followed by additional lines, […]
Following several years of disappointing underwriting experience, Lloyd’s of London has unveiled a restructuring plan which it hopes will “modernize the market” and create a more comparable financial performance environment with its competitors. Lloyd intends for the market to be operated as a “franchise of businesses” under the directorship of a “franchise board”. The Lloyd’s […]
Gerling Global Reinsurance Co. (GGR) will continue to operate in Canada despite the recent announcement made by the company’s Germany-based parent Gerling Versicherungs Beteiligungs A.G. that the group will be pulling out of the reinsurance business in the U.S., says John Kartechner president of the Canadian GGR. The media announcement, which indicated that Gerling will […]
2 min read
Troubled insurer Markham General has been ordered to wind up its business and is having its assets seized by the Financial Services Commission of Ontario (FSCO). Earlier this year the insurer cancelled all policies and ceased writing new business. At the time, Markham General statements indicated the company would be paying all outstanding claims, but […]
The Financial Services Commission of Ontario (FSCO) has named Bryan Davies as superintendent, replacing Philip Howell. Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada, and prior to that chief administrative officer for the University of Toronto. He has also been deputy treasurer and deputy minister of economics […]
Sports and entertainment specialist managing general agent (MGA) K&K Insurance Group is back in business after having found a new underwriting partner. Following a series of poor underwriting results, the MGA’s former underwriter, TIG, withdrew its business. K&K is the biggest MGA in Canada for the leisure and entertainment industries. K&K’s new carrier, Sovereign General […]
Rating agency A.M. Best has affirmed the A+ (Excellent) rating of Winnipeg-based Wawanesa Mutual Insurance Company and its U.S. subsidiary, San Diego-based Wawanesa General. Outlook for the rating is stable.The rating reflects strong capitalization and operating performance, as well as Wawanesa’s “long-standing market position in the Canadian p&c industry”. Conservative reserving and consistent profitability are […]
By Canadian Underwriter | July 31, 2002
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