Industry
A number of global insurers and reinsurers have released early loss estimates totaling more than US$4 billion relating to the tragic devastation of New York City’s World Trade Center (WTC) as a result of terrorist attacks carried out this past Tuesday.The losses in question relate to destruction of physical property and business exposures, as well […]
By Canadian Underwriter | September 12, 2001
5 min read
The tragic events which unfolded early Tuesday this week when two of four hijacked commercial jetliner planes were deliberately crashed into the twin towers of the World Trade Center (WTC) in Manhattan, New York City could produce an insured loss as high as US$20 billion, several insurance industry bodies say.The suicide terrorist attacks on the […]
3 min read
A research study conducted by the Insurance Bureau of Canada (IBC) of the insuring buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year, insurers notched up a loss of $190 million from the region, observes the IBC’s Atlantic […]
By Canadian Underwriter | September 10, 2001
1 min read
The loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns of 30 companies, pegs the industry’s combined ratio for the first six months of this […]
By Canadian Underwriter | September 6, 2001
Specialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately owned, Tennessee-based company, produced over US$70 million in revenue last year.Kingsway president and CEO Bill […]
By Canadian Underwriter | September 5, 2001
The Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold lower court rulings allowing Lloyd’s to enforce British judgements against the Names.Justice Feldman called the […]
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.”We agree the recommendations will guard against oil tank spills in the first place and will avert environmental and health concerns […]
Zurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well a corporate p&c products.The name change is part of broader reorganization of Zurich’s operations which […]
By Canadian Underwriter | September 4, 2001
The recent purchase of Edmonton, Alberta adjusting firm Leonard, Hirst & Miller (LH&M) has provided Crawford Adjusters Canada with a firm foothold in the west. Crawford CEO Glenn Gibson says the “fit” of LH&M’s professional expertise was a main attraction. “We looked primarily at the quality of the staff…this was the key driver from our […]
August 31, 2001
Following the disappointing financial returns Canadian property and casualty insurers produced for the first quarter of this year – a time which a year ago many in the industry had projected would see a recovery in earnings – the latest financial results up to the end of the first half of this year point to […]
By Sean van Zyl, Editor | August 31, 2001
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