Auto
Two large luxury cars recently earned top ratings in both front and side impact crash tests conducted by the Insurance Institute for Highway Safety. The 2005 Audi A6 earned good ratings and “best pick” designations for its performance in both tests, making the A6 a “double best pick.” The 2006 Infiniti M35 also earned good […]
By Canadian Underwriter | July 19, 2005
3 min read
Risk
Temple Insurance Company financial strength rating of A (Excellent) has been placed under review with negative implications, by A.M. Best. This degraded review was initiated in line with the recent announcement that Munich Re is reviewing the reserve position of its U.S. subsidiary, American Re Corporation Group.Temple’s published rating was recently affirmed on June 24, […]
1 min read
Industry
Auto insurance premiums in Ontario have fallen 15% since Nov. 2003, leaving the average auto premium in the province at a rate of $1,279 a figure reached by dividing total premiums paid by the number of insured vehicles according to the Insurance Bureau of Canada (IBC). “Clearly, free market, private competition is alive and well […]
2 min read
Home
Results for the property and casualty insurance industry are expected to be stronger than anticipated for 2004 despite the fact that the industry’s performance will degrade over the next three years, according to Clint Harris, analyst at Conning Research and Consulting, Inc.The report “Property-Casualty Forecast & Analysis by Line of Insurance-Second Quarter 2005” released by […]
Claims
A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration would not support an extension of TRIA in its current form.Furthermore, Snow a recent report […]
By Canadian Underwriter | July 15, 2005
Kingsway Linked Return of Capital Trust (TSX:KSP.UN) has completed the public offering of $78 million of 5% Kingsway Linked Return of Capital Preferred Units (“LROC Preferred Units”) due June 30, 2015. The offering was made through a syndicate of underwriters led by Scotia Capital Inc. and included CIBC World Markets Inc., Desjardins Securities Inc. and […]
Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to ING commercial ocean marine business, including hull, […]
The National Hurricane Center recently upgraded Hurricane Emily to a dangerous Category 3 storm, and Jamaica issued a hurricane watch for the island.The Dominican Republic and Haiti issued a tropical storm warning for much of the island they share. A tropical storm warning is in effect for Bonaire, Curacao and Aruba.Recently, maximum sustained winds were […]
By Canadian Underwriter | July 14, 2005
Officials investigating a finite reinsurance deal executed in 2000 by General Reinsurance Corp. and American International Group Inc. are examining whether Gen Reinsurance Corp’s current chief executive officer, Joseph P. Brandon, is being investigated regarding whether or not he had a role in the deal between General Re. and American International Group (AIG) according to […]
General Electric Co. and Caisse de Depot et Placement du Quebec recently agreed to purchase Southern Star Central Corp.’s gas-pipeline system for $362 million from AIG Highstar Capital LP.This purchase almost doubles GE’s pipeline assets. GE and Caisse will assume $476 million in debt and preferred stock. GE Commercial Finance Energy Financial Services will hold […]
By Canadian Underwriter | July 12, 2005
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