Claims
Florida’s state-run windstorm insurer of last resort, Citizen’s Property Insurance Corp., says it will face a US$516 million shortfall in its account following last year’s unprecedented hurricane season. The shortfall could result in every insured homeowner in the state paying a one-time assessment. Responding to the news, insurers say lawmakers needs to act quickly to […]
By Canadian Underwriter | April 17, 2005
2 min read
Industry
The total number of mergers and acquisitions (m&a) was up last year in the U.S., but the value of transactions was down, according to a new study by Conning Research & Consulting Inc. M&a activity rose over the prior year for the first time since 2001 spurred by the health care and distribution sectors. But […]
By Canadian Underwriter | April 14, 2005
1 min read
At the company’s annual general meeting in Regina, SK, The Co-operators welcomed three new members and celebrated a year of growth as it marks its 60th anniversary.Joining The Co-operators are outdoor equipment supplier Mountain Equipment Co-op of Vancouver, BC; cable television provider Access Communications Co-operative of Regina; and agriculture goods and services business La Coop […]
Home
“Property and casualty insurers will see dramatic declines in core earnings power beginning as early as this summer and extending into 2006,” predicts a new study by insurance industry investment banking firm Cochran, Caronia Securities LLC.The study forecasts a shortening of p&c cycles, from the historical eight years to two or three years. The firm […]
Saskatchewan Government Insurance (SGI) is increasing the income benefits to those most seriously injured in auto accidents prior to August 2002. The minimum income benefit will be based on the industrial average wage, current at just over $430 per week, and indexed annually according to the Consumer Price Index. About 200 customers injured in accidents […]
Risk
Saskatchewan’s public auto insurer has nearly doubled its profit in 2004, bringing in net income of $42 million, to record its most successful year ever.Saskatchewan Government Insurance (SGI) used a good portion of that money, $27 million, to pay a dividend to the province.Gross written premiums for 2004 rose to $300.8 million (2003: $272.4 million), […]
By Canadian Underwriter | April 13, 2005
Alex Kennedy, former CEO of the Property and Casualty Insurance Compensation Corporation (PACICC), has passed away at the age of 71.Kennedy was born in Scotland, and graduated with his Master of Arts and Bachelor of Laws from the University of Glascow. In Scotland, he was a member of the Law Society and gained experienced in […]
The Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies.At Wednesday’s annual general meeting, PACICC deputy chairman Kevin McNeil, CEO of Gore Mutual Insurance Co. told members that a survey revealed “strong and clear” […]
A.M. Best has produced a methodology for the equity credit it gives for the use of hybrid securities issued by insurers. Specifically, it looks at the assessment of the impact of these instruments on financial ratios and financial flexibility of the rated entity. Hybrid securities are typically in the form of preferred stock, trust preferred […]
Chubb Insurance Co. has launched a new product aimed at the new risks being faced by Canadian businesses, from the Internet to U.S. exports. The “MasterKey” policy provides coverage for new exposures such as event cancellation, ocean cargo, kidnap & ransom, political risk, product recall and more, and optional covers such as D&O. It also […]
By Canadian Underwriter | April 12, 2005
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