Industry
The retirement of AIG CEO and chairman Maurice “Hank” Greenberg at the end of this week will be a complete on. Despite an earlier statement that Greenberg would remain as non-executive chairman of the company while stepping down as president and CEO, AIG says it has received a letter from Greenberg stating he will not […]
By Canadian Underwriter | March 29, 2005
1 min read
In a rare move, Berkshire Hathaway has issued a statement responding to recent media stories concerning its chairman Warren Buffet. The parent company of National Indemnity and Gen Re specifically seeks to dispel reports Buffett was in the know on certain transactions which have fallen under regulatory scrutiny. In the statement, the company says Buffett […]
With lingering concerns over the long-term prospects for the p&c industry, rating agency A.M. Best says it will be in no rush to issue upgrades.The rating agency notes the record profitability experienced by the U.S. and Canadian industry in 2004, and notes that company management are eager to see upgrades of their financial strength ratings, […]
2 min read
Risk
Fairfax Financial Holdings says it has gained regulatory approval to extend the maturity date of the US$100 million note payable by Fairfax to its TIG Insurance Co. by one year. The original repayment date was June 30, 2005, but has been extended to June 30, 2006. A.M. Best has affirmed the financial strength rating of […]
The Alberta government says insurers are voluntarily filing reduced rates for private passenger auto insurance, making it unnecessary for reductions to be mandated.Insurers representing about 50% of the market have already filed for reductions of between 4%-7% with the province’s Auto Insurance Rate Board (AIRB). Those reductions will take effect between April 1 and July […]
By Canadian Underwriter | March 28, 2005
A review of 2004 yearend financial results reported by U.S. p&c insurers indicates last year was likely the “peak” of underwriting results in the current cycle, according to a new report by Fitch Ratings.The rating agency notes many insurers produced combined ratios in the 80% and 90% range, and posted stronger underwriting results and improved […]
Auto
Toronto-based Lindsey Morden Group says it is selling its Dutch subsidiary Cunningham Lindsey TES b.v. The Dutch operation provides surveying and claims management services for the automotive sector in its home country of the Netherlands, as well as Belgium and France.Lindsey Morden says it expects a net realized gain of $3.7 million on the sale, […]
Claims
The Financial Services Commission of Ontario (FSCO) has issued a bulletin highlighting changes to excluded driver endorsements, which applies to policies issued or renewed as of June 1. The endorsement has been revised to include “strengthened wording to deter excluded drivers from driving the specified vehicles”. Tornadoes and other severe weather which hit Georgia early […]
Please note: due to the Easter holiday weekend, Canadian Underwriter’s Breaking News will not be published again until Tuesday, March 29. Marsh co-president Peter F. Garvey has resigned “for personal reasons”, the company announced Wednesday. Garvey had been with Marsh & McLennan’s risk and insurance services subsidiary for 25 years. Fellow co-president William A. Malloy […]
By Canadian Underwriter | March 23, 2005
Commercial insurance pricing is likely to stabilize, with increased capacity and competition in 2005, but the high deductibles and retentions taken during the recent hard market will likely remain in place. This, according to the annual “Insurance Market Overview” published recently by Aon.The broker speculates both sides will continue to be vigilant, with competition setting […]
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