Industry
Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was announced the companies would be purchased by ING Canada. That sale became final last month, […]
January 31, 2005
1 min read
Risk
Ontario’s insurance regulator has posted a bulletin outlining rules for territorial rating for auto insurance.The Financial Services Commission of Ontario (FSCO) bulletin supercedes rules put in place in 2000, with the regulator noting, “there were concerns that there was a trend by insurers to increasingly segment territories by postal code and that territories being proposed […]
By Canadian Underwriter | January 31, 2005
Claims
Insured losses from the December 26, 2004 Asian tsunami have been estimated at less than US$4 billion by U.S. risk modeling firm Risk Management Solutions (RMS).The majority of claims will be for property damage, including homes, vehicles, boats and ships, commercial factories, hotels and resorts. This will probably comprise US$2.5-$3 billion of the total loss […]
St. Paul Travelers has added US$868 million to its prior year loss reserves. The newly combined companies completed an internal review which resulted in a reserve charge of US$922 million for adverse development on prior year asbestos losses, and US$84 million for environmental. However, this was offset by US$140 million in favorable prior year development […]
2 min read
Home
Stephen Mallory, former managing director of Marsh Canada, has been named president and CEO of Hub International Ontario Ltd. Mallory succeeds Nelson Tilander, who although leaving the CEOs role after six years for an indefinite medical leave, will remain as chair of the board. Mallory has more than 23 years of industry experience, having served […]
By Canadian Underwriter | January 30, 2005
Canadian financial services companies outperformed their peers over the past five years, according to a new report by Mercer Oliver Wyman released at last week’s World Economic Forum.The study notes, “North America has outperformed the global SPI (shareholder performance index) average over the past five years, with Canadian firms performing particularly well as a result […]
2005 is shaping up to be an interesting year for Canada’s property & casualty insurance industry, says Omega Insurance Holdings CEO Philip Cook. Cook looked into his crystal ball to outline “33 trends” the industry may see this year, speaking to a breakfast meeting hosted by the CIP Society. In commercial lines pricing, Cook expects […]
The Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c insurance, life insurance, securities, pensions, banking products and more. It was developed with the input […]
Standard & Poor’s has lowered the counterparty credit and financial strength ratings of Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada to “BBB” from “BBB+”. The downgrade follows a review which began last October when it was announced the companies would be purchased by ING Canada.That sale became final last month, and […]
By Canadian Underwriter | January 27, 2005
News that the Colorado Insurance Department may sanction nine unnamed title insurers for allegedly paying kickbacks to homebuilders could have far-reaching implications for the entire title insurance industry, says Fitch Ratings.The rating agencies says it believes that along with Colorado, Washington and California are also investigating title insurers’ reinsurance arrangements with settlement producers, i.e., people, […]
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