Claims
The damage caused by Hurricane Ivan’s assault on off-shore oil producers halted expected reinsurance rate softening in the energy sectors, according to a new report by reinsurance broker Guy Carpenter & Co.In its “Marine & Energy Reinsurance Review Report 2005”, Guy Carpenter says losses to the offshore energy sector as a result of Hurricane Ivan, […]
By Canadian Underwriter | January 24, 2005
1 min read
Federal and provincial representatives meeting in Ottawa have agreed to a plan to strengthen Canada’s emergency preparedness plans. In a meeting chaired by Deputy Prime Minister Anne McLellan and Ontario Minister of Community Safety Monte Kwinter, provincial and territorial ministers drew up an eight-point plan and established a permanent forum for annual meetings on emergency […]
Home
U.S. commercial insurance accounts saw significant rate softening in the last months of 2004, according to the latest quarterly survey by the Council of Insurance Agents & Brokers (CIAB).In the fourth quarter, more than 80% of small and large accounts, and 90% of medium accounts saw their rates either hold firm or decline, brokers say. […]
Aviva Canada says it will connect directly to the Centre for Study of Insurance Operations (CSIO) portal in 2005, but in the meantime will be guaranteeing quotes generated on the portal as of March 1. This applies to Aviva’s Pilot, Scottish & York and Traders companies. Aviva Canada CEO Igal Mayer says, “I personally believe […]
2 min read
Broker network Hub International has named James S. Barton as president and COO of B.C.-based Hub International Barton Ltd. Also George C. Robertson has been named chief sales officer. James Barton replaces Craig Barton, who will remain as chair and CEO, as well as president of Canadian operations for Hub International. Hub also announces that […]
By Canadian Underwriter | January 23, 2005
Claims from the December 26 Asian tsunami are not expected to impact the financial strength ratings of insurers and reinsurers rated by Moody’s Investor Service. In a special report on the tragic event which has taken the lives of more than 220,000 people, Moody’s says despite massive human and economic losses, insured losses are "expected […]
Industry
The Insurance Corp. of B.C. (ICBC) has gotten its wish and will not have to raise basic auto insurance rates in 2005. The B.C. Utilities Commission approved the public insurer’s rate application which had been submitted last July. The commission does not regulate optional rates, but ICBC notes that these rates have not increased since […]
In what promises to be the first of several civil charges filed against insurance companies and brokers, Connecticut Attorney General Richard Blumenthal has filed suit against Marsh & McLennan’s brokerage operation and ACE Financial Solutions. Blumenthal alleges ACE paid Marsh a "secret" US$50,000 commission to steer a US$80 million state contract to the insurer.In a […]
Oakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement, with the holders entitled to cumulative dividends of 6% per year. Lloyd’s says it will […]
By Canadian Underwriter | January 20, 2005
Auto
Mississauga, Ontario-based Kingsway General Insurance Co. is the latest insurer to hop on the Centre for Study of Insurance Operations (CSIO) portal.Non-standard auto insurer Kingsway is the 30th company to take part in the web-based portal for broker-insurer interaction, a CSIO release notes.Kingsway’s Tom Mallozzi, vice president of personal lines, says joining the portal shows […]
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