Claims
In its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back of U.S. hurricanes and Japanese typhoons, reinsurers’ capital and reserves were not severely impacted, the […]
By Canadian Underwriter | January 6, 2005
1 min read
Troubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The company did report third quarter 2004 financials on December 9, but these were unaudited. Hub […]
By Canadian Underwriter | January 5, 2005
Industry
With 2004 marking the strongest initial public offering (IPO) market in the new millennium, ING Canada tops the list of last year’s offerings, according to research by PricewaterhouseCoopers (PwC).The ING Canada IPO had a gross value of $906.9 million, almost triple the next highest offering, Atlantic Power Corp. at $320.0 million. Rounding out the top […]
Risk
Specialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new office, with his existing team continuing to service their current farm, inland marine and surplus […]
Auto
In its annual list of the “top five” frauds, Manitoba Public Insurance (MPI) has given the dubious top honors for 2004 to the victim of an imaginary ca-jacking.A 24-year-old Winnipeg man filed a claim with the public auto insurer, saying that he had been car-jacked at gunpoint. When his vehicle was recovered days later with […]
2 min read
Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller Thomson Pouliot. New York Insurance Commissioner Greg Serio has decided to leave office for a […]
By Canadian Underwriter | January 4, 2005
Several insurers have made the list of Canada’s “50 Best Employers”, as compiled by human resources firm Hewitt Associates and published annually in the Globe and Mail.Among those who made the cut are Sillery, Quebec-based L’Union Canadienne (#12); Guelph, Ontario-based The Co-operators (#16); Toronto, Ontario-based Chubb Insurance Co. of Canada (#17); and Desjardins Groupe d’assurances […]
Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada. AGR Canada was not part of the transaction and now operates as a branch of […]
London-based International Underwriting Association (IUA) says insured losses stemming from the December 26 Indian Ocean tsunami could be between US$5-$10 billion.The IUA asked member insurers for best estimates of potential losses from the event the IUA includes many London operations of major global insurers and reinsurers which affected a dozen nations on three continents. Hardest […]
Countries in the Indian Ocean are working on plans for an early warning system to detect future tsunamis, much like that already used off the coast of Japan.Following the December 26 tsunami disaster, which resulted from a seaquake registering 9.0 on the Richter scale off the coast of Sumatra, analysts have noted that while monitoring […]
By Canadian Underwriter | January 3, 2005
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