Risk
Hurricane Jeanne, which slammed into Florida’s east-coast the last weekend of September, made unfortunate history, capping off the first season in which Florida was hit by four major hurricanes. The combined losses from Hurricane Charley in mid-August, and then Hurricanes Frances, Ivan and Jeanne in September, will make this easily the worst year for insurance […]
September 30, 2004
2 min read
Home
Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best. In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for the top 25 writers in Canada. As a result of premium increases, auto insurers […]
1 min read
Industry
U.S. reinsurers saw net income for the first six months of this year drop slightly to US$2.56 billion compared with the US$2.59 billion reported for the same period the year prior, according to financial data compiled by the Reinsurance Association of America (RAA). While the association’s results point to a decline in profitability of the […]
Rating agency Moody’s says it has revised its outlook on the global reinsurance market to “stable” from “negative” on the back of favorable underwriting and investment results emerging from the sector. While rating agencies have mostly issued rating downgrades for reinsurers over the past two years, Moody’s says the ratings environment for the sector should […]
Despite moves by several companies to bolster reserves over the past three years, the property and casualty insurance industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause […]
Rate softening has begun to creep into the professional liability market, despite continued claims costs pressures, speakers at the recently held “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC) say. The seminar focused on E&O coverage, but expanded into the broader area of professional liability (PL), particularly coverages available for brokers, where […]
Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has added its third U.S. brokerage to its network, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd., located in Norfolk, Virginia. The acquisition is valued at around $9.03 […]
Canadian Broker Network recently added two new members: Smith Petrie & Scott Insurance Brokers of Ottawa, and Moore-McLean Corporate Insurance Ltd. of Toronto. The network now includes nine independent commercial brokers and is actively seeking members in Altantic Canada and B.C. The Innovation Group (TiG) has named Tony Novielli as vice president of business development […]
Auto
GE Insurance Solutions is the new name for GE Employer’s Re Corp., and the re-branding was celebrated by a reception at Toronto’s Royal Ontario Museum recently. Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken Brandt, head of P&C reinsurance, North America & Asia. The new name takes […]
Despite insurer and reinsurer CEOs' calls for a continuation of market pricing discipline that has characterized commercial lines for the past three years, all indicators suggest that a new "soft market" may have taken hold of the insurance industry, speakers at a seminar recently held by the Ontario chapter of RIMS Canada (ORIMS) say. Price competition is setting in across all lines, with rates moving quickly from flat to decreasing. And, while commercial insurance buyers may be tempted by the promise of lower premiums, speakers caution that this may a case of "too much, too soon".
By Vikki Spencer | September 30, 2004
5 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
