Industry
Rate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into a discussion of the professional liability (PL) market, where speakers say the overall trend to […]
By Canadian Underwriter | September 9, 2004
2 min read
Claims
The Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit margin than is the case.The study, titled "Homeowner, Commercial Property, Liability and Marine Insurance" indicates […]
By Canadian Underwriter | September 8, 2004
Risk
General Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, 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, who commented on the new brand. […]
1 min read
In its assessment of the global reinsurance sector, Fitch Ratings is predicting a 2004 combined ratio of 97%, a slight improvement over 97.2% in 2003. The prediction follows the rater’s decision in July to change the sector’s outlook to stable from negative, where it had been since late 2001. Despite this, the rater notes many […]
The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance Services Office (ISO). State Farm’s actual loss will be lower however, when reinsurance arrangements and […]
While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that insurers will likely have to pay up to the attachment points on their reinsurance policies […]
By Canadian Underwriter | September 7, 2004
While the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a new report by Standard & Poor’s.The report notes that the close proximity in time of […]
In its first earnings release since acquiring Canadian Direct, Edmonton-based Canadian Western Bank says the insurance arm brought in $1.2 million in net income for the second quarter of 2004. Canadian Direct, which was acquired from HSBC Bank during the quarter, produced income per share of $0.08 on a dilute basis, its new parent reports. […]
Aviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first ever McGannon Foundation 5 km “Fun Run” is set for Sunday, October 3, as part […]
Lloyd’s has been granted an injunction in Ontario Superior Court against Ian Stuart, who, the London market contends, has been holding himself out as a Lloyd’s representative without authorization.The court order prohibits Stuart from purporting to place business with Lloyd’s or any of its syndicates or from using any named other than Ian Stuart. Stuart […]
By Canadian Underwriter | September 6, 2004
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