Industry
While the outlook for North American insurance holding companies remains stable, their counterparts in the reinsurance sector can expect downgrades to outweigh upgrades in the near future, says rating agency Standard & Poor’s. Despite continued rate increases, S&P has extended its negative outlook on the reinsurance sector for the sixth consecutive year on the back […]
By Canadian Underwriter | June 17, 2004
2 min read
Risk
Fairfax’s TIG Insurance is reducing its stake in California-based Zenith National Insurance Corp. through the sale of 3.1 million common shares. Fairfax has filed a registration statement with the U.S. Securities Exchange Commission (SEC) to sell the shares, plus offer an additional 400,000 Zenith shares as an over-allotment option to underwriters. Fairfax currently owns 7.8 […]
By Canadian Underwriter | June 16, 2004
1 min read
A new study by the American Automobile Association’s Foundation for Traffic Safety estimates five deaths and 607 injuries were the result of car accidents due to road debris in Canada in 2001. In fact, between 1999 and 2001, the AAA speculates 30 fatal car crashes were the result of debris in the road.The study, which […]
The potential for the Facility Association (FA) the industry’s pool for high-risk drivers to exit Newfoundland should be a sure sign to the province’s government that auto reforms newly legislated are a step in the wrong direction, says one risk manager.Craig Rowe, president of the Newfoundland and Labrador chapter of the Risk and Insurance Management […]
Claims
A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects the support of parent Berkshire Hathaway Inc., and the company’s strong earnings capability. Insurers dodged […]
Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide. The deal follows another recently marketed by Swiss Re Captial Markets to cover an undisclosed […]
By Canadian Underwriter | June 15, 2004
U.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga Tuesday.There is a five to ten year lag time for U.S. litigation trends to make […]
The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside of Moncton, but losses under homeowners and business property policies should pay for damages, says […]
Almost half of all Canadians have an “it won’t happen to me” attitude to house fires, according to a new survey commissioned by Duracell and the Canadian Association of Fire Chiefs (CAFC). Although more than one-tenth of Canadians have been victims of home fires, 48% of those surveyed feel there is almost no chance it […]
The contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and the rest following just last week stating that they had been subpoenaed and would cooperate […]
By Canadian Underwriter | June 14, 2004
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