Claims
The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions also grew, to US$217 million in 2003 from US$174 million in 2002. Last year saw […]
By Canadian Underwriter | April 27, 2004
1 min read
Industry
Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when the combined ratio was 95.4%.Northbridge, which includes the Canadian entities of Fairfax Financial Holdings, brought […]
By Canadian Underwriter | April 26, 2004
Risk
Former Pembridge brand Pafco has received a federal charter to operate as a stand-alone company, although it will continue to target the high-risk or non-standard auto market as before. Pafco has also applied for provincial licenses in Ontario, New Brunswick and Nova Scotia, and says a Quebec application will soon follow. “Achieving separate company status […]
2 min read
Retroactive to March 31, independent adjusters in Canada have been granted the status of “investigative bodies” under the federal privacy legislation.The status, announced by the Canadian Independent Adjusters Association (CIAA), allows independents leeway in the collection, use and disclosure of personal information relative to claims investigation. The status relates specifically to disclosure of an individual’s […]
A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on the basis of poor service, while 46% of buyers have made the switch based on […]
By Canadian Underwriter | April 25, 2004
An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk and Insurance Management Society (RIMS) Conference this week in San Diego, say they expect more […]
The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to the rising premiums being faced by small brokers as a result of the hard insurance […]
Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say, while general liability dropped 1.4% in the first quarter while slight, these represent the first […]
By Canadian Underwriter | April 22, 2004
The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and extremely limited capacity, ten new carriers have since entered the market and existing players are […]
Despite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns. Buyers also saw an increase in capacity in the property market.The results were part of […]
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