Risk
The 2003-2004 Toronto Insurance Women’s Association executive was named at the recent AGM at the Toronto Marriott Eaton Centre. Front row, from left: Cheryl Morton, first vice president; Kelly Brisbin Harris, president; Dalia Sabour, second vice president. Back row, from left: Debby Matz, executive officer; Jenet Russell, recording secretary; Zina Tofano, executive officer; Pauline Ferguson, […]
June 30, 2003
2 min read
Home
A new study by the Canadian Federation of Independent Business (CFIB) shows its members see insurance costs as their top concern. Business confidence in the economy in the second quarter of 2003 dropped, with insurance costs heading up the list of factors, followed by SARS and Mad Cow Disease.About 34% of small to mid-sized business […]
By Canadian Underwriter | June 30, 2003
1 min read
Employers Reinsurance Corporation (ERC) has been downgraded by rating agency A.M. Best on concerns over the level of support the reinsurer can expect from parent General Electric.ERC and its international reinsurance companies have been downgraded from A+ (superior) to A (excellent), with a stable outlook. The ratings “no longer consider any benefit derived from ERC’s […]
Industry
The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which occurred after the company had been placed in March under rehabilitation control of the Commissioner […]
By Canadian Underwriter | June 27, 2003
Hot on the heels of the New Brunswick government’s decision to limit “pain and suffering” awards to auto collision victims, the Dominion of Canada General Insurance Co. says it has authorized brokers in The Huestis Group to do business with the company in northern New Brunswick. The move comes as a direct result of the […]
Auto
The Nova Scotia government plans to move to a “no frills” auto product in an attempt to lower auto insurance premiums in the province. The government expects to see a 20% reduction in premiums as a result of the plan, which will see a basic auto insurance policy mandated, limiting minor injury compensation and “pain […]
***Note: Removes reference to Markel being a Fairfax subsidiary. Markel International is a holding company, not part of Fairfax or related to Markel Insurance in Toronto.British holding company Markel International is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi […]
The 20% year-on-year jump in net earnings of U.S. insurers to US$6.4 billion for the first quarter of this year translates to a return on equity (ROE) of 8.8%, notes the Insurance Information Institute’s (III) chief economist Robert Hartwig. This follows the industry’s dismal ROE of 1% for the 2002 financial year and the record-low […]
By Canadian Underwriter | June 25, 2003
Co-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday, will be effective from the beginning of July this year.Co-operators’ decision to reduce its auto […]
By Canadian Underwriter | June 24, 2003
U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). […]
By Canadian Underwriter | June 23, 2003
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