Industry
Rating agency Standard & Poor’s has lowered its long-term counter-party credit and financial strength ratings for Aviva Canada Inc. to “A” from “A+”. The rating agency says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with negative implications.”The rating actions follow Standard & Poor’s review of Pilot’s [Pilot Insurance Co., the […]
By Canadian Underwriter | June 22, 2003
1 min read
Risk
Folksamerica Reinsurance Company is one of the rare companies to see its rating upgraded in the current market. Rating agency A.M. Best Co. has lifted the New York-based reinsurer’s financial strength rating to A (excellent) from A- (excellent).The move comes as a result of Folksamerica’s improved level of stand-alone, risk-adjusted capitalization, and stronger earnings recently. […]
By Canadian Underwriter | June 20, 2003
2 min read
Claims
If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance Services Office (ISO) had predicted a $1.55 billion price tag for the storms, but this […]
Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.”This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance business,” states an Alea release.Alea Europe Ltd. CEO Gilles Meyer says the move was not […]
Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs necessitate the increase, which will add about $21 to the cost of a basic auto […]
By Canadian Underwriter | June 19, 2003
Auto
Fairfax subsidiary Markel 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 business. In total, the book is worth about 16.25 million pounds in annual gross written premiums.Some staff will also go to Brit Insurance in the deal for […]
Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met today in Charlottetown to address the issue of rising costs and came away with a […]
By Canadian Underwriter | June 18, 2003
Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option to acquire a further 610,000 shares. The offering will close around July 3 of this […]
By Canadian Underwriter | June 17, 2003
Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key issue. The re-elected Conservatives are now moving to cap pain and suffering awards as a […]
In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take into account publicly available data on operating performance and balance-sheet strength. It also uses comparisons […]
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