Claims
A series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims, according to company loss data collected by the Insurance Services Office Inc. (ISO). Collectively, the […]
By Canadian Underwriter | May 20, 2003
1 min read
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Just days after the announcement that The Hartford would exit p&c reinsurance, a buyer for part of the business has been found. Bermuda-based Endurance Specialty Holdings Ltd. says it has bought the majority of HartRe’s in-force p&c reinsurance business. Endurance acquires renewal rights to a select group of contracts equaling U$400 million of unearned premium […]
Auto
Auto theft statistics from 2002 show the crime is on the rise in B.C., says that province’s public insurer.The Insurance Corp. of B.C. (ICBC) says auto theft was up 7% last year, with 23,670 vehicles reported stolen. On top of a 17% increase in 2001, in the past two years, auto theft has risen about […]
Risk
A new survey suggests only about half of corporations in various sectors in the U.K. feel prepared to deal with the consequences of a terrorist attack. Digital security company mi2g, along with the Association of Insurance and Risk Managers (AIRMIC), the U.K.’s Northwest Development Agency and the Asymmetric Threats Contingency Alliance, surveyed 40 key corporate […]
Industry
The Saskatchewan government has opened the door for that province’s credit unions to own or invest in insurance agencies and brokerages.Credit Union Central of Saskatchewan is applauding the changes to “The Credit Union Regulations, 1999″.”We are very pleased about this regulatory change,” says Sid Bildfell, CEO of Credit Union Central of Saskatchewan. “It means that […]
By Canadian Underwriter | May 16, 2003
Despite plans for a turnaround, 2003 has not gotten off to a smooth start for Montreal-based Optimum General Inc. (TSX: OGI.A). The company is reporting a net loss of $291,000, or $0.02 per share, for the first quarter ending March 31, 2003. This compares with net income of $290,000, or $0.03 per share, during the […]
Kingsway Financial Services Inc. (TSX: KFS) has completed the placement of US$17.5 million in 30-year floating rate trust preferred securities. The net proceed to the company will be about US$17 million. Kingsway says that the funds raised will be used as supporting capital in growing the companies various operations. The proceeds may also be used […]
By Canadian Underwriter | May 15, 2003
Storms, including tornadoes, that ripped through several Midwest U.S. states the first week of May could well exceed the worst storm losses ever, says AIR Worldwide Corp., a division of the U.S. Insurance Services Office (ISO).The previously held record for damages as a result of thunderstorms is US$2.2 billion, set by a severe weather system […]
The Insurance Bureau of Canada (IBC) has hailed the release of an investigative report conducted by Nova Scotia’s Utility and Review Board (UARB) into auto insurance pricing within the province, with the findings supporting the insurance industry’s rate increases based on escalating bodily injury claims costs. Nova Scotia recently introduced a bill to freeze auto […]
By Canadian Underwriter | May 14, 2003
Export Development Canada (EDC), a Crown corporation, has agreed to provide reinsurance backing on surety bonds for exporters issued by St. Paul Guarantee Insurance Company.This is the first time EDC has provided surety quota share reinsurance, in this case for up to US$200 million in additional capacity. The treaty is part of EDC’s mandate to […]
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