Industry
Technology vendor Custom Software Solutions Inc. (CSSI) is benefiting from a $1.175 million boost from a non-profit Internet development fund.CANARIE, an organization supported by member companies, project partners and the Government of Canada to offer funding for development of “next-generation research networks and the applications and services that run on them”.Manitoba-based CSSI says the funding […]
By Canadian Underwriter | May 13, 2003
1 min read
Connecticut-based The Hartford Financial Services Group says it is exiting p&c assumed reinsurance, written through HartRe, and taking a US$1.7 billion charge to first quarter results for asbestos reserving.In total, the company is putting US$2.6 billion, net of reinsurance, toward asbestos reserves.The moves are part of an overall restructuring that includes cost cutting, the elimination […]
2 min read
New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto insurance.”The new structure takes politics out of ICBC rate-setting and ensures open, transparent and independently […]
ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which would freeze rates until January, 2004.ING said that despite its intention to stay in Nova […]
By Canadian Underwriter | May 12, 2003
Claims
Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the events among the top five costliest tornadoes ever.Wind damage is largely covered by standard business, […]
Internet reinsurance trading site “inreon” is closing shop after just a couple years in business.Low trading volumes are to blame, the company says, with growth not meeting targets. Last month, the company reported that online trading for the 2002-2003 renewal season and into the first quarter was growing, with more than 500 submissions for quotation […]
By Canadian Underwriter | May 9, 2003
Hot on the heels of the sale of its Canadian primary insurance operation, Gerling Group announces the sale of its credit insurance operation, Gerling NCM.The majority shareholding has been sold to Deutsche Bank and Swiss Re, reducing Gerling’s holding in the credit insurer to 3%. Deutsche Bank paid EUR 120 million and Swiss Re EUR […]
Risk
The Insurance Corp. of B.C. (ICBC), the province’s public auto insurer, is posting net income of $5 million for the first three months of 2003, compared to a loss of $30 million in the first quarter of 2002.Premiums were up to $674 million versus $614 million in the same period a year prior, an increase […]
By Canadian Underwriter | May 8, 2003
While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and are being declared a catastrophe by the Insurance Services Office (ISO). This means that a […]
The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year prior.However, underwriting results continued to be sluggish, showing only slight improvement. Overall, the reinsurers posted […]
By Canadian Underwriter | May 7, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
