Industry
Waterloo, Ontario-based The Economical Insurance Group posted improved results in 2002, despite it being the toughest year ever for the industry as a whole. “Amidst these difficult business conditions, I am pleased to announce that The Economical Insurance Group achieved, or exceeded, virtually all its financial goals for 2002,” says president and CEO Noel Walpole.The […]
By Canadian Underwriter | March 28, 2003
1 min read
Despite premium growth of 15% last year, Swiss Re Group posted a net loss for the second year in a row, this time of CHF91 million (Cdn$96.44 million). For 2001, the group posted a loss of CHF165 million (Cdn$175 million), impacted by losses related to the terrorist attacks of September 11, 2001.The world’s second largest […]
By Canadian Underwriter | March 27, 2003
2 min read
Risk
A jump in profits last year was not enough to spare Munich Re from rating agency Standard & Poor’s, which downgraded the world’s number one reinsurer.The downgrade follows release of Munich Re’s 2002 results, which saw the group bring in profits of EUR1.1 billion (Cdn$1.7 billion), nearly four-times that of 2001, when September 11 losses […]
Rating agency Moody’s has upgraded the senior bank credit facility of Willis North America Inc., the world’s third largest brokerage, to Ba1 from Ba2. At the same time, the broker’s senior subordinated debt rating has been upped to Ba2 from Ba3, with the outlook positive on both ratings.Moody’s cites the “significantly improved financial fundamentals” of […]
By Canadian Underwriter | March 26, 2003
Auto
Broker consolidator Hub International “hub” Barton Insurance Brokers Ltd. has purchased the assets of H&H Insurance Services of Chetwynd, BC.H&H sees annual revenues of US$320,000 (Cdn$475,000) largely in auto and personal insurance. According to a press release, H&H’s operations will be “folded into” the Chilliwack, BC-based Barton.”This acquisition is a good strategic fit for Hub,” […]
By Canadian Underwriter | March 25, 2003
A subcommittee of the U.S. House Committee on Financial Services is set to hold hearings into the role of credit rating agencies. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will commence hearings on April 2 entitled “Rating the Rating Agencies: the State of Transparency and Competition”.The hearings follow a Senate report in […]
A new study by the Council of Insurance Agents and Brokers (CIAB) is confirming anecdotal reports that many companies are not buying terrorism insurance although its has become more available following the passage of the Terrorism Risk Insurance Act (TRIA).Almost 60% of brokers say that fewer than 10% of small commercial property accounts and less […]
By Canadian Underwriter | March 24, 2003
On the heels of a EUR1.2 billion (Cdn$1.9 billion) loss in 2002, Munich-based Allianz Group is set to raise EUR5 billion (Cdn$7.9 billion) in capital through a variety of means.In its 2002 yearend report, Allianz noted that the loss comes despite 10% growth in premiums, a result of the lackluster stock market, natural catastrophes, absestos […]
The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system.Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident benefits changes, underwriting rules and changes to the Facility Association (FA).Some of the changes mirror […]
By Canadian Underwriter | March 21, 2003
Claims
Tornadoes and deadly storms that ripped through Georgia on Wednesday have caused US$2.5 million in claims, estimates the state’s Insurance Commissioner, John Oxendine.He visited the devastated areas today, calling on insurers to quickly pay out claims.The storms claimed six lives, and damaged or destroyed about 160 homes.”Individuals in these areas have suffered devastating losses and […]
By Canadian Underwriter | March 20, 2003
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