Industry
Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of travel insurance products for the ETFS portfolio”. The ETFS portfolio is currently valued at about […]
By Canadian Underwriter | March 19, 2003
1 min read
Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of the cost of capital. The average rate increase over the last six months is 12.5%, […]
Risk
The month of March has seen an increasing number of cyber attacks in North America as war with Iraq looms, says mi2g, a international digital risk company.Almost 64% of digital attacks this month have been against U.S. and Canadian businesses, with only 21% against European targets. A year previous, Europe and America were being targeted […]
By Canadian Underwriter | March 18, 2003
2 min read
Auto
Manitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles in Winninpeg, 23% had an unused steering wheel lock inside.”This percentage is the highest we’ve […]
By Canadian Underwriter | March 17, 2003
Toronto-based Fairfax Financial Holdings Ltd. has seen the financial strength of all but one of its subsidiaries affirmed, while its senior debt rating was lowered by A.M. Best. Only TIG Insurance Group’s financial strength ratings was dropped to B+ from B++. All ratings have a negative outlook, the result of the holding company’s constrained financial […]
By Canadian Underwriter | March 14, 2003
Liberty Health, the Canadian life-health operation of Liberty Mutual Group subsidiary Liberty International, is being sold to Maritime Life, a Canadian company owned by John Hancock Financial Services Inc. The move is part of Liberty International’s move to focus on p&c insurance, the company says in a press release. While Liberty Health has been an […]
Just a year after it was started up by a group of insurers, a specialty terrorism insurance operation is closing shop due to lack of demand.Specialty Risk Insurance and Reinsurance (SRIR), formed by Allianz, Hannover Re, SCOR, Swiss Re, XL Capital Ltd. and Zurich Financial Services, will cease writing new business and plans to liquidate […]
By Canadian Underwriter | March 13, 2003
The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario unit, for a price of $4.6 million, back in December.Now Vector says the sale was […]
The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There were 30 insolvencies in each of 2000 and 2001.”Several years of inadequate pricing, escalating loss […]
By Canadian Underwriter | March 12, 2003
Home
Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970. Flood losses topped the list at US$4.1 billion (Cdn$6.1 billion) total, largely on the back […]
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