Commercial
Michigan, U.S.-based Burnham Insurance Group Inc., a regional group operation of broker network consolidator Hub International Ltd. (TSX: HGB), has acquired Alberts Insurance Agency Inc. for an undisclosed cash sum. Alberts is located in southwestern Michigan.A Hub media statement notes that Alberts generates about US$325,000 in annual revenue, primarily through small to mid-sized commercial insurance […]
By Canadian Underwriter | January 30, 2003
1 min read
Risk
International broker Assurex Global has expanded in Canada with the addition of a Vancouver-based brokerage. Shaw Sabey & Associates Ltd. is one of the largest privately-held brokerages in B.C. and deals in a range of insurance and risk management products for businesses including associations, retail, marine, industrial and construction.Assurex Global Partners are self-managed independent brokerages, […]
Industry
The recent series of announcements regarding U.S. insurers’ reserve moves over asbestos could signal further downgrades in early 2003, says Standard & Poor’s Ratings Services. In recent weeks, Travelers Property Casualty Corp. and ACE Ltd. have announced sizeable increases to their reserves, and The Hartford Financial Services Group just this week announced an asbestos reserve […]
3 min read
Ontario’s insurance regulator is giving p&c insurers a year’s time to get their books in order for the new claims discounting practice. In a bulletin this week, the Financial Services Commission of Ontario (FSCO) says that the reporting of claims discounting is optional for 2003 quarterly reports and will not become mandatory until 2003 yearend […]
By Canadian Underwriter | January 29, 2003
The 2002 yearend earnings prediction from broker consolidator Hub International (TSX, NYSE: HBG) has been raised slightly to US$1.04-$1.06 per share from the US$1.03-$1.05 per share estimated in December. The 2003 earnings estimate of US$1.08-$1.17 remains the same.The announcement was made as part of a presentation by Hub chairman and CEO Martin P. Hughes to […]
Bermuda-based ACE Ltd. says it will take a charge of US$354 million on fourth quarter 2002 earnings in order to bolster asbestos reserves.Reserves will be increased by US$2.178 billion gross, with US$1.86 billion offset by reinsurance. US$533 million of this comes from a reinsurance agreement with Berkshire Hathaway’s National Indemnity Co. Also figured in are […]
By Canadian Underwriter | January 28, 2003
2 min read
A drought in capital foreshadows a tough year ahead for reinsures, says reinsurance broker Benfield Grieg. In its report, “The Big Squeeze”, the global broker says that the flood of new capital into the market amounts to “too little, too late”.”The key issues for the reinsurance industry can be summarized by three Cs: capital, capital […]
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average price for auto insurance at the end of 2002 was 15.8% higher than at the […]
By Canadian Underwriter | January 27, 2003
A new report from Standard & Poor’s suggests that the settlement of a recent Enron lawsuit against surety insurers in the U.S. highlights problems within that line of business. Specifically, S&P says the settlement shows how “ill-prepared” some insurers are to handle surety claims.”This is an example of underwriters not fully understanding the consequences of […]
Judy Maddocks, the former CEO of Kemper Insurance Canada, has been appointed senior vice-president of insurance at the Insurance Corp. of British Columbia (ICBC). The appointment is effective from February 17 of this year.Maddocks replaces John Hancock who retired from ICBC at the end of last year. Maddocks will be responsible for underwriting, competitive insurance, […]
By Canadian Underwriter | January 24, 2003
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