Industry
U.S., Connecticut-based Travelers Property Casualty Corp. has disclosed a net loss of US$793.4 million for the fourth quarter of 2002 compared with net profit of US$303.3 million for the same period the year previous. Travelers’ loss for the full 2002 financial year amounted to US$27 million.The loss for the latest quarterly reporting period is largely […]
By Canadian Underwriter | January 24, 2003
1 min read
The U.S. p&c market can expect to see further ratings downgrades when fourth quarter 2002 results are released in the coming weeks, says Standard & Poor’s. In a presentation to investment and brokerage communities, S&P said that despite price hardening, troubling losses in certain lines and the continued malaise of the investment markets signal ongoing […]
By Canadian Underwriter | January 23, 2003
2 min read
A majority of commercial accounts saw premium increases during the fourth quarter of 2002, according to U.S. brokers. In the Council of Insurance Agents and Brokers (CIAB) quarterly survey, more than 66% of small and mid-size accounts and 59% of large accounts saw increases of 10-30% during the last three months of the year.Premiums held […]
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Long-time insurance broker Dan Danyluk has been named the new CEO of the Insurance Brokers Association of Canada (IBAC). The position is newly created, replacing the former executive director’s role at the national association representing property and casualty insurance brokers.Danyluk has been managing director of Crawford & Danyluk Insurance Brokers Ltd. in Delaware, Ontario, for […]
By Canadian Underwriter | January 22, 2003
Broker consolidator Western Financial Group says it is ready to roll into the business of banking with the announcement that the federal regulator has given it an “Order to Commence and Carry on Business”. The order is the last hurdle in getting the new “Bank West” operation up and running, following the receipt of its […]
Claims
General Electric, parent of Employers Reinsurance Corp. (ERC), says is will launch a US$5 billion global financing initiative.The move is in response to expected lower earnings in 2002, mainly due to losses in the company’s insurance operations.At then end of 2002, GE took charges for ERC and GE Capital Corp., towards which the financing will […]
By Canadian Underwriter | January 21, 2003
Prem Watsa, the CEO of Fairfax Financial Holdings Ltd (TSX: FFH), has spoken out against recent volatility in the company’s share price which was sparked by the release of an investment research report that suggested that the group may be carrying heavy loss reserve deficiencies. “Fairfax has always been run with honesty and integrity and […]
By Canadian Underwriter | January 20, 2003
The Insurance Corp. of British Columbia (ICBC) says it will begin charging a $25 “no show” fee for drivers who do not show up for scheduled road tests, or provide adequate notice of cancellation. The fee comes into effect from the end of March this year. This move by the provincial crown insurer puts British […]
In his first speech as new chairman of Lloyd’s Lord Peter Levene says that the U.S. remains the largest market for Lloyd’s of London. In 2002, the U.S. market for Lloyd’s grew 15%, to US$8.2 billion, now accounting for as much as 40% of the London market.Levene adds that Lloyd’s is now the biggest surplus […]
Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State specializes in contract surety business for small and mid-size companies and has eight U.S. offices.GCNA’s […]
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