Industry
Rating and research firm Fitch Ratings says that in the U.S. at least, commercial lines is looking at a much more uncertain future than personal lines. Reinsurance prospects are also challenged, Fitch reports in “Review & Outlook: 2002/2003” for the p&c industry.Fitch’s outlook for commercial lines and reinsurance is “negative”, while personal lines is “stable”, […]
By Canadian Underwriter | January 17, 2003
1 min read
Claims
Government-run Manitoba Public Insurance (MPI) is reporting solid results for the third quarter 2002, but is casting doubts about the future.While net income was up for the nine-month period ending November 30, 2002, to $23 million from just over $11 million reported a year earlier during the same period, claims costs are also on the […]
By Canadian Underwriter | January 16, 2003
2 min read
Home
A new study from Conning Research & Consulting Inc. suggests that despite rate increases, the U.S. p&c industry continues to see deteriorating results and reserve deficiencies.In the past year, the industry’s reserve deficiency has actually doubled, and offers inadequate protection against ever-increasing loss costs, Conning says in its report “Property-Casualty Reserve Adequacy: Digging Deeper.” This […]
Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were made through private agreements with five parties at a per share price of $3.25, which […]
By Canadian Underwriter | January 15, 2003
Risk
GE Commercial Insurance, part of GE Employers Reinsurance Corp., says it will combine its Industrial Risk Insurers (IRI) and Global Asset Protection (GAP) Services companies under the IRI banner.IRI will now provide both insurance capacity and loss prevention services. GAP Services will continue to provide independent property management services.”We are very excited about the extended […]
Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to a total of about EUR741 million (Cdn$1.2 billion) in business (based on 2001 yearend figures).Paris […]
By Canadian Underwriter | January 14, 2003
The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results, was made after an extensive study of the company’s asbestos exposures. Following the announcement, rating […]
Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities, while ratings for Canadian p&c and life companies, including branch operations, have been handled in […]
By Canadian Underwriter | January 13, 2003
A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor returns of the past almost decade will not change in the coming years. Calling past […]
By Canadian Underwriter | January 10, 2003
Rating agency A.M. Best has affirmed the A- (excellent) rating of Paris-based SCOR and its subsidiaries, including SCOR Canada Reinsurance Co. However, the rating comes with a negative outlook.The affirmation follows a move by most rating agencies to place SCOR on watch, and a downgrade of the company by Moody’s which saw SCOR lose its […]
By Canadian Underwriter | January 9, 2003
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