Claims
U.S. insurers brought home a taxed profit of US$9.3 billion for the first nine months of this year compared to a net loss of US$2.6 billion reported for the same period a year ago. The turnaround largely resulted from higher premium volumes achieved over the nine months with the industry’s overall underwriting loss plummeting on […]
By Canadian Underwriter | December 17, 2002
2 min read
Risk
Financial giant Fairfax Financial Holdings has restructured its Dallas-based TIG Insurance Group, a move which will impact B.C.’s Commonwealth Insurance Company and reinsurer Odyssey Re.Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger Insurance Company will be transferred to the parent company, Fairfax. This totals about $1.25 billion in assets.TIG will […]
Industry
A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the combined ratio to an average of 103.3% for 2003 compared with this year’s 106.3%.The III […]
By Canadian Underwriter | December 16, 2002
1 min read
The Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has introduced the bill, which also includes provisions on medically at-risk drivers, left-lane passing and child […]
The act to place Ontario’s bodyshops under industry self-regulation was passed on the last night of the Ontario legislature’s sitting before Christmas break. The Collision Repair Standards Act of 2002 puts the collision, auto body and auto refinishing industries under the authority of a 10-member board which will institute industry standards. The board is made […]
The Australian government’s treasurer Peter Costello has put forward a bill before parliament that would see the creation of a government-backed terrorism reinsurance mechanism. The legislation would also ensure that terrorism cover is made available by insurers.The Terrorism Insurance Bill calls for the creation of a new government body, the Australian Reinsurance Pool Corp., which […]
By Canadian Underwriter | December 13, 2002
The Lloyd’s of London insurance market says in 2003 it will hit its highest capacity ever, with an estimated US$22.44 billion (Cdn$35.02). At a speech today in New York, Lloyd’s chairman Nick Prettejohn announced that market would leap over this year’s capacity of US$18 billion (Cdn$28.09 billion). The figure represents the maximum volume of insurance […]
CGU Insurance Co. of Canada will be offering renewals on Royal & SunAlliance’s Quebec personal lines book, notes a joint press release from the insurers. This will commence with April 1, 2003 renewals, as policies expire. Some of Royal’s Quebec staff will be offered positions with CGU, although no numbers were disclosed. The deal with […]
By Canadian Underwriter | December 12, 2002
CGU Group Canada Ltd., the Canadian arm of the global Aviva plc. Insurance group, issued a media statement clarifying its decision to withdraw from A.M. Best’s rating services. A.M. Best issued a statement on Monday of this week indicating that the financial strength ratings of the CGU Group and its subsidiary companies of "A (excellent)" […]
By Canadian Underwriter | December 11, 2002
In a release today, Montreal-based Optimum Group Inc. says it has bought 83,900 class A subordinate shares in Optimum General (TSX: OGI.A), through subsidiaries Optimum Re and Optimum Vie.Since November 30, Optimum Re has purchased 66,200 and Optimum Vie, 17,700, of the shares at the current market price, in the range of $2.50-$2.75. This increases […]
By Canadian Underwriter | December 10, 2002
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