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Gerling Group announced today it would exit the reinsurance business altogether, spinning off its operations to an investor group headed by Dr. Achim Kann.The life reinsurance arm will become a subsidiary and be sold off, while a Gerling press releases states that “Kann will strengthen the substance of non-life reinsurance business by concluding commutation agreements”.Gerling […]
By Canadian Underwriter | November 26, 2002
1 min read
Industry
Kingsway Financial Services Inc.’s (TSX: KFS) U.S. arm, Kingsway America Inc., says that last Thursday it executed an agreement for the private sale of US$15 million (Cdn$23.6 million) in 30-year floating rate trust preferred securities. The securities are issued by a financing subsidiary formed by Kingsway America, which has the right to call the securities […]
By Canadian Underwriter | November 25, 2002
Rating agency A.M. Best has downgraded Paris-based reinsurer SCOR in light of news the company is projecting yearend losses of EUR 400 million (Cdn$623 million). Best downgrade of SCOR’s financial strength from A- from A (excellent) follows on the heels of Moody’s withdrawing the reinsurer’s A rating.A.M. Best is keeping Scor under review pending further […]
2 min read
A report on reforming New Brunswick’s auto insurance system is getting a chilly reception from the Insurance Bureau of Canada (IBC).Proposals to control auto rates in the province made by the Select Committee on Auto Insurance will, the IBC says, actually increase costs for insurers.The report does not deal with reducing soft tissue injury claims, […]
The Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market.The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of British Columbia (ICBC), with the view of deregulating the insurance market as part of a […]
Claims
Following the recent Senate approval of the “Terrorism Reinsurance Act”, which will be signed into effect by U.S. president George Bush early next week, insurance companies represented by the National Association of Independent Insurers (NAII) have come out in full support of the legislation. Among its provisions, the bill will make availability of terrorism cover […]
By Canadian Underwriter | November 22, 2002
Risk
Rating agency A.M. Best has placed the Allianz group’s “A++ (superior)” financial rating under review with negative implications. The negative review also applies to the holding company’s current debt rating of “AA+”. A.M. Best says the negative review was issued in order for the rating agency to evaluate the full impact of Allianz’s third quarter […]
By Canadian Underwriter | November 21, 2002
Following research into the improper adjustment of headrests and their role in soft tissue injuries, the Insurance Bureau of Canada (IBC) is launching a national awareness campaign.The three-year campaign, “Rest up! Save your neck.” is aimed at teaching drivers how to properly adjust headrests and stressing their importance in preventing injury. “Whiplash and other related […]
GE is lowering its earnings expectations for the year after taking a US$1.4 billion charge to increase reserves at Employers Reinsurance Corp. (ERC). GE’s 2002 earnings target is not US$1.51 per share, versus earlier forecasts of US$1.65 per share, a year-on-year increase of 7%.”Reinsurance is an industry that has had a difficult time over the […]
The U.S. government backstop for terrorism insurance will soon be a reality following a Senate vote in favor of the legislation late Tuesday night. In an 86-11 vote the Senate endorsed a compromise bill laid out by a joint Congressional committee to create a government reinsurance backstop for commercial lines terrorism coverage.The bill now goes […]
By Canadian Underwriter | November 20, 2002
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