Industry
The Women in Insurance Cancer Crusade (WICC) B.C. Chapter has made its first donation, with a $15,000 cheque presented to the Canadian Cancer Society. The proceeds are from the On-Side Ladies Only Golf Tournament, WICC’s first B.C. event, as well as draws at several industry events. The chapter is planning a November luncheon, and a […]
October 31, 2002
1 min read
50www.canadianunderwriter.ca CANADIAN UNDERWRITER / NOVEMBER 2002
Claims
U.S. insurers will likely pay about US$675 million in catastrophic claims for the third quarter of this year, according to the Insurance Services Office Inc. (ISO). Cat costs for the first nine months of this year amount to US$3.7 billion. Losses for the latest quarterly reporting period stem from six events that generated about 260,000 […]
Hub International Ltd. (TSX: HBG) has added four new brokerages to the network’s stable. In Ontario, Hub subsidiary Gifford Associates Insurance Brokers Ltd. purchased Ottawa-based O’Neil & Company Ltd. O’Neil sells commercial and personal property and casualty products, with a focus on the forestry industry. In business since 1935, it brings in annual commission revenue […]
The Insurance Brokers Association of Canada is looking for a new executive director following the news that Brendan Wycks will be leaving to pursue other opportunities. Wycks had been with IBAC for two years. Technology provider Sherwood International has announced the appointment of Alex Davis as director of global strategic projects and Dan Sobotincic as […]
Much anticipated Ontario auto insurance reforms have been put before the legislature with the view of having legislation enacted by the beginning of next year. Auto insurers, represented by the Insurance Bureau of Canada (IBC), say they “applaud” the actions taken by Ontario Finance Minister, Janet Ecker, in tabling the legislation that will allow future […]
3 min read
Risk
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. To post events online, visit www.canadianunderwriter.ca and click on “Submit Your Event”. CIAA (Accountants) Seminar & Luncheon: Regulatory Issues. […]
2 min read
Troubled Loyalist Insurance Co. has withdrawn from Ontario’s auto market. The withdrawal prompted rating agency A.M. Best to lower the company’s public data rating to “B-” from “B”. The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct written premiums. The company’s eroding capital position as a result of operating […]
With the rise in claims costs having exceeded the growth of premiums for the last five years, it should come as no surprise that last year saw the Canadian property and casualty insurance industry incur a negative development on prior year claims, says Susan Vella, senior vice president of personal insurance at Chubb Insurance Co. […]
Several ratings agencies have downgraded or placed Paris-based SCOR and its subsidiaries on watch following news the reinsurance giant would suffer big losses this year.SCOR announced it expects to lose EUR 250 million (Cdn$386 million) this year due to investment woes, reserve deterioration, European flood losses this summer and credit underwriting losses. This comes despite […]
By Canadian Underwriter | October 31, 2002
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