Industry
The much anticipated Ontario auto insurance reforms have now been put before the legislature and the industry’s lobby body is pleased.Reacting to the news that Ontario Finance Minister Janet Ecker has tabled legislation that will allow future changes to the auto insurance system to be introduced more quickly, the Insurance Bureau of Canada is applauding.”We […]
By Canadian Underwriter | October 30, 2002
2 min read
The Commercial Insurance Market Index for the third quarter 2002 shows brokers and agents in the U.S. are worried about insurer solvency. In a poll, the Council of Insurance Agents and Brokers noted that 86% of respondents are concerned about the industry’s financial viability.Citing terrorism losses, investment declines and environmental claims as among the threats […]
By Canadian Underwriter | October 29, 2002
Claims
Not unexpectedly, Gerling Global has decided to stop writing new non-life reinsurance after being unable to find a buyer for the business. It will however complete existing contracts.The company’s life reinsurance business will continue under the title Gerling Life Reinsurance GmbH. The Cologne, Germany-based company had warned it would stop writing p&c business should it […]
By Canadian Underwriter | October 28, 2002
1 min read
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 claims […]
By Canadian Underwriter | October 27, 2002
E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating income is $23.5 millon, or $6.59 million per share, for the most recent reporting period, […]
By Canadian Underwriter | October 25, 2002
Risk
New Bermuda venture Olympus Reinsurance Co. Ltd. has been assigned an initial rating of A- (excellent) by rating agency A.M. Best. The company was amongst those formed in the wake of September 11, starting business in December 2001, with $500 capitalization from a private equity fund.Olympus operates in Canada through a quota share agreement with […]
By Canadian Underwriter | October 24, 2002
Specialty insurer Kingsway Financial (TSX, NYSE:KFS) has applied to make an offering of trust preferred shares on the U.S. exchange. The offering could bring in US$50 million, plus over-allottment.Kingsway had planned an offering on both the U.S. and Canadian shares earlier this year, but withdrew the offering saying at the time that the company did […]
By Canadian Underwriter | October 23, 2002
Two more reinsurers saw their ratings lowered recently, although under very different circumstances.Gerling-Konzern Globale Ruckversicherung (GKG), which operates in Canada as Gerling Global Reinsurance Company, was downgraded by A.M. Best to B++ (very good) from A- (excellent) in terms of financial strength. The company’s debt rating was also downgraded to bb+ from bbb. A.M. Best […]
By Canadian Underwriter | October 22, 2002
The terrorism insurance bill reportedly close to being put forward in the U.S. could have a negative impact on company ratings, suggests a new report from Standard & Poor’s.The report says that if the federal government indeed steps in to offer terrorism reinsurance, this might “tempt” insurers into accepting inadvisable exposure and cast doubt on […]
Auto
The controversial act to certify Ontario’s bodyshops has passed second reading at Queen’s Park. The Collision Repair Standards Act 2002 will now go to the committee stage for hearings and then to third and final reading.Some insurers have been against the act, which sets out minimum standards for collision repair shops and requires insurers only […]
By Canadian Underwriter | October 21, 2002
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