Industry
Hub International Ltd. is expanding its U.S. operations with the purchase of two New England-based real estate insurance firms. Hub firm C.J. McCarthy Insurance Agency has purchased the assets of Trussell Insurance Agency of Newburyport, Massachusetts, and Trussell, Glidden and Mahoney Insurance Agency, based in Greenland, New Hampshire.Terms of the cash deal have not been […]
By Canadian Underwriter | October 9, 2002
1 min read
Home
With the downgrade of Hurricane Lili to Category 2 prior to landfall in Louisiana, it is now estimated that U.S. insurers will suffer less than US$500 million in property wind damage claims, says catastrophe management services company EQECAT.While there is still a 20% chance losses could exceed US$600 million, EQECAT estimates the downgrade (Lili was […]
Car thieves are increasingly targeting older vehicles, says a new study from the Insurance Bureau of Canada (IBC).The IBC commissioned the study after collecting annual statistics from insurers in 2002 which reported more older cars being stolen than new ones. Data between 1993 and 2001 reveal that the average age of stolen vehicles rose from […]
By Canadian Underwriter | October 8, 2002
2 min read
In a bid to streamline operations, Montreal-based Optimum General is cutting 45 jobs across its five Canadian subsidiaries.”The insurance industry is undergoing difficult times at present and our Company is no exception,” says David B. Liddle, president and COO of Optimum General. He notes the company’s bleak financial picture as the culprit.In the second quarter […]
Despite continued lack of consensus on a terrorism reinsurance bill from the U.S. Congress, President George W. Bush continues to push.He reiterated his plea to Congress to come to a resolution on Saturday in New Hampshire. “My call to Congress, before they go home: for the sake of jobs, for the sake of putting hard-hats […]
By Canadian Underwriter | October 7, 2002
Claims
A report from PriceWaterhouse Coopers suggest business interruption (BI) losses now make up the largest segment of World Trade Center from the September 11, 2001 terrorist attacks.BI now makes up about 30% of the total losses, up from an earlier estimate of 25% released in February, 2002. PwC supports the US$40.2 total loss figure for […]
Rating agency Standard & Poors’ (S&P) has placed Employers Reinsurance Corp. under "negative credit watch", warning that the reinsurer’s current "A-plus" financial rating could fall by a full category.The negative watch announcement by S&P follows a recent investment analyst meeting held by ERC through which management revealed that the company’s third quarter financial results are […]
By Canadian Underwriter | October 4, 2002
An early update on Hurricane Lili’s impact on Louisiana suggests that losses with be in the billions. An alert from AIR Worldwide Corp. suggests that wind damage from the category 2 hurricane alone could reach US$600 million. The AIR tropical cyclone team had originally predicted losses of US$2 billion, but fortunately Lili weakened in force […]
Risk
Hurricane Lili will not be the insurance loss originally feared, predicts California-based Risk Management Solutions.Originally, when Lili was a category 4 hurricane, 24 hours before landfall, the company’s probability system at www.riskonline.com had predicted mean losses of US$3.2 billion. There was also a 20% probability of losses below US$1 billion at that time.Now, though, Lili […]
Specialty insurer Kingsway General was the latest to present before the Ontario government’s Auto Insurance Review Committee (AIRC). President Bill Star says the company’s initiatives were well-received by the committee.”I was very pleased with the reception that I received from the review committee on our suggested changes to the Auto Insurance System in Ontario”, says […]
By Canadian Underwriter | October 3, 2002
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