Industry
The Western Financial Group (TSX: WES), formerly known as Hi-Alta Capital, has added two more Saskatchewan brokerages to its arsenal.Stark Agency Ltd., a family brokerage in Shaunavon, and Torch River Agencies in White Fox will join more than 40 other brokerages in the network.The Stark Agency has been in operation since 1969, with head Joe […]
By Canadian Underwriter | September 16, 2002
1 min read
Guelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very good). The company’s life operation to A- (excellent) from A (excellent), although this is based […]
2 min read
Former Royal & SunAlliance Canada CEO Bob Gunn is taking over the top spot of the worldwide operation, at least temporarily. Following the departure of Royal & SunAlliance Insurance Group’s CEO Bob Mendelsohn, Gunn is assuming the role while the company seeks a permanent replacement. However, Gunn could potentially take over the CEO role in […]
By Canadian Underwriter | September 13, 2002
As expected, a package of reforms intended to modernize the 300-year-old Lloyd’s of London market has been passed at an extraordinary shareholders meeting yesterday. Despite opposition from associations representing individual members, or names, the reforms were passed with a vote of 79.88% in favour and 20.12% against, Lloyd’s reports.Commenting on the vote, Lloyd’s chairman Sax […]
Home
New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.”The vast majority of claims for homes and autos have been paid, but commercial claims are […]
By Canadian Underwriter | September 12, 2002
According to a report in the The Financial Times, asbestos litigation in the U.S. has spread to so many companies and divergent industries that it now “spans 85% of the American economy.”FT cited a report to be published by the Rand Institute of Civil Justice, either later this month or in October. The study says […]
Risk
A survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult.The survey results show that 71% of respondents are finding it "very difficult" or "impossible" to obtain adequate terrorism insurance. About 84% of the respondents indicated that they did not […]
By Canadian Underwriter | September 11, 2002
U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this year. A slowdown in growth may spur a new round of mergers and acquisitions within […]
By Canadian Underwriter | September 10, 2002
Specialty-risk insurer Kingsway Financial Services (TSE: KFS) has filed for approval from security regulators to make a public offering of senior unsecured debentures. The value of the offering has not been disclosed. Kingsway says proceeds from the offering will be used to support growth within the company’s operating subsidiaries, as well as reduce its revolving […]
Two-hundred and fifty of the world’s largest companies will today petition the US Supreme Court in an attempt to halt a new asbestos compensation crisis that will claim a record number of bankruptcies this year, the Financial Times (FT) has reported (www.ft.com).According to the FT article (by Dan Roberts, London), “the group, which includes General […]
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