Industry
Rating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit watch" by the rating agency on May 16 of this year. "The outlook on all […]
By Canadian Underwriter | July 25, 2002
1 min read
Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of cover will be effective almost immediately. The ABI says this latest development follows extensive discussions […]
The Ontario Superior Court of Justice today issued a wind up order for Markham General Insurance Co. This move follows application earlier this week by the Financial Services Commission of Ontario (FSCO) to seize the assets of the insurer.The court has appointed Deloitte and Touche Inc. as the provisional liquidator. Markham General was licensed to […]
By Canadian Underwriter | July 24, 2002
The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action against Markham had followed close monitoring of the company’s financial affairs, and after having been […]
By Canadian Underwriter | July 22, 2002
Following several years of disappointing underwriting experience, Lloyd’s of London today unveiled a restructuring plan which it hopes will "modernize" the market and create a more comparable financial performance environment.Lloyd intends for the market to be operated as a "franchise of businesses" under the directorship of a "franchise board". The Lloyd’s market consists of syndicates […]
By Canadian Underwriter | July 19, 2002
Risk
XL Capital Ltd has announced that it is increasing reserves for losses relating to the September 11 attacks by $200 million and expects to report net investment losses of approximately $120 million for the quarter ended June 30, 2002 largely due to investments in certain telecommunications companies. President and Chief Executive Officer, Brian O’Hara commented […]
By Canadian Underwriter | July 18, 2002
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A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO). The losses include homeowners, auto and business claims.The fire destroyed approximately 300 dwellings, resulting in […]
Canada’s public companies and their auditors will be under increased scrutiny with the creation of the Canadian Public Accountability Board (CPAB), announced by the Canadian Securities Administrators (CSA), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian Association of Chartered Accountants (CACA).The new system will oversee public company auditors and enforce new […]
By Canadian Underwriter | July 17, 2002
2 min read
The Citadel General Assurance Company of Toronto and its counterpart, L’Unique Compagnie d’Assurances Generales of Quebec have been assigned an initial rating of B++, or “very good”, by rating agency A.M. Best.Although both are subsidiaries of Winterthur Insurance, part of Credit Suisse Group, A.M. Best views them as seperately capitalized entities whose operations are not […]
Bryan Davies has been named the new superintendent and CEO of the Financial Services Commission of Ontario (FSCO). He replaces Philip Howell, acting superintendent since the retirement of Dina Palozzi last year.Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada. Prior to that he was senior vice president […]
By Canadian Underwriter | July 16, 2002
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