Industry
A deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to offer their products to each others distributors and customers.The alliance gives ING a 12% share […]
By Canadian Underwriter | January 25, 2002
1 min read
Allianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best cites the “recent and significant deterioration in the overall financial position” of the companies. “Allianz […]
By Canadian Underwriter | January 23, 2002
As the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20, but will not be extended further. The world’s three largest insurance brokerages Aon, Marsh and […]
By Canadian Underwriter | January 22, 2002
Dominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to the Financial Services Commission of Ontario for permission to offer a discount to policyholders with […]
By Canadian Underwriter | January 18, 2002
2 min read
In response to criticisms and years of poor results, Lloyd’s of London has released a series of proposed changes to “modernize” the 300-year-old insurance market. Among the changes being put before the ruling Council of Lloyd’s is the end of unlimited liability for Names, meaning individual investors would no longer be allowed to invest all […]
By Canadian Underwriter | January 17, 2002
The Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry of Health and Long Term Care, the IBC is pushing for the right to hold […]
Risk
Two global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor Canada Reinsurance Co and reflecting the company’s financial strength, existing debt and commercial paper ratings. […]
By Canadian Underwriter | January 16, 2002
Families of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade Center (WTC) South Tower. Now several other families have joined in four suits, naming United, […]
Manitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba Public Insurance (MPI) reports income dropped to $11.6 million, down from $67.1 million for the […]
By Canadian Underwriter | January 15, 2002
Lloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has dropped from 108 last year to 86, while the number of Names with unlimited liability […]
By Canadian Underwriter | January 14, 2002
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