Risk
Insurance industry leaders expect the investigation into market practices will only expand in 2005, according to results of a survey conducted by the U.S. Insurance Information Institute (III).The III asked attendees at last week’s P/C Industry Joint Industry Forum in New York to comment on a variety of trends, with a startling 92% saying they […]
By Canadian Underwriter | January 16, 2005
1 min read
In its annual “Marketplace Realities” report, broker Willis finds despite price softening in “virtually all market segments”, underwriting discipline remains intact.Despite the past year being marked by catastrophes, including the Atlantic hurricane season and December 26 Asian tsunami, market capacity has not been significantly impaired, the report notes. And “unlike previous turns in the market […]
2 min read
The amalgamation of EGI Financial Holdings Inc. (EGI), parent company of Echelon General Insurance Co., with Canadian Insurance Marketing Inc. CIMI) is now complete. With the merger, The Co-operators Group has also reduced its stake in EGI to 43% – Co-operators previously held 50% of EGI, while CIMI held the other 50%.In 2001, Co-operators sold […]
By Canadian Underwriter | January 11, 2005
In its annual report on reinsurance renewals for January 1, broker Guy Carpenter says pricing is generally flat to slightly down for 2005. The report also notes that pricing seems to be more directly tied to risk modeling, leaving little room for negotiation of rates, although terms and conditions seem to be on the table […]
A.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile, partially offset by the competitive conditions of the Canadian market as it begins to soften. […]
By Canadian Underwriter | January 10, 2005
It has been a busy two days for Bermuda-based ACE Ltd., which Thursday announced it would take a US$298 million reserve charge on fourth quarter earnings as a result of asbestos & environmental liabilities, and sell three run-off reinsurance operations. Just a day before, the head of its U.S. insurance operations resigned, and parent company […]
By Canadian Underwriter | January 6, 2005
Specialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new office, with his existing team continuing to service their current farm, inland marine and surplus […]
By Canadian Underwriter | January 5, 2005
Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada. AGR Canada was not part of the transaction and now operates as a branch of […]
By Canadian Underwriter | January 4, 2005
Canadian Alliance of Physical Damage Appraisers (CAPDA) and U.S.-based Insurance Appraisal Network (IAnet), national networks of appraisal and adjusting services, have signed a strategic relationship to offer services in both countries. CAPDA is a network of automotive appraisers and inspectors in various specialties, which also offers certification of collision damage appraisers. IAnet includes a network […]
By Canadian Underwriter | January 3, 2005
The merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages. The two brokerages announced recently that they will join forces to create a new incorporated company writing about $150 million in annual premiums, specializing in transportation, construction/builders risk, manufacturing, property management and […]
December 31, 2004
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