Risk
Dear Editor, Don Callahan is likely correct in his statement that “I cautiously (my emphasis) add that Canadian licensed reinsurers, regardless of the precarious position of their parents, will have sufficient capital to support run-offs view of strong scrutiny in this country” (CU July 2003 “Reinsurance Perspective: 2004 Treaty Outlook”) However it is critical for […]
August 31, 2003
5 min read
The insurance industry lost a long-time friend recently with the passing of John (Jack) Lawrence Charles Lyndon. Born in 1934, he was called to the Alberta Bar in 1962, and later served as Deputy Minister of Consumer & Corporate Affairs under Alberta Premier Peter Lougheed. In 1978 he became president & CEO of the Insurance […]
1 min read
Broker consolidator Hub Inter-national Ltd. (TSX: HBG) increased second quarter revenue by 29% year-on-year to US$74.1 million, while net earnings fell to US$10.1 million for the same period compared with the US$10.7 million reported at the end of June 2002. As a result, earnings saw a modest decline to 31 a share for second-quarter 2003 […]
After posting its second quarterly loss in a row, Munich Re saw its ratings further downgraded by Standard & Poor’s (S&P). The world’s largest reinsurer posted a first-half 2003 net loss of EUR603 million (Cdn$915 million), following net income of EUR4.1 billion (Cdn$6.2 billion) in first-half 2002.The loss prompted S&P to lower the reinsurer’s financial […]
By Canadian Underwriter | August 29, 2003
2 min read
The month of August has been a challenge for computer networks, with two large viruses causing widespread damage, despite a drop in hacker attacks.In recent months, hack attacks had been a significant problem, largely politically motivated by the situation in the Middle East and the war in Iraq specifically. But this month has been characterized […]
The package of auto insurance reforms announced by the Newfoundland government yesterday is drawing the ire of insurers. The Insurance Bureau of Canada (IBC) says the government needs to “rethink” the reforms as they will add confusion and additional cost to an already burdened auto insurance system.”This package of reforms has very little to do […]
By Canadian Underwriter | August 27, 2003
After a month of forest fires raging through areas of B.C., Kelowna is now the target zone. Some of the 24,000 residents under evacuation order were returning to their homes on Sunday, but many did not know if they would even have homes to return to.At least 244 homes were destroyed by the fires which […]
By Canadian Underwriter | August 25, 2003
Florida’s Office of Insurance Regulation is considering the suspension of one of Toronto-based Goran Capital Inc.’s subsidiaries. An administrative law judge in Florida has said the regulator can suspend Superior Insurance Company’s (Superior Insurance) authority to write business for up to two years.In 2002, Superior wrote about US$45 million gross written premium in the Florida […]
By Canadian Underwriter | August 12, 2003
A treaty that would create an international standard for compensation to victims of airline disasters has taken one step closer to signing.The U.S. Senate has approved the “Montreal Convention”, as created by the International Civil Aviation Organization (ICAO).Among the issues outlined in the treaty is creating a jurisdictional system for lawsuits filed by crash victims […]
By Canadian Underwriter | August 8, 2003
Risk managers say costs for directors’ and officers’ (D&O) and pension fund liability insurance are soaring, while property risks are seeing some relief, according to quarterly results of the Risk and Insurance Management Society (RIMS) and Advisen Ltd. “Benchmark Survey”.Fiduciary liability rates, such as D&O, are climbing sharply, in some cases increasing as much as […]
By Canadian Underwriter | August 6, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
