Canadian Underwriter

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Insurance


News Insurance

AXA cuts back U.S. reinsurance exposure

January 14, 2003 by Canadian Underwriter

Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to

News Insurance

Travelers U.S. arm takes asbestos reserve

January 14, 2003 by Canadian Underwriter

The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results,

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A.M. Best Canadian ops fly south

January 13, 2003 by Canadian Underwriter

Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities,

News InsuranceMergers and Aqcuisitions

U.S. auto results will continue to flag: Conning

January 10, 2003 by Canadian Underwriter

A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor

News Insurance

SCOR rating affirmed with negative outlook

January 9, 2003 by Canadian Underwriter

Rating agency A.M. Best has affirmed the A- (excellent) rating of Paris-based SCOR and its subsidiaries, including SCOR Canada Reinsurance Co. However, the rating comes with a negative outlook.The affirmation follows a move by most rating agencies to place SCOR

News InsuranceMergers and Aqcuisitions

Auto theft down in Manitoba, study suggests

January 8, 2003 by Canadian Underwriter

For the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the

News Insurance

France, Germany face almost $1.5 billion loss from windstorm

January 8, 2003 by Canadian Underwriter

Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm

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Silverstein appeal to be heard on WTC “occurrence” case

January 7, 2003 by Canadian Underwriter

An appeal from World Trade Center (WTC) leaseholder Larry Silverstein will be heard by a U.S. federal appeals court. Silverstein is challenging a ruling by U.S. District Court Judge John Martin which said that for those insurers covering the WTC

News Insurance

A.M. Best affirms ratings of Gerling primary cos. (January 07, 2003)

January 7, 2003 by Canadian Underwriter

Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co.A.M. Best cites Gerling’s leading position in industrial insurance

News Insurance

Specialty insurers amalgamate

January 6, 2003 by Canadian Underwriter

Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own

News InsuranceMergers and Aqcuisitions

MPI tracks cars stolen multiple times

January 6, 2003 by Canadian Underwriter

A new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study

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Windstorms and floods dominate 2002 cat losses: Munich Re

January 3, 2003 by Canadian Underwriter

Most of the insurance industry’s losses due to catastrophes last year were the result of windstorms and floods, says a new study from Munich Re. A full 98% of natural catastrophe payouts went to such losses, the reinsurance giant calculates.The