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News Insurance

Temple Insurance’s rating placed under review

July 19, 2005 by Canadian Underwriter

Temple Insurance Company financial strength rating of A (Excellent) has been placed under review with negative implications, by A.M. Best. This degraded review was initiated in line with the recent announcement that Munich Re is reviewing the reserve position of

News Insurance

Ontario auto premiums show decrease

July 19, 2005 by Canadian Underwriter

Auto insurance premiums in Ontario have fallen 15% since Nov. 2003, leaving the average auto premium in the province at a rate of $1,279 a figure reached by dividing total premiums paid by the number of insured vehicles according to

News Insurance

Strong p&c industry results anticipated

July 19, 2005 by Canadian Underwriter

Results for the property and casualty insurance industry are expected to be stronger than anticipated for 2004 despite the fact that the industry’s performance will degrade over the next three years, according to Clint Harris, analyst at Conning Research and

News Climate ChangeInsurance

Terrorism backstop likely reality

July 15, 2005 by Canadian Underwriter

A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration

News Insurance

Kingsway completes $78 million public offering

July 15, 2005 by Canadian Underwriter

Kingsway Linked Return of Capital Trust (TSX:KSP.UN) has completed the public offering of $78 million of 5% Kingsway Linked Return of Capital Preferred Units (“LROC Preferred Units”) due June 30, 2015. The offering was made through a syndicate of underwriters

News Insurance

Royal & SunAlliance acquires ING’s commercial marine portfolio (July 15, 2005)

July 15, 2005 by Canadian Underwriter

Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business.Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal

News Climate ChangeInsurance

Hurrican Emily upgraded to Category 3

July 14, 2005 by Canadian Underwriter

The National Hurricane Center recently upgraded Hurricane Emily to a dangerous Category 3 storm, and Jamaica issued a hurricane watch for the island.The Dominican Republic and Haiti issued a tropical storm warning for much of the island they share. A

News Insurance

Gen Re CEO under investigation

July 14, 2005 by Canadian Underwriter

Officials investigating a finite reinsurance deal executed in 2000 by General Reinsurance Corp. and American International Group Inc. are examining whether Gen Reinsurance Corp’s current chief executive officer, Joseph P. Brandon, is being investigated regarding whether or not he had

News Insurance

GE, Caisse buy gas pipeline from AIG

July 13, 2005 by Canadian Underwriter

General Electric Co. and Caisse de Depot et Placement du Quebec recently agreed to purchase Southern Star Central Corp.’s gas-pipeline system for $362 million from AIG Highstar Capital LP.This purchase almost doubles GE’s pipeline assets. GE and Caisse will assume

News Insurance

Sarbanes-Oxley consulting creates opportunities and risks (July 13, 2005)

July 13, 2005 by Canadian Underwriter

Underwriters and accountants will have many opportunities to advise companies in interpreting and implementing the Sarbanes-Oxley Act, but should be aware of the increased exposure to risk, according to information recently revealed at the PLUS E&O Symposium. Douglas Carmichael, chief

News Insurance

A.M. Best Takes Various Rating Actions on Canadian P/C Insurers

July 13, 2005 by Canadian Underwriter

A.M. Best Co. has downgraded the ratings of four Canadian insurers and upgraded the ratings of nine. The downgraded ratings affected the following Canadian property/casualty companies: Personal General Insurance Inc B+Primmum Insurance Company BTD General Insurance Company BTraders General Insurance

News Insurance

RBC sidesteps legislation, opens insurance office

July 12, 2005 by Canadian Underwriter

The Royal Bank’s RBC Insurance subsidiary recently opened its first retail office evading the federal Bank Act’s ban on the sale of insurance at bank branches.The new office is located in Scarborough, ON and is located directly beside a Royal