Canadian Underwriter

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Insurance


News Insurance

Get rid of weak insurers, new study suggests

September 16, 2003 by Canadian Underwriter

A new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks

News Insurance

U.S. industry shows bottom-line improvement, but risks remain: A.M. Best

September 15, 2003 by Canadian Underwriter

Although the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net

News Insurance

Kovacs named new PACICC chief

September 12, 2003 by Canadian Underwriter

For Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy

News Insurance

Saunders successor to Royal & SunAlliance top spot

September 12, 2003 by Canadian Underwriter

With news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice

News InsuranceMergers and Aqcuisitions

Personal lines rates up in U.S.

September 11, 2003 by Canadian Underwriter

Both homeowners’ and auto insurance premiums are on the rise in the U.S., says the Insurance Information Institute (III). The III says that rising construction costs and natural disaster losses are pushing homeowners’ rates up, with an 8% increase expected

News Insurance

Insurers sue terrorists, supporters over 9/11 claims

September 11, 2003 by Canadian Underwriter

The day before the second anniversary of the September 11 terrorist attacks, insurers announced they would band together to sue organizations, individuals and countries who support terrorists, to recoup losses from the 9/11 events.September 11, 2001 remains the largest insured

News InsuranceMergers and Aqcuisitions

IBC, Consumers’ Association at odds over auto insurance rates

September 11, 2003 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) and the Consumers’ Association of Canada (CAC) are engaging in a war of words over the cost of auto insurance, following the release of a study by the CAC suggesting rates in Ontario are

News Insurance

S&P predicts “worst is over” for reinsurers

September 10, 2003 by Canadian Underwriter

Despite dire predictions for the global reinsurance sector in a report by A.M. Best earlier this week, rating agency Standard & Poor’s says reinsurers’ fate is not so bleak.“We’re nearing the point where we would stabilize our view of the

News Insurance

Anthony Clark earnings down despite revenue growth

September 10, 2003 by Canadian Underwriter

Staffing costs took a bite out of earnings for Calgary-based brokerage Anthony Clark International Insurance Brokers Ltd. (TSX: ACL). The company posted revenue for the three months ending June 30 of $1.40 million, versus $1.25 million for the same period

News Insurance

Loyalist loss narrows; brokerage revenues up

September 9, 2003 by Canadian Underwriter

The Loyalist Insurance Group (TSX Venture: LOY) is reporting a loss of $338,067 for the first half of the year ending June 30, 2003, less than half the loss reported in first-half 2002, at $707,151. This amounts to a net

News Insurance

Insurers gain stronger profit footing for 2-Q

September 9, 2003 by Canadian Underwriter

Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as cover price increases finally began to outstrip the growth in claims costs, according to preliminary industry data collected by

News Insurance

Global reinsurers continue to feel the heat: A.M. Best

September 8, 2003 by Canadian Underwriter

Reinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September