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Georgia tornadoes bring US$2.5 million in claims

March 20, 2003 by Canadian Underwriter

Tornadoes and deadly storms that ripped through Georgia on Wednesday have caused US$2.5 million in claims, estimates the state’s Insurance Commissioner, John Oxendine.He visited the devastated areas today, calling on insurers to quickly pay out claims.The storms claimed six lives,

News Insurance

Toyota, Honda top theft list in 2002

March 20, 2003 by Canadian Underwriter

In a study by U.S.-based technology firm CCC Information Services Inc., the 1998 Toyota Camry topped the theft list last year for the fourth time in the last five years. Falling second is the 1991 Camry, 2001’s top theft target.Imports

News Insurance

Royal & SunAlliance Canada boosts travel exposure

March 20, 2003 by Canadian Underwriter

Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of

News Insurance

U.S. homeowners’ market still inadequate: Aon Re study

March 19, 2003 by Canadian Underwriter

Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of

News Insurance

Cyber attacks rising as war looms

March 18, 2003 by Canadian Underwriter

The month of March has seen an increasing number of cyber attacks in North America as war with Iraq looms, says mi2g, a international digital risk company.Almost 64% of digital attacks this month have been against U.S. and Canadian businesses,

News InsuranceMergers and Aqcuisitions

Drivers leaving anti-theft devices unused: MPI

March 17, 2003 by Canadian Underwriter

Manitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles

News Insurance

Fairfax financial strength affirmed, but debt downgraded: A.M. Best

March 14, 2003 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. has seen the financial strength of all but one of its subsidiaries affirmed, while its senior debt rating was lowered by A.M. Best. Only TIG Insurance Group’s financial strength ratings was dropped to B+ from

News Insurance

Liberty sells Canadian life-health operation

March 14, 2003 by Canadian Underwriter

Liberty Health, the Canadian life-health operation of Liberty Mutual Group subsidiary Liberty International, is being sold to Maritime Life, a Canadian company owned by John Hancock Financial Services Inc. The move is part of Liberty International’s move to focus on

News Insurance

Terrorism insurer closes its doors

March 13, 2003 by Canadian Underwriter

Just a year after it was started up by a group of insurers, a specialty terrorism insurance operation is closing shop due to lack of demand.Specialty Risk Insurance and Reinsurance (SRIR), formed by Allianz, Hannover Re, SCOR, Swiss Re, XL

News Insurance

Sale of Vector Ontario operations a no-go

March 13, 2003 by Canadian Underwriter

The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario

News Insurance

U.S. insurer insolvency remains high in 2002: A.M. Best

March 12, 2003 by Canadian Underwriter

The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There

News Insurance

European floods top cat losses in below-average year: Swiss Re

March 12, 2003 by Canadian Underwriter

Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970.