Canadian Underwriter

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News Insurance

Chubb program aimed at increasingly dangerous world

February 23, 2004 by Canadian Underwriter

A new homeowner’s policy from Chubb Insurance Co. of Canada may be a sign of increasingly dangerous times, covering rising crimes including child abduction, home invasion, car jacking and stalking.In launching the program, Chubb cites Statistics Canada data suggesting 30%

News Climate ChangeInsurance

WTC “occurrence” trial will not affect ratings

February 20, 2004 by Canadian Underwriter

Regardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide

News InsuranceMergers and Aqcuisitions

SGI gives break to commercial auto policyholders

February 20, 2004 by Canadian Underwriter

Following on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records

News InsuranceMergers and Aqcuisitions

ICBC aims to become more competitive

February 19, 2004 by Canadian Underwriter

B.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the

News Climate ChangeInsurance

ICLR study casts light on government role in disaster mitigation

February 19, 2004 by Canadian Underwriter

A new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services

News Insurance

“No return to a soft market” for real estate risks, Willis cautions

February 18, 2004 by Canadian Underwriter

In a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of

News Insurance

Hub acquires Ontario commercial accounts

February 17, 2004 by Canadian Underwriter

Chicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now

News Insurance

FM Global gets passing grade from Fitch

February 17, 2004 by Canadian Underwriter

Fitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM

News Insurance

Kingsway ROE drops slightly on reserve strengthening, currency fluctuations

February 16, 2004 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TXS, NYSE: KFS) saw its return on equity drop slightly in 2003, although the company still boasted double-digit returns for the year.For the 12 months ending December 31, 2003, ROE was 12.9%, down from 13.8%

News Insurance

Mix of premium growth, investment gains builds Odyssey Re 2003 earnings

February 13, 2004 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer

News Climate ChangeInsurance

Cat bond issues up: Moody’s

February 13, 2004 by Canadian Underwriter

Catastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13

News Insurance

Lindsey Morden loss widens in 2003 despite revenue jump

February 12, 2004 by Canadian Underwriter

Although international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003,