Canadian Underwriter

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Insurance


News Insurance

SCOR loss widens on reserves, stock market woes

April 1, 2003 by Canadian Underwriter

Prior-year reserving and the stock market downturn have combined to drag SCOR Group into the red even deeper than predicted for 2002. The French insurer is posting a loss of EUR 455 million (Cdn$730 million), higher than the EUR 400

News Insurance

OSFI posts insurer filings early

March 31, 2003 by Canadian Underwriter

The federal regulator has posted 2002 insurer financial data filings early this year, and has added new information into the mix. 2002 results are currently found on the Office of the Superintendent of Financial Institutions (OSFI) website at www.osfi-bsif.gc.ca. This

News Insurance

Gerling gets green light to sell reinsurance ops

March 31, 2003 by Canadian Underwriter

Despite an attempt by German regulators to halt the sale of Gerling’s troubled reinsurance operations to a run-off consortium, the insurer has won a court ruling allowing the sale to proceed.Administrative Court in Frankfurt, Germany, ruled that the regulator’s objection

News InsuranceMergers and Aqcuisitions

New Brunswick auto reforms a “mixed bag” for insurers

March 31, 2003 by Canadian Underwriter

A bill to change New Brunswick’s auto insurance system has been tabled by Justice Minister Brad Green, offering more than 18 reforms to the current system. One move bound to be poorly received by insurers is removal of the province’s

News Insurance

28% of consumers willing to buy insurance online

March 28, 2003 by Canadian Underwriter

A new study to be unveiled next week shows that more than one in four consumers is willing to buy insurance online. The study, by Toronto-based UBER Analyze delves into consumer’s online appetites.The survey will provide, for the first time,

News Insurance

Economical sees improvement in 2002

March 28, 2003 by Canadian Underwriter

Waterloo, Ontario-based The Economical Insurance Group posted improved results in 2002, despite it being the toughest year ever for the industry as a whole. “Amidst these difficult business conditions, I am pleased to announce that The Economical Insurance Group achieved,

News Insurance

Swiss Re posts Cdn$96 million loss on investment slide

March 27, 2003 by Canadian Underwriter

Despite premium growth of 15% last year, Swiss Re Group posted a net loss for the second year in a row, this time of CHF91 million (Cdn$96.44 million). For 2001, the group posted a loss of CHF165 million (Cdn$175 million),

News Insurance

S&P downgrades Munich Re despite EUR1.1 billion profit for 2002

March 27, 2003 by Canadian Underwriter

A jump in profits last year was not enough to spare Munich Re from rating agency Standard & Poor’s, which downgraded the world’s number one reinsurer.The downgrade follows release of Munich Re’s 2002 results, which saw the group bring in

News Insurance

Willis up, Hannover Re down, Munich Re on watch: Moody’s

March 26, 2003 by Canadian Underwriter

Rating agency Moody’s has upgraded the senior bank credit facility of Willis North America Inc., the world’s third largest brokerage, to Ba1 from Ba2. At the same time, the broker’s senior subordinated debt rating has been upped to Ba2 from

News Insurance

Hub International buys B.C. brokerage

March 25, 2003 by Canadian Underwriter

Broker consolidator Hub International “hub” Barton Insurance Brokers Ltd. has purchased the assets of H&H Insurance Services of Chetwynd, BC.H&H sees annual revenues of US$320,000 (Cdn$475,000) largely in auto and personal insurance. According to a press release, H&H’s operations will

News Insurance

Credit rating agencies to be topic of U.S. House hearing

March 25, 2003 by Canadian Underwriter

A subcommittee of the U.S. House Committee on Financial Services is set to hold hearings into the role of credit rating agencies. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will commence hearings on April 2 entitled “Rating

News Insurance

Many companies not opting for terror cover, confirms CIAB

March 24, 2003 by Canadian Underwriter

A new study by the Council of Insurance Agents and Brokers (CIAB) is confirming anecdotal reports that many companies are not buying terrorism insurance although its has become more available following the passage of the Terrorism Risk Insurance Act (TRIA).Almost