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Brokers speak out against bank/lifeco mergers

January 9, 2004 by Canadian Underwriter

Through their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the

News InsuranceMergers and Aqcuisitions

MPI releases first “top frauds” list

January 8, 2004 by Canadian Underwriter

To bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car

News Insurance

Lloyd’s capacity steady for 2004

January 8, 2004 by Canadian Underwriter

Lloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9

News Insurance

Fairfax establishes new credit facility; declares annual dividend

January 7, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided

News Climate ChangeInsurance

Yearend catastrophes highlight rising exposure: Munich Re

January 7, 2004 by Canadian Underwriter

As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re

News Insurance

Casualty rates continue climb in 2004: JLT

January 6, 2004 by Canadian Underwriter

International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says

News Insurance

US insurer income jumps 320% in first nine months of 2003

January 6, 2004 by Canadian Underwriter

U.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a

News Insurance

Western Financial share offering grosses $11 million

January 5, 2004 by Canadian Underwriter

Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including

News Insurance

Fitch predicts recovery for US insurers in 2004

January 5, 2004 by Canadian Underwriter

Rating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may

News Insurance

Happy New Year and Seasons Greetings from The Staff at Canadian Underwriter

December 23, 2003 by Canadian Underwriter

May this holiday season be filled with peace and contentment for all. Happy New Year and wishing you the very best in 2004!

News Insurance

New study highlights dangers of marijuana grow operations

December 23, 2003 by Canadian Underwriter

In a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost

News InsuranceMergers and Aqcuisitions

Auto accidents account for half of major injuries in Canada

December 23, 2003 by Canadian Underwriter

A new report from the Canadian Institute for Health Information (CIHI) notes that almost half of all major injuries sustained in 2001-2002, 47%, were the result of motor vehicle accidents. And men bore the brunt, accounting for 67% of all