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Standard & Poor’s drops St. Paul Cos. financial rating

July 25, 2002 by Canadian Underwriter

Rating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit

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U.K.’s Pool Re goes "all risks" on terrorism coverage

July 25, 2002 by Canadian Underwriter

Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of

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Wind up order issued for Markham General

July 24, 2002 by Canadian Underwriter

The Ontario Superior Court of Justice today issued a wind up order for Markham General Insurance Co. This move follows application earlier this week by the Financial Services Commission of Ontario (FSCO) to seize the assets of the insurer.The court

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FSCO seizes assets of Markham General

July 22, 2002 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action

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Lloyd’s unveils market restructuring plan

July 19, 2002 by Canadian Underwriter

Following several years of disappointing underwriting experience, Lloyd’s of London today unveiled a restructuring plan which it hopes will "modernize" the market and create a more comparable financial performance environment.Lloyd intends for the market to be operated as a "franchise

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XL increase reserves by $200 million for Sept. 11 claims

July 18, 2002 by Canadian Underwriter

XL Capital Ltd has announced that it is increasing reserves for losses relating to the September 11 attacks by $200 million and expects to report net investment losses of approximately $120 million for the quarter ended June 30, 2002 largely

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Arizona wildfire produces US$120 million insured loss

July 18, 2002 by Canadian Underwriter

A wildfire that ravaged a large area of parkland at the Rodeo-Chediski Complex in Arizona over late June/early July this year is expected to cost insurers about US$120 million, according to loss estimates compiled by the Insurance Services Office (ISO).

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Public company scandals lead to creation of new auditor rules

July 17, 2002 by Canadian Underwriter

Canada’s public companies and their auditors will be under increased scrutiny with the creation of the Canadian Public Accountability Board (CPAB), announced by the Canadian Securities Administrators (CSA), the Office of the Superintendent of Financial Institutions (OSFI) and the Canadian

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Citadel assigned “very good” initial rating, CCR and Alea ratings affirmed

July 17, 2002 by Canadian Underwriter

The Citadel General Assurance Company of Toronto and its counterpart, L’Unique Compagnie d’Assurances Generales of Quebec have been assigned an initial rating of B++, or “very good”, by rating agency A.M. Best.Although both are subsidiaries of Winterthur Insurance, part of

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Davies new FSCO superintendent

July 16, 2002 by Canadian Underwriter

Bryan Davies has been named the new superintendent and CEO of the Financial Services Commission of Ontario (FSCO). He replaces Philip Howell, acting superintendent since the retirement of Dina Palozzi last year.Davies was most recently senior vice president of regulatory

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Over US$8 billion in commercial property deals affected by lack of terrorism coverage, says U.S. association

July 16, 2002 by Canadian Underwriter

About US$3.7 billion in commercial property deals have fallen through in the U.S. due to lack of available, affordable terrorism insurance, says the Mortgage Bankers Association of America (MBA). An additional US$4.5 billion in deals have either been delayed or

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Submission calls for co-operative banks to sell insurance

July 15, 2002 by Canadian Underwriter

As the federal government looks at submissions on the possibility of establishing co-operative banks nationally, at least one credit union is calling for these institutions to be allowed to sell insurance.Banks are banned from selling insurance through their branches through