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ERC placed under "negative credit watch" by S&P

October 4, 2002 by Canadian Underwriter

Rating agency Standard & Poors’ (S&P) has placed Employers Reinsurance Corp. under "negative credit watch", warning that the reinsurer’s current "A-plus" financial rating could fall by a full category.The negative watch announcement by S&P follows a recent investment analyst meeting

News Insurance

Early Lili estimates around $600 million: AIR update

October 4, 2002 by Canadian Underwriter

An early update on Hurricane Lili’s impact on Louisiana suggests that losses with be in the billions. An alert from AIR Worldwide Corp. suggests that wind damage from the category 2 hurricane alone could reach US$600 million. The AIR tropical

News Insurance

Hurricane Lili damage less than anticipated: RMS

October 4, 2002 by Canadian Underwriter

Hurricane Lili will not be the insurance loss originally feared, predicts California-based Risk Management Solutions.Originally, when Lili was a category 4 hurricane, 24 hours before landfall, the company’s probability system at www.riskonline.com had predicted mean losses of US$3.2 billion. There

News InsuranceMergers and Aqcuisitions

Kingsway takes fraud-fighting ideas before AIRC

October 3, 2002 by Canadian Underwriter

Specialty insurer Kingsway General was the latest to present before the Ontario government’s Auto Insurance Review Committee (AIRC). President Bill Star says the company’s initiatives were well-received by the committee.“I was very pleased with the reception that I received from

News Insurance

Hub acquires Ontario brokerage

October 3, 2002 by Canadian Underwriter

Hub International Ltd. (NYSE, TSX: HBG) has added to its Ontario business with the purchase of Ottawa-based O’Neil & Company Ltd. The acquisition was made through Hub Ontario’s Gifford Associates Insurance Brokers Ltd.O’Neil, which sells commercial and personal p&c products,

News Insurance

Winterthur latest to boost capital base

October 2, 2002 by Canadian Underwriter

Zurich-based Winterthur Insurance Co. is the latest in a long line of insurers boosting its capital. Owner Credit Suisse is injecting CHF2.0 billion (Cdn$2.15 billion) into the company based on falling equity markets draining the insurer’s assets. This is on

News Insurance

Lloyd’s faces two years higher losses, Moody’s says

October 2, 2002 by Canadian Underwriter

Moody’s Investors Service expects that Lloyd’s of London will return to profitability for the 2002 financial year. However, Lloyd’s will likely show higher than expected losses for the market’s still to be reported 2001 and 2000 financial years, the agency

News Insurance

Bush calls for prompt action on terror insurance bill

October 2, 2002 by Canadian Underwriter

U.S. president George Bush has called on a special conference committee appointed by Congress to investigate and draft legislation enabling a single terrorism insurance bill to act swiftly. Bush is pushing for legislation by October 4, just prior to when

News Insurance

Throne speech gives attention to climate change

October 1, 2002 by Canadian Underwriter

In the swirling controversy over the Kyoto Protocol, yesterday’s throne speech from Prime Minister Jean Chretien focussed on the environment and climate change as among the nation’s priorities. “On a global scale, the problem of climate change is creating new

News Insurance

Isidore wreaks US$100 million damage on Louisiana (October 01, 2002)

October 1, 2002 by Canadian Underwriter

Insurers in Louisiana will be paying out US$100 million in the wake of Tropical Storm Isidore, according to the state’s insurance regulator.Acting insurance commissioner Robert Wooley says the storm, which hit largely in the south part of the state, caused

News Insurance

U.S. insurers post strong underwriting/income recovery for first half 2002

September 30, 2002 by Canadian Underwriter

U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by

News Insurance

CIAG concerned with OEM provisions in draft Ontario bill

September 27, 2002 by Canadian Underwriter

A group representing collision repair shops is concerned by provisions of the draft proposals set out by Ontario’s Auto Insurance Review Committee. Those provisions relate to insurers’ ability to use non-OEM (original equipment manufacturer) parts when repairing vehicles.The proposal reads,