Canadian Underwriter

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Lloyd’s raises premium levy for its "central fund"

October 2, 2001 by Canadian Underwriter

Lloyd’s of London has announced an increase in its "central fund" premium levy which is charged against syndicate members by 0.9% to the 2% level. The new rate becomes effective from next year and will run through to the end

News Insurance

Boyd Group boosts U.S. holdings

October 2, 2001 by Canadian Underwriter

Winnipeg-based auto collision repair operator The Boyd Group Inc. (TSE: BYD.A) has acquired AWC Collision Center which consists of four operations located in metro Seattle and Tacoma within the U.S. state of Washington. The terms and purchase price of the

News Insurance

ICBC president Thompson to retire

October 2, 2001 by Canadian Underwriter

After six years at the helm, the head of British Columbia’s public insurer is stepping down. Thom Thompson has been president and CEO of the Insurance Corporation of B.C. (ICBC) since 1995, and his retirement comes amidst a torrent of

News InsuranceMergers and Aqcuisitions

Hail storms hit MPI balance sheet

October 1, 2001 by Canadian Underwriter

Manitoba’s public insurer has been hard hit in the first half of 2001, with its highest claims volume in five years cutting net income by nearly $44 million. Net income for Manitoba Public Insurance (MPI) stands at $8.5 million for

News Insurance

Insurers ask U.S. Congress to support insurance pool

September 27, 2001 by Canadian Underwriter

Chubb CEO Dean O’Hare was among insurance representatives speaking to Congress this week on the need for an insurance pool to cover terrorism risks moving into the future. In light of the recent terrorist attacks on the World Trade Center

News Insurance

Lloyd’s can absorb $1.9 billion loss, says chairman

September 26, 2001 by Canadian Underwriter

Lloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than

News Insurance

U.S regulators to assess insurer solvency following attacks

September 25, 2001 by Canadian Underwriter

Concerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing

News Insurance

Government covers airline terrorism exposures

September 25, 2001 by Canadian Underwriter

The federal government has stepped in to offer temporary insurance cover to airlines and airports for acts of war and terrorism. The 90-day coverage is a stop gap measure to allow the industry to work out new coverage agreements with

News Insurance

AXA ups terrorist attack loss estimate to $550 million

September 24, 2001 by Canadian Underwriter

As insurance companies continue to increase their estimates of loss as a result of the terrorist attacks on U.S. targets on September 11, AXA is among the companies reassesing its exposure. The insurer has upped its estimate to US$550 million

News Insurance

Newfoundland shores hit by remnants of Gabrielle

September 20, 2001 by Canadian Underwriter

Although the damage has yet to be tallied, the Insurance Bureau of Canada (IBC) is advising Newfoundland residents affected by Tropical Storm Gabrielle to find out just what their homeowners’ policies will cover. The storm struck the Avalon Peninsula of

News InsuranceMergers and Aqcuisitions

Insurers update numbers from terrorist attacks while liability debate looms

September 20, 2001 by Canadian Underwriter

More than a week after the terrorist attacks on the World Trade Center and Pentagon, insurers and reinsurers are still trying to tally exposures. Munich Re, amongst the hardest hit, estimates losses could reach US$1.95 billion pretax, the largest single

News Insurance

IBC CEO resigns

September 19, 2001 by Canadian Underwriter

George Anderson, CEO of the Insurance Bureau of Canada (IBC), has announced his retirement from the organization, effective from the beginning of July of this year. Anderson joined the IBC as president in 1992. "It has been a wonderful time