Canadian Underwriter

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Insurance


News Insurance

Two brokerages added to Western Financial Group stables

September 16, 2002 by Canadian Underwriter

The Western Financial Group (TSX: WES), formerly known as Hi-Alta Capital, has added two more Saskatchewan brokerages to its arsenal.Stark Agency Ltd., a family brokerage in Shaunavon, and Torch River Agencies in White Fox will join more than 40 other

News InsuranceMergers and Aqcuisitions

Co-operators downgraded by A.M. Best

September 16, 2002 by Canadian Underwriter

Guelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very

News Insurance

Gunn interim head of global RSA

September 13, 2002 by Canadian Underwriter

Former Royal & SunAlliance Canada CEO Bob Gunn is taking over the top spot of the worldwide operation, at least temporarily. Following the departure of Royal & SunAlliance Insurance Group’s CEO Bob Mendelsohn, Gunn is assuming the role while the

News Insurance

Lloyd’s reforms get nod from shareholders

September 13, 2002 by Canadian Underwriter

As expected, a package of reforms intended to modernize the 300-year-old Lloyd’s of London market has been passed at an extraordinary shareholders meeting yesterday. Despite opposition from associations representing individual members, or names, the reforms were passed with a vote

News Insurance

III pegs 9/11 losses at US$40.2 billion

September 12, 2002 by Canadian Underwriter

New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart.“The

News Insurance

Rand Institute says asbestos claims impact 85% of U.S. economy.

September 12, 2002 by Canadian Underwriter

According to a report in the The Financial Times, asbestos litigation in the U.S. has spread to so many companies and divergent industries that it now “spans 85% of the American economy.”FT cited a report to be published by the

News Insurance

U.S. risk managers report terrorism coverage drought (September 11, 2002)

September 11, 2002 by Canadian Underwriter

A survey carried out by the Risk and Insurance Management Society Inc. (RIMS) of 450 member companies suggests that securing adequate terrorism coverage remains highly difficult.The survey results show that 71% of respondents are finding it "very difficult" or "impossible"

News Insurance

Rating agencies bearish on reinsurance outlook (September 10, 2002)

September 10, 2002 by Canadian Underwriter

U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this

News Insurance

Kingsway proposes Canadian public debt offering

September 10, 2002 by Canadian Underwriter

Specialty-risk insurer Kingsway Financial Services (TSE: KFS) has filed for approval from security regulators to make a public offering of senior unsecured debentures. The value of the offering has not been disclosed. Kingsway says proceeds from the offering will be

News Insurance

Companies fear asbestos claims crisis

September 10, 2002 by Canadian Underwriter

Two-hundred and fifty of the world’s largest companies will today petition the US Supreme Court in an attempt to halt a new asbestos compensation crisis that will claim a record number of bankruptcies this year, the Financial Times (FT) has

News InsuranceMergers and Aqcuisitions

B.C. drivers support auto insurance competition, IBC poll reveals

September 9, 2002 by Canadian Underwriter

The latest Pollara-conducted poll of drivers in British Columbia suggests that about 72% of the driving population favors open competition in auto insurance within the province. The Pollara poll, conducted on behalf of the Insurance Bureau of Canada (IBC), also

News Insurance

Germany, Australia come up with terrorism backstop plans

September 6, 2002 by Canadian Underwriter

Governments in Germany and Australia have beat the U.S. to the punch in devising terrorism backstop plans.The German plan has seen the government establish a new insurer, Extremus A.G., now offering up to Eur10 billion (Cdn$15.4 billion) in coverage for