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News Insurance

Aviva/CGU shores up Pilot’s reserves by $195 million for 2003

April 25, 2003 by Canadian Underwriter

The total reserve deficiencies at Pilot Insurance Co., a subsidiary of CGU Group Canada Ltd., have been pegged at about $195 million, according to a quarterly report on group business results released by U.K., London-based parent Aviva plc. The latest

News Insurance

Anthony Clark charged with securities fraud

April 25, 2003 by Canadian Underwriter

Broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) has been charged with illegally inflating its share price by the Alberta Securities Commission (ASC).The announcement comes the same day the Calgary-based brokerage announced a share buy-back approved

News Insurance

Early April storms south of the border cost insurers US$1.2 billion

April 25, 2003 by Canadian Underwriter

Winter and windstorms that hit 10 states between April 4 to 8 will cost insurers US$1.2 billion, suggest early estimates from the Property Claims Services Unit (PCS) of the Insurance Services Office (ISO).At this point, PCS expects insurers will see

News Insurance

CSIO role in future portal development uncertain

April 24, 2003 by Canadian Underwriter

At today’s agm for the Centre for Study of Insurance Operations (CSIO) attendees learned that the industry association is looking at different options for the development of future phases of its broker-insurer portal project.With the first phase of the portal,

News Insurance

Anthony Clark moves into U.S. marketplace

April 24, 2003 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF), is making its first inroads into the U.S. market. The Calgary-based broker consolidator has agreed to purchase all of the assets of an unnamed California brokerage.Purchase price for the deal,

News InsuranceMergers and Aqcuisitions

Results deteriorate, marketshare rises for Facility

April 23, 2003 by Canadian Underwriter

The industry’s pool for high-risk auto insurance is seeing its marketshare increase, and its combined ratios deteriorate, despite attempts to raise premiums.At its agm in Toronto today, the Facility Association (FA) told member insurers that across the country marketshare is

News Insurance

Portal service not competition for CSIO, say vendors

April 23, 2003 by Canadian Underwriter

Developers of a new insurance company “portal” service say their product is not competition for the Centre for Study of Insurance Operations (CSIO) broker-insurer portal, and will in fact be compatible with it.“Most insurers have pieces of or are in

News Insurance

Moody’s predicts stability in U.S. personal lines

April 22, 2003 by Canadian Underwriter

In its annual market report, Moody’s Investors Service is predicting stability in the U.S. personal lines p&c insurance market. The relatively strong risk capitalization level, the impact of premium increases and stricter underwriting are all having an effect on 2002

News Insurance

U.S. commercial pricing shows signs of stability: CAIB

April 22, 2003 by Canadian Underwriter

Brokers and agents in the U.S. are reporting signs of more stable pricing in the commercial p&c market, according to a survey by the Council of Insurance Agents and Brokers (CIAB). In its quarterly “Market Index”, the CIAB finds premiums

News Insurance

Captive growth not as strong as anticipated: A.M Best

April 21, 2003 by Canadian Underwriter

2002 was considered a “banner year” for captives, but in actuality the numbers remained fairly flat, suggests a new report by A.M. Best. In “Sizing up the Captive Market”, the rating agency says the although a record 462 new captives

News Insurance

Final Belton Report calls for change

April 21, 2003 by Canadian Underwriter

In its final edition, the Belton Report calls for change both within the insurance industry and from legislators to deal with the slippery slope of insurer returns. Author Ted Belton says the call of “real retirement” beckons, and in this

News InsuranceMergers and Aqcuisitions

Auto insurance reform among FSCO priorities

April 17, 2003 by Canadian Underwriter

With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and