Canadian Underwriter

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Insurance


News Insurance

U.S. reinsurers post US$3.1 billion profit for 2003

March 22, 2004 by Canadian Underwriter

Last year, U.S. reinsurers’ profit grew by almost 500%, to US$3.08 billion from just US$628 million the year prior, reports the Reinsurance Association of America (RAA), which represents 29 domestic U.S. companies.Substantially improved underwriting results were the key, with the

News Climate ChangeInsurance

Munich Re posts 2003 loss on tax charges

March 19, 2004 by Canadian Underwriter

The world’s largest insurer, Munich Re, is posting a loss of EUR434 million (Cdn$710.9 million), despite a strong underwriting performance.“With the net loss for 2003, we are drawing a line under three difficult years impacted above all by the bear

News InsuranceMergers and Aqcuisitions

Newfoundland introduces new auto package, rate freeze

March 18, 2004 by Canadian Underwriter

A new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package Wednesday, which is

News InsuranceMergers and Aqcuisitions

Canadian insurers post $2.63 billion profit despite auto woes

March 18, 2004 by Canadian Underwriter

Canadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32%

News Insurance

Regulators consider subjecting all U.S. insurers to Sarbanes-Oxley provisions

March 17, 2004 by Canadian Underwriter

Regulators in the U.S. are getting an earful from insurers at the prospect that all insurance companies, whether publicly-traded or not, could be subject to Sarbanes-Oxley.At the annual meeting of the National Association of Insurance Commissioners (NAIC), the plan, which

News Insurance

Hub buys brokerage business from Safeco

March 17, 2004 by Canadian Underwriter

Through an agreement with Satellite Acquisition Corp., Hub International is acquiring new Mexico-based Talbot Financial Corp. and its subsidiaries from Safeco Corp. in a deal valued at US$120 million.Hub will invest in Satellite Acquisition, which is owned by the senior

News Insurance

Kingsway America to reopen securities offering

March 16, 2004 by Canadian Underwriter

The U.S. arm of Kingsway Financial Services Inc., Kingsway America, will reopen an offering of senior notes valued at US$25 million. The 7.5% notes are due 2014 and are guaranteed by the parent company.This is from the same series of

News Insurance

Moody’s forecasts $14.4 billion profit for Lloyd’s

March 16, 2004 by Canadian Underwriter

Rating agency Moody’s Investors Service is predicting the 2002 to 2004 years of account for Lloyd’s of London will produce a profit of GBP6 billion (Cdn$14.4 billion), or 42% of capacity on a cumulative basis. In the absence of major

News Climate ChangeInsurance

Average typhoon season anticipated for 2004

March 16, 2004 by Canadian Underwriter

While the Atlantic seaboard is preparing for an above-average hurricane season in 2004, a “close to average” typhoon season is forecast for the Far East and southeast Asia, says Tropical Storm Risk (TSR).TSR is a consortium of experts led by

News Insurance

Financial services group targets capital tax elimination for Ontario budget

March 15, 2004 by Canadian Underwriter

A group representing Toronto’s financial services industry is asking the Ontario government to look at elimination of capital taxes. The Toronto Financial Services Alliance (TFSA), which includes the Insurance Bureau of Canada (IBC), released its pre-budget submission to the new

News Insurance

Reinsurance recoverables dragging p&c industry recovery: E&Y

March 15, 2004 by Canadian Underwriter

Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for

News Insurance

RIMS Canada Council takes message to Parliament Hill

March 15, 2004 by Canadian Underwriter

The body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged