Canadian Underwriter

Topic
Insurance


News Insurance

Guarantee Co. completes U.S. acquisition

January 20, 2003 by Canadian Underwriter

Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State

News Insurance

Uncertain future for U.S. commercial lines: Fitch

January 17, 2003 by Canadian Underwriter

Rating and research firm Fitch Ratings says that in the U.S. at least, commercial lines is looking at a much more uncertain future than personal lines. Reinsurance prospects are also challenged, Fitch reports in “Review & Outlook: 2002/2003” for the

News Insurance

MPI sees difficult Q3, but strong nine-month results

January 16, 2003 by Canadian Underwriter

Government-run Manitoba Public Insurance (MPI) is reporting solid results for the third quarter 2002, but is casting doubts about the future.While net income was up for the nine-month period ending November 30, 2002, to $23 million from just over $11

News Insurance

U.S. p&c reserve deficiency doubled in last year: Conning

January 16, 2003 by Canadian Underwriter

A new study from Conning Research & Consulting Inc. suggests that despite rate increases, the U.S. p&c industry continues to see deteriorating results and reserve deficiencies.In the past year, the industry’s reserve deficiency has actually doubled, and offers inadequate protection

News Insurance

Optimum Group further increases interest in Optimum General

January 15, 2003 by Canadian Underwriter

Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were

News Insurance

GE consolidates risk management and asset protection arms

January 15, 2003 by Canadian Underwriter

GE Commercial Insurance, part of GE Employers Reinsurance Corp., says it will combine its Industrial Risk Insurers (IRI) and Global Asset Protection (GAP) Services companies under the IRI banner.IRI will now provide both insurance capacity and loss prevention services. GAP

News Insurance

AXA cuts back U.S. reinsurance exposure

January 14, 2003 by Canadian Underwriter

Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to

News Insurance

Travelers U.S. arm takes asbestos reserve

January 14, 2003 by Canadian Underwriter

The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results,

News Insurance

A.M. Best Canadian ops fly south

January 13, 2003 by Canadian Underwriter

Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities,

News InsuranceMergers and Aqcuisitions

U.S. auto results will continue to flag: Conning

January 10, 2003 by Canadian Underwriter

A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor

News Insurance

SCOR rating affirmed with negative outlook

January 9, 2003 by Canadian Underwriter

Rating agency A.M. Best has affirmed the A- (excellent) rating of Paris-based SCOR and its subsidiaries, including SCOR Canada Reinsurance Co. However, the rating comes with a negative outlook.The affirmation follows a move by most rating agencies to place SCOR

News InsuranceMergers and Aqcuisitions

Auto theft down in Manitoba, study suggests

January 8, 2003 by Canadian Underwriter

For the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the