Canadian Underwriter

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Insurance


News Insurance

Specialty insurers amalgamate

January 6, 2003 by Canadian Underwriter

Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own

News InsuranceMergers and Aqcuisitions

MPI tracks cars stolen multiple times

January 6, 2003 by Canadian Underwriter

A new study from Manitoba Public Insurance (MPI) shows that one car in that province was either stolen or had a theft attempt made on it six times in the past two years. The finding was part of a study

News Insurance

Windstorms and floods dominate 2002 cat losses: Munich Re

January 3, 2003 by Canadian Underwriter

Most of the insurance industry’s losses due to catastrophes last year were the result of windstorms and floods, says a new study from Munich Re. A full 98% of natural catastrophe payouts went to such losses, the reinsurance giant calculates.The

News Insurance

Underwriting, reserve issues plague industry: SIR forum

January 3, 2003 by Canadian Underwriter

Speakers at the recent Society for Insurance Research forum pointed to lack of underwriting excellence and reserve issues as among a host of problems dragging down the insurance and reinsurance industries.“I haven’t seen an insurer CEO smile in the past

News Insurance

Fairfax declares dividend

January 2, 2003 by Canadian Underwriter

Canadian financial services conglomerate Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of $1.50 each on multiple voting and subordinate voting shares for 2002.The dividend comes per Fairfax’s decision in 2000 that it would pay a modest annual

News Insurance

2002 cat losses below average: Swiss Re study

January 2, 2003 by Canadian Underwriter

While 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last

News Insurance

Hub acquires U.S. midwest brokerage

January 2, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd (TSX, NYSE: HBG) has acquired Cincinnati-based Fifth Third Insurance Services Inc. from Fifth Third Bancorp, creating a midwest “hub”.Hub paid $37 million cash for the agency, which has annual revenue of US$25 million from its

News InsuranceMergers and Aqcuisitions

IBC disappointed with Newfoundland auto package

December 20, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto

News Insurance

The troubled Royal & SunAlliance group names new CEO

December 20, 2002 by Canadian Underwriter

The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a

News InsuranceMergers and Aqcuisitions

Industry claims satisfaction rate rises for 2002

December 19, 2002 by Canadian Underwriter

With the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was

News Insurance

U.S. winter storms produce US$360 million insured loss

December 19, 2002 by Canadian Underwriter

Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high

News Insurance

Newfoundland auto reform tabled with no tort reform

December 18, 2002 by Canadian Underwriter

Industry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act,