Canadian Underwriter

Topic
Insurance


News Insurance

U.S. insurers’ 1-Q ROE of 8% a turning point: III

June 26, 2003 by Canadian Underwriter

The 20% year-on-year jump in net earnings of U.S. insurers to US$6.4 billion for the first quarter of this year translates to a return on equity (ROE) of 8.8%, notes the Insurance Information Institute’s (III) chief economist Robert Hartwig. This

News InsuranceMergers and Aqcuisitions

Co-operators drops liability rates on auto in New Brunswick

June 25, 2003 by Canadian Underwriter

Co-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday,

News Insurance

U.S. insurers benefit from 1-Q underwriting recovery

June 24, 2003 by Canadian Underwriter

U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected

News Insurance

S&P lowers rating on Aviva Canada group

June 23, 2003 by Canadian Underwriter

Rating agency Standard & Poor’s has lowered its long-term counter-party credit and financial strength ratings for Aviva Canada Inc. to “A” from “A+”. The rating agency says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with

News Insurance

Folksamerica upgraded; SCOR on watch

June 20, 2003 by Canadian Underwriter

Folksamerica Reinsurance Company is one of the rare companies to see its rating upgraded in the current market. Rating agency A.M. Best Co. has lifted the New York-based reinsurer’s financial strength rating to A (excellent) from A- (excellent).The move comes

News Insurance

U.S. May storm losses could be higher than expected

June 20, 2003 by Canadian Underwriter

If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance

News Insurance

Alea closes Canadian branch

June 20, 2003 by Canadian Underwriter

Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.“This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance

News InsuranceMergers and Aqcuisitions

MPI asks for first rate increase in five years

June 19, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs

News Insurance

Markel sells U.K. auto book

June 19, 2003 by Canadian Underwriter

Fairfax subsidiary Markel is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi business. In total, the book is worth about 16.25 million pounds in

News InsuranceMergers and Aqcuisitions

Atlantic premiers to look at public auto option

June 18, 2003 by Canadian Underwriter

Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met

News Insurance

Kingsway raises $102 million through share placement

June 18, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option

News InsuranceMergers and Aqcuisitions

Insurers pleased with NB cap on minor injury claims

June 17, 2003 by Canadian Underwriter

Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key