Allianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best…
As the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20,…
Dominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…
In response to criticisms and years of poor results, Lloyd’s of London has released a series of proposed changes to “modernize” the 300-year-old insurance market. Among the changes being put before the ruling Council of Lloyd’s is the end of…
The Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry…
Two global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor…
Families of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade…
Manitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba…
Lloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has…
The recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the…
John Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan…
As 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to…