Topic
Insurance
Alea Group receives US$100 million to boost capital reserves
November 5, 2001 by Canadian UnderwriterSwitzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…
White Mountains latest to form new reinsurance operation
November 2, 2001 by Canadian UnderwriterNew Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…
U.S. government at odds on insurance package
November 2, 2001 by Canadian UnderwriterA deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…
Terrorist attacks evident in Q3 insurer results
November 1, 2001 by Canadian UnderwriterWith insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result…
IBC responds to Ontario’s revised auto insurance proposal
October 31, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…
World Cup scores new insurance deal
October 30, 2001 by Canadian UnderwriterFIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one…
Industry poised for success in 2002, says S&P
October 30, 2001 by Canadian UnderwriterA new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the…
AIG among first to show heavy impact of WTC losses on 3-quarter results
October 29, 2001 by Canadian UnderwriterAmerican International Group Inc.’s property and casualty insurance business produced a massive 80% drop in pretax earnings to US$201.5 million for the third-quarter of 2001 compared with US$868.3 million for the same period a year prior. The decline in pretax…
Lloyd’s gains reprieve on WTC claim payment deadline
October 29, 2001 by Canadian UnderwriterLloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given…
Atlantic insurers back new treatment for domestic oil tanks
October 26, 2001 by Canadian UnderwriterFaced with escalating losses arising from toxic spills associated with domestic oil tanks in the Atlantic provinces, insurers have backed a new treatment process that is expected to significantly reduce corrosion and the potential of leaks.Insurers operating in Atlantic Canada…
S&P joins call for government-backed terrorism pool
October 24, 2001 by Canadian UnderwriterRating agency Standard & Poor’s has joined the voices of insurance industry bodies calling for the creation of a federal government-backed reinsurance pool for terrorism covers.In the aftermath of the September 11 terrorist attacks, several insurer associations and regulation bodies…
Lloyd’s liquidity boosted by regulators’ decision
October 23, 2001 by Canadian UnderwriterA recent decision by U.S. regulators not to require Lloyd’s members to fully fund the market’s reinsurance trust will ease some of the pressure on the market’s liquidity, says rating agency Standard & Poor’s (S&P). However, insurers have reacted with…