Canadian Underwriter

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News Catastrophes

What’s new: In brief (June 28, 2004)

June 28, 2004 by Canadian Underwriter

Fairfax’s Crum & Forster Holdings has named Nikolas Antonopoulos as chair of the board of its insurance operating subsidiaries. He was also recently named CEO of these operations, succeeding Bruce Esselborn, who has retired. Taking over Antonopoulos’ former role as

News CatastrophesMergers and Aqcuisitions

What’s new: In brief (June 23, 2004)

June 23, 2004 by Canadian Underwriter

Manitoba Public Insurance (MPI) has honored seven grade seven and eight students for projects on auto theft including stories, a video, a poster and a comic strip. “The typical auto thief will steal his or her first car at 13,”

News Catastrophes

Colorado storms expected to leave US$145 price tag

June 22, 2004 by Canadian Underwriter

Hailstorms which swept through the Denver area in early June should cost insurers more than US$145 million, predicts the Rocky Mountain Insurance Information Association (RMIIA).The storms struck June 8-9, bringing hail and severe weather to the state, including a tornado

News Catastrophes

TRIA extended one year

June 20, 2004 by Canadian Underwriter

Just as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed

News Catastrophes

What’s new: In brief (June 16, 2004)

June 16, 2004 by Canadian Underwriter

A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects

News Catastrophes

What’s new: In brief (June 15, 2004)

June 15, 2004 by Canadian Underwriter

Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.

News Catastrophes

Trucking seminar: U.S. litigation trends coming to Canada soon

June 15, 2004 by Canadian Underwriter

U.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga

News Catastrophes

Losses from N.B. forest fires likely covered: IBC

June 15, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside

News Catastrophes

Silica could be next asbestos: S&P

June 14, 2004 by Canadian Underwriter

A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could

News Catastrophes

ICLR research agenda includes blackouts, water damage and drought

June 13, 2004 by Canadian Underwriter

While it may read as the ingredients for Armageddon, the Institute for Catastrophic Loss Reduction’s (ICLR) research agenda for the coming year encompasses a host of natural perils ranging from last year’s blackout to water and disasters to drought and

News Catastrophes

Texas storms expected to cost more than US$75 million

June 8, 2004 by Canadian Underwriter

Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as

News Catastrophes

Do not prepare for end to insurance cycles: Sinnott

June 8, 2004 by Canadian Underwriter

Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance