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Ratings/Research
Global reinsurers tested in 2005: S&P
June 1, 2004 by Canadian UnderwriterGlobal reinsurers are making bold statements about their desire to stick to strict underwriting principles, but the industry’s resolve will be tested in 2005, says Standard & Poor’s in its most recent “global reinsurance report card”.The rating agency notes that…
Risk retention groups on the rise
May 31, 2004 by Canadian UnderwriterRisk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have…
Outlook negative for North American life insurers
May 31, 2004 by Canadian UnderwriterDespite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of…
“Driving lessons” begin well before the age of 16: survey
May 31, 2004 by Canadian UnderwriterDriving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult…
What’s new: In brief (May 30, 2004)
May 30, 2004 by Canadian UnderwriterA.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management…
What’s new: In brief (May 27, 2004)
May 27, 2004 by Canadian UnderwriterSwiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years…
Study questions mold as cause of serious health problems
May 27, 2004 by Canadian UnderwriterNo link can be found between the presence of dampness and mold in homes and the variety of serious health problems being claimed in court cases, suggests a new report by the Institute of Medicine (IOM) of the National Academies,…
Organized groups responsible for 1/5 of car thefts
May 27, 2004 by Canadian UnderwriterAbout one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of…
Risk managers see conflict in contingent commissions: survey
May 26, 2004 by Canadian UnderwriterDespite risk managers and brokers shrugging off investigations of contingent commission arrangements, a new survey suggests commercial insurance buyers do see such payments as a conflict of interest.The study, “A Season of Discontent” by Advisen, shows 69% of the 331…
Moody’s withdraws ratings on Symons International Group
May 25, 2004 by Canadian UnderwriterRating agency Moody’s Investors Service has withdrawn its ratings on Symons International Group Inc. and its subsidiaries. The rater notes that interest payments on the company’s trust preferred securities have been in deferral since February, 2000. Those securities had been…
Impairment trends highlight perils of mismanaged reserves
May 25, 2004 by Canadian UnderwriterA new study by A.M. Best gives ample evidence to the perils of mismanaged reserves for p&c insurers. The study, which covers U.S. insurers from 1969-2004, shows that most impairments when an insurer has their ability to write business limited…
What’s new: In brief (May 25, 2004)
May 25, 2004 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants…