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Ratings/Research
Airlines see rates fall in first quarter 2004
May 12, 2004 by Canadian UnderwriterThe average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report…
What’s new: In brief (May 11, 2004)
May 11, 2004 by Canadian UnderwriterCitigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With…
RIMS: Risk managers comment on “excellence”
May 11, 2004 by Canadian UnderwriterIn light of the shift in risk management focus away from insurance-buying and toward loss control, risk managers need to look at their own role within the corporation, according to a survey by the Risk & Insurance Management Society (RIMS)…
US commercial reserves continue to haunt industry
May 11, 2004 by Canadian UnderwriterDespite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to…
What’s new: In brief (May 10, 2004)
May 10, 2004 by Canadian UnderwriterThe World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred…
Commercial industrial focus paying off for GCAN
May 9, 2004 by Canadian UnderwriterToronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks…
What’s new: In brief (May 09, 2004)
May 9, 2004 by Canadian UnderwriterLloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services…
M&A activity set to pick up in 2004: Conning
April 28, 2004 by Canadian UnderwriterWith 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity…
FA delivers postmortem on difficult 2003
April 28, 2004 by Canadian UnderwriterThe Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was…
Cat bond market grows 42% in 2003
April 27, 2004 by Canadian UnderwriterThe global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions…
Poor service holding commercial property carriers back: Allianz
April 25, 2004 by Canadian UnderwriterA new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on…
Corporate scandals still on the minds of risk managers: Lloyd’s survey
April 25, 2004 by Canadian UnderwriterAn overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk…