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Ratings/Research
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…
IBC touts Facility depopulation in New Brunswick
April 7, 2004 by Canadian UnderwriterThe month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on…
Scor rating affirmed on narrower loss
April 5, 2004 by Canadian UnderwriterAfter reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last…
U.S. med mal awards level off
April 5, 2004 by Canadian UnderwriterOver the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at…
Temple downgraded, Munich Re Canada affirmed: A.M. Best
April 4, 2004 by Canadian UnderwriterWhile Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization…
Royal & SunAlliance Canada rating affirmed: A.M. Best
April 4, 2004 by Canadian UnderwriterRoyal & SunAlliance Insurance Pool of Canada has seen its “A-” (excellent) rating affirmed by A.M. Best, with the outlook negative.The rating reflects improvement in underwriting results in 2003, as well as the strong capitalization and market position the pool…
Small business concerns over insurance continue to surface
April 2, 2004 by Canadian UnderwriterIn its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side…
U.S auto rates to level out in 2004: III
March 31, 2004 by Canadian UnderwriterAfter three years of sharp price increases, auto insurance rates in the U.S. are expected to rise just 3.5% in 2004, says the Insurance Information Institute (III).However, certain states may not see this leveling trend, such as Florida, Massachusetts and…
U.S. p&c combined ratio drops below 100%: Fitch
March 30, 2004 by Canadian UnderwriterU.S. property and casualty insurers will post a combined ratio of 98.0% for 2003, 6.9% better than 2002, says Fitch Ratings. Return on equity was up to 11.6% last year from 6.5% the year prior.The rating agency looked at 55…
Mixed outlook for European insurers: Fitch
March 29, 2004 by Canadian UnderwriterSigns of recovery are evident, but problems linger for European non-life insurers and reinsurers, says Fitch Ratings.The rating agency is continuing its stable outlook for non-life insurers in most European countries, noting operating results should continue to improve over the…
Nova Scotia moves date for Facility to change underwriting rules
March 25, 2004 by Canadian UnderwriterIn response to urging from the Facility Association (FA), the Nova Scotia government has decided the industry’s pool for high-risk drivers will change its risk classification system at the same time the rest of the industry is required to do…
Anthony Clark secures US$5 million debt facility
March 24, 2004 by Canadian UnderwriterCalgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,…