Keyword
Ratings/Research
Newfoundland introduces new auto package, rate freeze
March 18, 2004 by Canadian UnderwriterA new package of reforms to Newfoundland’s auto insurance system is being touted as a means to achieve 15% rate reductions. Newfoundland & Labrador Premier Danny Williams, and Government Services Minister Dianne Whalen introduced the new package Wednesday, which is…
Canadian insurers post $2.63 billion profit despite auto woes
March 18, 2004 by Canadian UnderwriterCanadian property and casualty insurers posted impressive net income for 2003 of $2.63 billion, up from just $340 million in 2002. Revised yearend figures from the Insurance Bureau of Canada (IBC) point to a return on equity (ROE) of 11.32%…
Moody’s forecasts $14.4 billion profit for Lloyd’s
March 16, 2004 by Canadian UnderwriterRating agency Moody’s Investors Service is predicting the 2002 to 2004 years of account for Lloyd’s of London will produce a profit of GBP6 billion (Cdn$14.4 billion), or 42% of capacity on a cumulative basis. In the absence of major…
Reinsurers continue to expect downgrades: S&P
March 12, 2004 by Canadian UnderwriterReinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative…
Global aviation market “precarious”: Aon
March 11, 2004 by Canadian UnderwriterA new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by…
Kingsway in $150 million credit facility; responds to rating action
March 9, 2004 by Canadian UnderwriterInsurance giant Kingsway Financial Services says it has entered into a new revolving credit facility with a syndicate of three banks for $150 million. The new facility replaces two existing credit facilities, the company notes. The banks involved include CIBC,…
RIMS survey shows long-term change in commercial insurance market
March 8, 2004 by Canadian UnderwriterThe annual edition of the Risk and Insurance Management Society (RIMS) Benchmark Survey shows that while the hard market is waning, commercial insurance buyers are anticipating a new kind of market with more diverse risk transfer options and the potential…
Kingsway Canadian ops downgraded by A.M. Best
March 8, 2004 by Canadian UnderwriterThe Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on…
U.S. p&c insolvencies drop in 2003 on price corrections
March 5, 2004 by Canadian UnderwriterRising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of…
Allianz, Trafalgar downgraded by A.M. Best
March 2, 2004 by Canadian UnderwriterDespite improving financial results, A.M. Best has downgraded the financial strength ratings of Allianz Insurance Co. of Canada and subsidiary Trafalgar Insurance Company of Canada. Allianz dropped to “A-” (excellent) from “A”, while Trafalgar fell to “B+” (very good) from…
Insurers seeking diversity in reinsurance buying: Aon
February 26, 2004 by Canadian UnderwriterA review of the 2004 reinsurance treaty renewal season shows primary insurers are looking at diversifying their spread of reinsurance, as well as focusing on reinsurer security ratings. Reinsurers, for their part, are looking for transparency from their primary company…
IBC proposes “no frills” policy for New Brunswick
February 25, 2004 by Canadian UnderwriterInsurers are proposing a “no frills” auto policy as a respond to growing public outrage about auto rates in New Brunswick.In a release Tuesday, the Insurance Bureau of Canada (IBC) explains the policy will provide the basic liability coverage required…