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Fitch predicts recovery for US insurers in 2004

January 5, 2004 by Canadian Underwriter

Rating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may…

News Insurance

Happy New Year and Seasons Greetings from The Staff at Canadian Underwriter

December 23, 2003 by Canadian Underwriter

May this holiday season be filled with peace and contentment for all. Happy New Year and wishing you the very best in 2004!

News Insurance

New study highlights dangers of marijuana grow operations

December 23, 2003 by Canadian Underwriter

In a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost…

News InsuranceMergers and Aqcuisitions

Auto accidents account for half of major injuries in Canada

December 23, 2003 by Canadian Underwriter

A new report from the Canadian Institute for Health Information (CIHI) notes that almost half of all major injuries sustained in 2001-2002, 47%, were the result of motor vehicle accidents. And men bore the brunt, accounting for 67% of all…

News Insurance

Rent Shield buys Lloyd’s provider

December 22, 2003 by Canadian Underwriter

Rent Shield Corp., which provides specialized insurance and reinsurance products, has signed a letter of intent to purchase Toronto-based Canadian Intermediaries Ltd. (CIL) for $5 million in stock and cash.Rent Shield chairman Stephen Stonhill is the majority shareholder in CIL,…

News Insurance

Kingsway placement raises US$12.6 million

December 22, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) has completed its sixth private placement of trust preferred securities for the past twelve months, this time netting US$12.6 million.The placement included US$13 million in 30-year floating rate securities, with the proceeds earmarked…

News Insurance

P&C reserves are actually improving, says Conning

December 19, 2003 by Canadian Underwriter

Despite reports from rating agencies suggesting reserve deficiencies remain a major concern for U.S. p&c insurers, Conning Research & Consulting says the situation is actually improving.Although reserve deficiencies persist, significant reserve additions made by companies in 2002 have turned the…

News InsuranceMergers and Aqcuisitions

StatsCan auto rate data misleads: Fraser Institute

December 18, 2003 by Canadian Underwriter

Statistics Canada data on auto insurance premiums is not only misleading, it caused the Bank of Canada to incorrectly hike interest rates, suggests a new study by right-wing think tank The Fraser Institute.The study says that StatsCan has been incorrectly…

News Insurance

Fraudulent cyclist tops list of insurance scams

December 18, 2003 by Canadian Underwriter

A scamming cyclist tops the list of insurance frauds for 2003, according to the annual survey by the Insurance Bureau of Canada (IBC). While the list makes light of ridiculous insurance frauds committed each year, fraud is no laughing matter,…

News Insurance

All is sunny in Bermuda market: A.M. Best

December 18, 2003 by Canadian Underwriter

The Bermuda market experienced blue skies in the first nine months of 2003, according to data from rating agency A.M. Best. The top 15 Bermuda-based reinsurers and insurers posted a combined ratio of 87.5% year-to-date at the end of the…

News Climate ChangeInsurance

2003 a “modest” year for cat losses: Swiss Re

December 17, 2003 by Canadian Underwriter

A new Swiss Re sigma study shows 2003 should be a relatively modest year for cat losses, with insurers paying out about US$17 billion (Cdn$22.5 billion) globally.The preliminary estimates put total financial losses from cats at US$65 billion (Cdn$86 billion),…

News Insurance

Forecasters predict 2004 will be “just right”: III

December 17, 2003 by Canadian Underwriter

Wall Street analysts are predicting a solid 2004 for the U.S. insurance industry, according to the annual “earlybird forecast issued by the Insurance Information Institute (III).Analyst tell the III that a combined of premium growth and investment market recovery could…