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E-L weathers hit to investment gains

October 25, 2002 by Canadian Underwriter

E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating…

News Insurance

Olympus rating excellent; Royal place on watch

October 24, 2002 by Canadian Underwriter

New Bermuda venture Olympus Reinsurance Co. Ltd. has been assigned an initial rating of A- (excellent) by rating agency A.M. Best. The company was amongst those formed in the wake of September 11, starting business in December 2001, with $500…

News Insurance

Kingsway to offer shares in U.S.

October 23, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial (TSX, NYSE:KFS) has applied to make an offering of trust preferred shares on the U.S. exchange. The offering could bring in US$50 million, plus over-allottment.Kingsway had planned an offering on both the U.S. and Canadian shares…

News Insurance

Gerling and Scor ratings downgraded

October 22, 2002 by Canadian Underwriter

Two more reinsurers saw their ratings lowered recently, although under very different circumstances.Gerling-Konzern Globale Ruckversicherung (GKG), which operates in Canada as Gerling Global Reinsurance Company, was downgraded by A.M. Best to B++ (very good) from A- (excellent) in terms of…

News Insurance

Terrorism backstop could have negative impact: S&P report

October 22, 2002 by Canadian Underwriter

The terrorism insurance bill reportedly close to being put forward in the U.S. could have a negative impact on company ratings, suggests a new report from Standard & Poor’s.The report says that if the federal government indeed steps in to…

News InsuranceMergers and Aqcuisitions

Collision repair standards pass second reading

October 21, 2002 by Canadian Underwriter

The controversial act to certify Ontario’s bodyshops has passed second reading at Queen’s Park. The Collision Repair Standards Act 2002 will now go to the committee stage for hearings and then to third and final reading.Some insurers have been against…

News InsuranceMergers and Aqcuisitions

Ontario auto remains under cost pressure, A.M. Best says

October 21, 2002 by Canadian Underwriter

A study released by rating agency A.M. Best on Ontario auto insurance suggests that the market’s loss ratio had risen by 10 percentage points to a high of 91.4% by the end of 2001. Auto insurers operating in Ontario brought…

News InsuranceMergers and Aqcuisitions

Loyalist withdrawal leads to downgrade

October 18, 2002 by Canadian Underwriter

The withdrawal of Loyalist Insurance Company from the Ontario auto market has prompted A.M. Best to lower the company’s public data rating to B- from B.The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct…

News Insurance

Lili damage estimated at US$335 million

October 18, 2002 by Canadian Underwriter

The U.S. Insurance Services Office (ISO) is estimating insured damage from Hurricane Lili at US$335 million. The hurricane hit Louisiana and parts of Mississippi in early October.Lili had swept the coast of Mexico as a category 4 hurricane, but was…

News Insurance

Done deal for U.S. terrorism insurance

October 17, 2002 by Canadian Underwriter

The Associated Press is reporting that a compromise bill has been reached today to provide a government-backed terrorism insurance solution in the U.S.The story quotes Senator Christopher Dodd as saying that there is an agreement but that agreement will need…

News Insurance

U.S. insurers to face challenging 2003/4, Conning says

October 17, 2002 by Canadian Underwriter

Although the financial outlook for U.S. property and casualty insurers is improving largely on the back of significant rate increases introduced during 2002 industry earnings will remain under pressure through 2003 and into 2004, says a recently released forecast study…

News Insurance

Regulators propose new reinsurance rules

October 16, 2002 by Canadian Underwriter

Worldwide insurance regulators have put together an outline on reinsurance rules through the International Association of Insurance Supervisors (IAIS). At its annual meeting in Chile, the IAIS adopted “Principles on the Minimum Requirements for the Supervision of Reinsurers”. The paper…