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Raters react to Converium restructuring

September 2, 2004 by Canadian Underwriter

A.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies…

News Climate ChangeInsurance

Bermuda market maintains profitability in second quarter

September 2, 2004 by Canadian Underwriter

The Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net…

News Insurance

Fitch takes dim view of Fairfax liquidity

September 1, 2004 by Canadian Underwriter

Rating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give…

News Insurance

Converium to restructure North American operations

September 1, 2004 by Canadian Underwriter

As part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will…

News Climate ChangeInsurance

Allstate facing US$425 million Charley price tag

September 1, 2004 by Canadian Underwriter

As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total…

News Insurance

OSFI results show $1.2 billion Q2 profit for insurers

August 31, 2004 by Canadian Underwriter

The latest quarterly financial filings by Canada’s property & casualty insurers shows an industry profit of $1.24 billion in the second quarter ending June 30, 2004. This compares with net income of $584.4 million as reported by the Office of…

News InsuranceMergers and Aqcuisitions

IBC focuses on frequency

August 31, 2004 by Canadian Underwriter

In its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number…

News Insurance

FSCO lays out MCT guidance

August 31, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has published its guidance on the new minimum capital test (MCT), with p&c insurers set to implement the new test on 2004 annual returns, filed by February 28, 2005. The MCT, a risk-based…

News Climate ChangeInsurance

Frances latest fear in Atlantic hurricane season

August 30, 2004 by Canadian Underwriter

As Floridians continue to rebuild following Hurricane Charley, another intense storm is following in his tracks. Hurricane Frances, which as of Monday was classified as a category three storm, has the potential to hit Florida over the Labor Day weekend.On…

News Insurance

Swiss Re cites “resiliency” of Canadian economy

August 30, 2004 by Canadian Underwriter

Swiss Re’s August 2004 Canadian Economic Outlook suggests the nation’s economy has shown resiliency despite slowdown in other countries. Swiss Re chief economist Kurt Karl predicts GDP growth of 2.7% for 2004, and 3.5% in 2005 for Canada. He also…

News Insurance

Ontario, BC regulators stop unlicensed insurers

August 30, 2004 by Canadian Underwriter

Both Ontario and B.C.’s financial services regulators are putting the stop to a “Stop ‘N Cash” operation selling insurance without a license.The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order for SNC Insurance Company (Barbados)…

News Insurance

What’s new: In brief (August 30, 2004)

August 30, 2004 by Canadian Underwriter

The Toronto Insurance Conference has set the line-up for its annual seminar, slated for Thursday, September 9 at the Toronto Marriott Eaton Centre. The program, which runs through the morning, focuses on “Errors & Omissions” for brokers and commercial clients.…