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S&P notes U.S. insurer surplus growth slowing

March 31, 2005 by Canadian Underwriter

Despite strong financial results and an overall growth in surplus for U.S. property & casualty insurers in 2004, the rate of growth has dropped off the pace set in 2003, notes a new report by Standard & Poor’s. The rater…

News Insurance

Canadian Underwriter Web Poll: March results

March 31, 2005 by Canadian Underwriter

In March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear.…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 31, 2005)

March 31, 2005 by Canadian Underwriter

The Ontario government’s “Consumer Protection Act”, which comes into force on July 30, will require the use of aftermarket parts in auto repairs to be identified in writing to the consumer. In a bulletin to members, Hamilton District Autobody Repair…

News Insurance

IBC wants insurer input on federal review of financial institutions

March 30, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government.As part of its recent federal budget, the government started the process of addressing…

News Insurance

AIG admits Gen Re transaction improperly accounted for

March 30, 2005 by Canadian Underwriter

AIG admitted Wednesday that finite reinsurance transactions dating back to 2000-2001 with Berkshire Hathaway’s Gen Re was improperly documented, and at the same time said it would be even later in filing its 10-K annual financial reports.AIG says it will…

News InsuranceMergers and Aqcuisitions

TD Meloche Monnex refunds drivers for underwriting error

March 30, 2005 by Canadian Underwriter

TD Meloche Monnex announced Wednesday it would reimburse some Ontario auto insurance clients for a rating error dating back to 1999.About 155,000 policyholders will receive an average reimbursement for the five-year period of $68, which includes both premium, sales tax…

News Insurance

What’s new: In brief (March 30, 2005)

March 30, 2005 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) has outlined its “Plan and Priorities for 2005-2008” this week. Within the report, OSFI notes the improved performance of the primary p&c and reinsurance sectors, but adds “the p&c sector is…

News Insurance

Greenberg to give up non-executive chairman’s role

March 29, 2005 by Canadian Underwriter

The retirement of AIG CEO and chairman Maurice “Hank” Greenberg at the end of this week will be a complete on. Despite an earlier statement that Greenberg would remain as non-executive chairman of the company while stepping down as president…

News Insurance

Berkshire Hathaway says Buffett not briefed on AIG transaction

March 29, 2005 by Canadian Underwriter

In a rare move, Berkshire Hathaway has issued a statement responding to recent media stories concerning its chairman Warren Buffet. The parent company of National Indemnity and Gen Re specifically seeks to dispel reports Buffett was in the know on…

News Insurance

Rating agency in no hurry to issue upgrades

March 29, 2005 by Canadian Underwriter

With lingering concerns over the long-term prospects for the p&c industry, rating agency A.M. Best says it will be in no rush to issue upgrades.The rating agency notes the record profitability experienced by the U.S. and Canadian industry in 2004,…

News Insurance

What’s new: In brief (March 29, 2005)

March 29, 2005 by Canadian Underwriter

Fairfax Financial Holdings says it has gained regulatory approval to extend the maturity date of the US$100 million note payable by Fairfax to its TIG Insurance Co. by one year. The original repayment date was June 30, 2005, but has…

News InsuranceMergers and Aqcuisitions

Alberta AIRB says mandated rate reductions not needed

March 28, 2005 by Canadian Underwriter

The Alberta government says insurers are voluntarily filing reduced rates for private passenger auto insurance, making it unnecessary for reductions to be mandated.Insurers representing about 50% of the market have already filed for reductions of between 4%-7% with the province’s…