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MPI income drops due to claims cost and investment slump

January 15, 2002 by Canadian Underwriter

Manitoba’s public insurer is feeling the crunch, with poor investment returns and higher than expected claims costs leading to an almost 85% drop in income for the first three quarters of 2001.For the nine months ending November 30, 2001, Manitoba…

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Lloyd’s syndicates and names fewer for 2002

January 14, 2002 by Canadian Underwriter

Lloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has…

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New York’s decision on terror exclusions presents coverage withdrawal

January 10, 2002 by Canadian Underwriter

The recent rejection by The New York Department of Insurance (DOI) of terrorism exclusion wordings compiled on behalf of insurers by the Insurance Services Office (ISO) could lead to a significant withdrawal of commercial cover at a time when the…

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Phelan to head up Munich Re American unit

January 10, 2002 by Canadian Underwriter

John Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan…

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Tough decisions ahead for insurers: Deloitte & Touche

January 9, 2002 by Canadian Underwriter

As 2002 gets underway, insurers will be faced with increasingly tougher decisions on risk, says consulting firm Deloitte & Touche. In its “Top Ten Global Insurance Trends”, the firm predicts insurers facing increasingly unpredictable and global catastrophes, will have to…

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Post-9/11 Canadian insurance market “brutal”: Belton Report

January 9, 2002 by Canadian Underwriter

Terrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to…

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U.S. state regulators deny ISO terrorism exclusions

January 8, 2002 by Canadian Underwriter

New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and…

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Insurers see mixed results from technology: TTP survey

January 7, 2002 by Canadian Underwriter

North American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers,…

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Battle between Silverstein and insurers over WTC claim heats up

January 4, 2002 by Canadian Underwriter

The court case between World Trade Center leaseholder Larry Silverstein and insurers is broadening in scope, with Silverstein asking courts to extend his suit to all of the building’s insurers, except ACE and XL. Silverstein has already filed suit against…

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Canada tops U.S. in car theft rates

January 4, 2002 by Canadian Underwriter

Studies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This…

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Insurers lose on “preferred shop” appeal

January 2, 2002 by Canadian Underwriter

A decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw…

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Hub sells subsidiaries to Fairfax

January 2, 2002 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be…