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U.S. insurers benefit from 1-Q underwriting recovery

June 24, 2003 by Canadian Underwriter

U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected…

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S&P lowers rating on Aviva Canada group

June 23, 2003 by Canadian Underwriter

Rating agency Standard & Poor’s has lowered its long-term counter-party credit and financial strength ratings for Aviva Canada Inc. to “A” from “A+”. The rating agency says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with…

News Insurance

Folksamerica upgraded; SCOR on watch

June 20, 2003 by Canadian Underwriter

Folksamerica Reinsurance Company is one of the rare companies to see its rating upgraded in the current market. Rating agency A.M. Best Co. has lifted the New York-based reinsurer’s financial strength rating to A (excellent) from A- (excellent).The move comes…

News Insurance

U.S. May storm losses could be higher than expected

June 20, 2003 by Canadian Underwriter

If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance…

News Insurance

Alea closes Canadian branch

June 20, 2003 by Canadian Underwriter

Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.“This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance…

News InsuranceMergers and Aqcuisitions

MPI asks for first rate increase in five years

June 19, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs…

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Markel sells U.K. auto book

June 19, 2003 by Canadian Underwriter

Fairfax subsidiary Markel is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi business. In total, the book is worth about 16.25 million pounds in…

News InsuranceMergers and Aqcuisitions

Atlantic premiers to look at public auto option

June 18, 2003 by Canadian Underwriter

Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met…

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Kingsway raises $102 million through share placement

June 18, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option…

News InsuranceMergers and Aqcuisitions

Insurers pleased with NB cap on minor injury claims

June 17, 2003 by Canadian Underwriter

Insurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key…

News Insurance

Ratings on eight Canadian companies downgraded: A.M. Best

June 17, 2003 by Canadian Underwriter

In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take…

News Insurance

U.S commercial reserves deficient by US$20 billion

June 16, 2003 by Canadian Underwriter

A new study suggests reserves in U.S. commercial lines could be deficient by as much as US$20 billion. The report, by investment bank Cochran, Caronia Securities LLC, says reserves for 1997 to 2001 could be deficient by US$13-$20 billion. This…