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US insurers dismayed by failure of class action reform

October 27, 2003 by Canadian Underwriter

With the “Class Action Fairness Act” back on the shelf, US insurers are lamenting the narrow vote that saw the federal legislation defeated. In a vote of 59-39 (one vote shy of the 60 required), Republican senators were unable to…

News Insurance

Odyssey Re highlights point to strong Q3

October 27, 2003 by Canadian Underwriter

Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.Gross written premiums (GWP) for the third quarter ending September 30 were US$703…

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P&C business dragging reinsurance ratings

October 24, 2003 by Canadian Underwriter

Underperformance in the property & casualty line that is hampering reinsurer ratings, along with pressure on risk-adjusted capital, says rating agency A.M. Best. And the outlook for 2003 yearend is for little improvement, the firm adds.Given the current low interest…

News InsuranceMergers and Aqcuisitions

Insurers unfazed by Ontario rate freeze

October 23, 2003 by Canadian Underwriter

An auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new…

News Insurance

CIAB 3-Q survey shows improved U.S. commercial conditions

October 23, 2003 by Canadian Underwriter

The latest “commercial market index” membership survey conducted by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that during the third quarter of this year there was a renewed sense of market competition among property and casualty insurers…

News InsuranceMergers and Aqcuisitions

Reserve costs, dollar blues dampen Kingsway’s 3-Q earnings

October 22, 2003 by Canadian Underwriter

Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to…

News Insurance

Anthony Clark expands into the U.S.

October 21, 2003 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has acquired the assets and book of business of San Francisco-based Vista International Insurance Brokers. The purchase, which involved an undisclosed amount of cash and “seller financing”, was completed between an Anthony…

News Insurance

A.M. Best downgrades Swiss Re group

October 20, 2003 by Canadian Underwriter

Rating agency A.M. Best has reduced the financial strength rating of the Swiss Re group to "A+ (Superior)" from "A++ (Superior)" on grounds that the reinsurer’s forward earnings potential based on first half results for 2003 will unlikely support its…

News Insurance

Munich Re share offering receives mild enthusiasm

October 20, 2003 by Canadian Underwriter

The recent announcement by Munich Reinsurance Co. of a share offering to raise at least 3.8 billion in "growth capital" has received a lukewarm response from the major rating agencies. The rights offering will be made before the end of…

News Insurance

European Commission satisfied with Lloyd’s regulation

October 17, 2003 by Canadian Underwriter

The European Commission says it has formally closed its proceedings relative to the regulation of Lloyd’s of London. In December of 2001, the commission had launched “infringement proceedings”, citing concerns over the insurance market’s supervision.Despite assurance by U.K. authorities that…

News Insurance

Travel insurance seen as necessary, survey shows

October 16, 2003 by Canadian Underwriter

A new survey by RBC Insurance/Ipsos-Reid shows that while an overwhelming majority of people think travel insurance is important, not all are purchasing it.While 84% of Canadians surveyed said travel insurance was worth the cost to ensure peace of mind,…

News Insurance

Alea confirms Canadian staff to manage run-off

October 16, 2003 by Canadian Underwriter

Following the announcement this summer that the Canadian branch of Alea Europe Ltd. would go into run-off, it has been confirmed that remaining Canadian staff will manage this process through the Toronto office.Alea confirms it has filed its run-off plans…