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P&C insurers’ survival challenged by softening market: ISO

June 9, 2004 by Canadian Underwriter

As competition looms in the U.S. property & casualty market, insolvency could be the order of the day for some insurers, says Insurance Services Office (ISO) CEO Frank Coyne.Coyne made the comments as part of the Insurance Accounting & Systems…

News Climate ChangeInsurance

Do not prepare for end to insurance cycles: Sinnott

June 8, 2004 by Canadian Underwriter

Despite much talk of the need to “tame the insurance cycle”, buyers should prepare themselves for continuing fluctuation in the price and availability of insurance, John T. Sinnot, senior advisor, Marsh & McLennan Cos. told delegates to the World Insurance…

News Insurance

No stability in commercial insurance market: panel

June 8, 2004 by Canadian Underwriter

Risk managers and brokers have been shocked by the rapid return of soft market conditions, a panel of speakers told the World Insurance Forum in Bermuda yesterday.“We’re not seeing any sort of rate stability in the marketplace today,” admits Peter…

News Climate ChangeInsurance

Texas storms expected to cost more than US$75 million

June 8, 2004 by Canadian Underwriter

Storms the first week of June in Texas are expected to cost insurers US$75-100 million, according to the Southwestern Insurance Information Service (SIIS).During the first two days of June, winds of 90 miles per hour ripped through the Texas, as…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (June 08, 2004)

June 8, 2004 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) confirms the release of a final framework to replace the designated assessment center (DAC) system will be delayed as the earlier proposed expert assessor network (EAN) goes back to the drawing board. FSCO…

News Insurance

Insurer exposure to reinsurance credit risk varies widely: study

June 7, 2004 by Canadian Underwriter

A study of top commercial insurance writers in the U.K. illustrates the wide variance in exposure to reinsurance credit quality and other financial strength indicators. The study “Insurer Financial Strength Examined” looks at key indicators commercial clients need to assess…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (June 07, 2004)

June 7, 2004 by Canadian Underwriter

Anthony Clark International founders John and Peter Podorieszach await the decision of the Alberta Securities Commission (ASC) on whether orders will be made following the ASC’s finding that the Podorieszachs breached the Securities Act. A panel of the ASC decided…

News Insurance

FSCO restrictions part of Kistruck departure: Star

June 7, 2004 by Canadian Underwriter

Restrictions placed by Ontario’s insurance regulator were part of the decision by York Fire & Casualty CEO Stu Kistruck to exit his job, says Bill Star. Kistruck’s departure, which became official on Friday, leaves Star, CEO of parent company Kingsway…

News InsuranceMergers and Aqcuisitions

EAN had “a lot of weaknesses”: IBC

June 7, 2004 by Canadian Underwriter

The Ontario government’s proposal for an “expert assessor network” (EAN) has “a lot of weaknesses” according to feedback from the insurance industry.The proposal has been sent back to the drawing board, it was confirmed Friday by the office of Mike…

News InsuranceMergers and Aqcuisitions

EAN proposal under revision

June 6, 2004 by Canadian Underwriter

The Ontario Liberals’ proposal of an expert assessor network (EAN) to replace the designated assessment center (DAC) system is going back to the drawing board following consultations.The proposal is facing revisions, confirms Arthur Lofsky, special assistant to Mike Colle, parliamentary…

News Insurance

Study a sign industry needs to focus on mold claims

June 6, 2004 by Canadian Underwriter

A recent U.S. study on mold hailed by insurers for finding a lack of evidence mold causes serious injury should be a wake-up call to the industry, says Kyle Urech, directory of business development for Disaster Kleenup Canada.In a letter…

News Insurance

Bow Valley plans acquisitions under new owner

June 6, 2004 by Canadian Underwriter

With the sale of former Vector subsidiary Bow Valley Insurance to the brokerage’s president, Kirit Gohill, the Calgary-based company is planning to grow through acquisition.Gohill, who has also served as Vector’s Western region vice president before the company’s demise (see…