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Lloyd’s proposals necessary but challenging, says S&P

January 30, 2002 by Canadian Underwriter

Proposed reforms to the structure of the world’s oldest insurance market announced by Lloyd’s earlier this week are being praised by rating agency Standard & Poor’s. Although the announcement does not impact Lloyd’s single-A rating, S&P says the reforms “address…

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U.S. commercial market reveals hardening and confusion

January 29, 2002 by Canadian Underwriter

“Major commercial property/casualty premiums uniformly on the upswing and confusion in the market” is how the U.S. Council of Insurance Agents and Brokers (CIAB) is characterizing the post-September 11 environment. In releasing fourth quarter 2001 results of its Commercial Insurance…

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FSCO releases last quarter 2001 approved auto rate increases

January 28, 2002 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on…

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Canadian operations contribute to Crawford success in Q4

January 25, 2002 by Canadian Underwriter

Adjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up…

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ING-Zurich deal finalized

January 25, 2002 by Canadian Underwriter

A deal with sees Zurich North America Canada’s personal lines p&c book head to ING has been granted regulatory approval. The agreement, first announced in November, also sees the company’s forming an alliance in the commercial market, and able to…

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Allianz Canada failure to meet targets results in downgrade

January 23, 2002 by Canadian Underwriter

Allianz Canada, and it subsidiary Trafalgar Insurance Company, have been downgraded by rating agency A.M. Best based on their failure to meet earnings targets. In lowering the Canadian companies’ financial strength rating to A (Excellent) from A++ (Superior), A.M. Best…

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U.K. extends airline insurance while Canadian deadline looms

January 22, 2002 by Canadian Underwriter

As the U.K. government decides to extend “war and terrorism” insurance coverage for its airlines until the end of March, the future of Canada’s airlines remains unknown. The U.K.’s former deadline of January 22 has been moved to March 20,…

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Dominion gets discount approved for “I Promise” program

January 18, 2002 by Canadian Underwriter

Dominion of Canada General Insurance has been successful in its bid to have a discount approved by Ontario’s insurance regulator for teen drivers in the “I Promise” Program.Domion CEO George Cooke, a staunch supporter of the program, had applied to…

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Lloyd’s releases proposal for new market structure

January 17, 2002 by Canadian Underwriter

In response to criticisms and years of poor results, Lloyd’s of London has released a series of proposed changes to “modernize” the 300-year-old insurance market. Among the changes being put before the ruling Council of Lloyd’s is the end of…

News InsuranceMergers and Aqcuisitions

IBC makes pitch for Ontario health care reform

January 17, 2002 by Canadian Underwriter

The Insurance Bureau of Canada is calling for changes to the way insurers and rehabilitation service providers deal with each other, in light of the growing cost of auto-related injuries to the industry. In a submission to the Ontario Ministry…

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Scor & RSA see ratings downgraded in the wake of poor Q-4 results

January 16, 2002 by Canadian Underwriter

Two global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor…

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September 11 lawsuits in the works

January 16, 2002 by Canadian Underwriter

Families of victims of the September 11 terrorist attacks have begun to file suit against the airlines involved. An earlier suit had been filed against United Airlines by one family of a passenger aboard the flight that struck World Trade…