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Aon adds voice to call for TRIA extension

December 16, 2004 by Canadian Underwriter

Following the release of a survey indicating the increasing desire to purchase terrorism coverage under the Terrorism Risk Insurance Act (TRIA), broker Aon is adding its voice to the call for an extension of the U.S. government program.Aon says the…

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Lloyd’s capacity to drop 9% in 2005

December 16, 2004 by Canadian Underwriter

Lloyd’s of London says its capacity should be GBP 13.7 billion (Cdn$33 billion) in 2005, a 9% drop over the nearly GBP 15 billion pounds (Cdn$36 billion) of capacity this year.Lloyd’s chairman Lord Peter Levene says the drop in capacity…

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Broker revenues dropping even before Spitzer probe: study

December 15, 2004 by Canadian Underwriter

A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue…

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Co-operators upgraded by S&P

December 15, 2004 by Canadian Underwriter

Standard & Poor’s has upgraded the long-term counterparty credit and financial strength ratings on Guelph, Ontario-based Co-operators General Insurance Co. to “BBB” from “BBB-“. The rating agency also pushed the long-term national preferred stock rating on the company to “P-3”…

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Terrorism insurance take-up rates hold steady: Marsh

December 15, 2004 by Canadian Underwriter

In its “Marketwatch” review of property terrorism insurance amongst commercial buyers, broker Marsh finds rates holding steady in the third quarter of 2004.The survey of 754 companies finds take-up rates holding in the mid-40% range the rate was 44% in…

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What’s new: In brief (December 15, 2004)

December 15, 2004 by Canadian Underwriter

B.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more…

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What’s new: In brief (December 14, 2004)

December 14, 2004 by Canadian Underwriter

Standard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…

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U.S. commercial market has “short memory”: A.M. Best

December 14, 2004 by Canadian Underwriter

In its statistical review of U.S. multi-peril Commercial lines carriers, A.M. Best shows little hope that market softening will not set in full force in 2005.The study notes that premium growth was a solid 7.5% in 2003 for the top…

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Underwriting discipline remains: Swiss Re

December 14, 2004 by Canadian Underwriter

Despite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…

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Prior accident year losses continue to hamper U.S. reinsurers: A.M. Best

December 14, 2004 by Canadian Underwriter

Despite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst…

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What’s new: In brief (December 13, 2004)

December 13, 2004 by Canadian Underwriter

Chubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey.…

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S&P ups reinsurance outlook to stable

December 13, 2004 by Canadian Underwriter

U.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.“Despite moderate premium rate…