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Chubb vice chair warns of D&O market erosion

February 7, 2003 by Canadian Underwriter

The insurance industry is being called on to stand up against “egregious” class action securities lawsuits to avoid erosion of the troubled directors and officers (D&O) market. Speaking to members of the U.S. Professional Liability Underwriting Society (PLUS), Chubb vice…

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Co-operators hard-drive retrieved

February 6, 2003 by Canadian Underwriter

A computer hard-drive containing personal client information of The Co-operators Life Insurance Co. has been recovered by the Regina police authorities. The hard-drive was reported stolen last week from a storage facility owned by ISM Canada.A statement released by The…

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Insurers step up to deal with New Brunswick storms

February 5, 2003 by Canadian Underwriter

Following harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the…

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III “groundhog” predicts weakened hard market

February 4, 2003 by Canadian Underwriter

In a new survey by the U.S. Insurance Information Institute, Wall Street analysts predict that while the hard market will continue through 2003, its pace will slacken. Following up on its “Earlybird Forecast” late last year, the “Groundhog Forecast” suggests…

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Doctor walkouts could affect U.S. hospital credit ratings: Fitch

February 3, 2003 by Canadian Underwriter

With doctors across the U.S. planning or having already walked out over increased medical malpractice insurance costs, rating agency Fitch says such action could turn into a credit concern for hospitals.Fitch’s suggestion is the latest step in a growing crisis,…

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Political and global credit risks growing, says Aon report

February 3, 2003 by Canadian Underwriter

Both economic and political turmoil worldwide make some countries a bad investment risk, says a new report from international broker Aon Corp. In introducing its Global Credit and Political Risk Map, Aon Trade Credit notes that Latin America and the…

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The Co-operators responds to theft of hard drive containing client information

January 31, 2003 by Canadian Underwriter

Property and casualty customers of The Co-operators Group may be breathing a sigh of relief as it was revealed the theft of a hard drive containing some of the insurers’ files applies to life and pension customers only.At a news…

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Hub expands Michigan operations

January 31, 2003 by Canadian Underwriter

Michigan, U.S.-based Burnham Insurance Group Inc., a regional group operation of broker network consolidator Hub International Ltd. (TSX: HGB), has acquired Alberts Insurance Agency Inc. for an undisclosed cash sum. Alberts is located in southwestern Michigan.A Hub media statement notes…

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Assurex Global grows in Canada

January 30, 2003 by Canadian Underwriter

International broker Assurex Global has expanded in Canada with the addition of a Vancouver-based brokerage. Shaw Sabey & Associates Ltd. is one of the largest privately-held brokerages in B.C. and deals in a range of insurance and risk management products…

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Asbestos could lead to more downgrades, says S&P

January 30, 2003 by Canadian Underwriter

The recent series of announcements regarding U.S. insurers’ reserve moves over asbestos could signal further downgrades in early 2003, says Standard & Poor’s Ratings Services. In recent weeks, Travelers Property Casualty Corp. and ACE Ltd. have announced sizeable increases to…

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FSCO gives insurers respite on discounting

January 29, 2003 by Canadian Underwriter

Ontario’s insurance regulator is giving p&c insurers a year’s time to get their books in order for the new claims discounting practice. In a bulletin this week, the Financial Services Commission of Ontario (FSCO) says that the reporting of claims…

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Hub earnings prediction moves slightly higher

January 29, 2003 by Canadian Underwriter

The 2002 yearend earnings prediction from broker consolidator Hub International (TSX, NYSE: HBG) has been raised slightly to US$1.04-$1.06 per share from the US$1.03-$1.05 per share estimated in December. The 2003 earnings estimate of US$1.08-$1.17 remains the same.The announcement was…