Canadian Underwriter

News


News Insurance

U.S. insurers take capital beating for 2002

April 16, 2003 by Canadian Underwriter

A report released by A.M. Best indicates that U.S. property and casualty insurers incurred an adverse loss-reserve development of about US$22 billion for 2002. The rating agency notes that the final quarter of the fiscal year usually reflects the greatest…

News Insurance

Pilot senior management ousted on discovery of reserve shortfall

April 15, 2003 by Canadian Underwriter

Some key members of Pilot Insurance Co.’s senior management have been removed from their positions as a result of prior year reserving shortfalls uncovered on the company’s books following investigation by parent-owner CGU Group Canada. A statement released yesterday by…

News Insurance

U.S. cat losses hit US$1.46 billion in first quarter

April 15, 2003 by Canadian Underwriter

Bucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to…

News Insurance

U.S. Senate Committee passes class action reform; House ponders new asbestos bill

April 14, 2003 by Canadian Underwriter

Tort reform is the topic of the day in the U.S. where the Senate Judiciary Committee has approved a class action reform bill to move some lawsuits into the federal courts.By request of the plaintiffs or defendants, class action suits…

News InsuranceMergers and Aqcuisitions

Colorado blizzard insured damages top US$93 million

April 14, 2003 by Canadian Underwriter

Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled,…

News Insurance

Fairfax files for IPO on Canadian insurance companies

April 14, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed.Northbridge would then become the holding company for Fairfax’s Canadian insurers Lombard,…

News Insurance

Will U.S. Supreme Court decision signal limits on punitive damages?

April 14, 2003 by Canadian Underwriter

A decision by the U.S. Supreme Court to overturn a US$145 million punitive damage award against State Farm is being hailed as a sign of the court’s willingness to limit such jury awards.The decision, overturns a Utah jury’s award from…

News Insurance

Companies feel unprepared to deal with disruption

April 11, 2003 by Canadian Underwriter

Top financial executives and risk managers do not see their companies as fully prepared to face a disruption to top earnings drivers, suggests the annual “Protecting Value Study” by FM Global, the Financial Executives Research Foundation (FERF) and The National…

News Insurance

Loss control spending up despite pressure to economize

April 11, 2003 by Canadian Underwriter

Despite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending…

News Insurance

Brouwer Claims Canada buys Ward-InterSpect business

April 11, 2003 by Canadian Underwriter

Vancouver-based adjusters Brouwer Claims Canada & Co. has bought the business of Ward-InterSpect Ltd. and will now operate as Brouwer InterSpect & Associates.Ward-InterSpect is headquartered in Toronto, with field-adjsuting offices in Toronto, Montreal, Edmonton and Calgary, strengthening Brouwer’s coast to…

News Insurance

Risk managers anticipate increased use of ART options

April 10, 2003 by Canadian Underwriter

If risk managers’ predictions are accurate, use of alternative risk transfer techniques, specifically captives and self-insurance, should grow significantly in the year ahead.While the traditional response to hard market pricing, taking larger deductibles, remains the most utilized tool, risk managers…

News Insurance

D&O and fiduciary covers top risk manager concerns

April 10, 2003 by Canadian Underwriter

Directors’ & officers’ (D&O) and fiduciary insurance coverage continue to be a sore spot for risk managers, according to the new Risk and Insurance Management Society (RIMS) Benchmark Survey. For the first time, the survey is delivering virtually real-time results…