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Chubb tops FSCO claims survey

November 15, 2001 by Canadian Underwriter

Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…

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U.S. insurers issue terrorism exclusion endorsements countrywide

November 14, 2001 by Canadian Underwriter

Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to…

News Insurance

New capital will bolster reinsurance market

November 14, 2001 by Canadian Underwriter

Rating agency Standard and Poor’s says between US$10 billion and US$20 billion of new capital will enter the insurance market in the next six months, the majority of which will be in reinsurance.Already new companies have brought more than US$5…

News Insurance

Insurers face terrorism “coverage gap”, says study

November 13, 2001 by Canadian Underwriter

A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored…

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Corporate Canada will face insurer scrutiny, says KPMG

November 13, 2001 by Canadian Underwriter

In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance…

News Insurance

Lloyd’s among insurers affected by New York plane crash

November 12, 2001 by Canadian Underwriter

Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…

News Insurance

Kingsway reports record results in Q3

November 9, 2001 by Canadian Underwriter

Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…

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Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite

November 7, 2001 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…

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Fairfax 3-Q performance shows widening loss spiral

November 7, 2001 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…

News InsuranceMergers and Aqcuisitions

ISO puts insured property losses from September 11 at US$16.6 billion

November 6, 2001 by Canadian Underwriter

Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…

News Insurance

Alea Group receives US$100 million to boost capital reserves

November 5, 2001 by Canadian Underwriter

Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…

News Insurance

White Mountains latest to form new reinsurance operation

November 2, 2001 by Canadian Underwriter

New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…