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Casualty line to cause risk managers headaches in 2004: Willis

January 13, 2004 by Canadian Underwriter

International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.“The intensity in rate increases has shifted from property to the casualty lines,” writes…

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Insurer IT spending up marginally in 2004, says consultant

January 13, 2004 by Canadian Underwriter

U.S. general insurers will spend slightly more on information technology (IT) in 2004, but funding will be limited and focused, says research and consulting firm TowerGroup.In its annual forecast, the consultant says the industry faces similar challenges to the life…

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Insurers voice pleasure with new Ontario auto reforms

January 12, 2004 by Canadian Underwriter

Insurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers…

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Auto reforms regulated in Ontario

January 12, 2004 by Canadian Underwriter

The reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year…

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Brokers speak out against bank/lifeco mergers

January 9, 2004 by Canadian Underwriter

Through their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the…

News InsuranceMergers and Aqcuisitions

MPI releases first “top frauds” list

January 8, 2004 by Canadian Underwriter

To bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car…

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Lloyd’s capacity steady for 2004

January 8, 2004 by Canadian Underwriter

Lloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9…

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Fairfax establishes new credit facility; declares annual dividend

January 7, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided…

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Yearend catastrophes highlight rising exposure: Munich Re

January 7, 2004 by Canadian Underwriter

As 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re…

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Casualty rates continue climb in 2004: JLT

January 6, 2004 by Canadian Underwriter

International broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says…

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US insurer income jumps 320% in first nine months of 2003

January 6, 2004 by Canadian Underwriter

U.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a…

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Western Financial share offering grosses $11 million

January 5, 2004 by Canadian Underwriter

Alberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including…