Canadian Underwriter

News


News Insurance

Willis up, Hannover Re down, Munich Re on watch: Moody’s

March 26, 2003 by Canadian Underwriter

Rating agency Moody’s has upgraded the senior bank credit facility of Willis North America Inc., the world’s third largest brokerage, to Ba1 from Ba2. At the same time, the broker’s senior subordinated debt rating has been upped to Ba2 from…

News Insurance

Hub International buys B.C. brokerage

March 25, 2003 by Canadian Underwriter

Broker consolidator Hub International “hub” Barton Insurance Brokers Ltd. has purchased the assets of H&H Insurance Services of Chetwynd, BC.H&H sees annual revenues of US$320,000 (Cdn$475,000) largely in auto and personal insurance. According to a press release, H&H’s operations will…

News Insurance

Credit rating agencies to be topic of U.S. House hearing

March 25, 2003 by Canadian Underwriter

A subcommittee of the U.S. House Committee on Financial Services is set to hold hearings into the role of credit rating agencies. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will commence hearings on April 2 entitled “Rating…

News Insurance

Many companies not opting for terror cover, confirms CIAB

March 24, 2003 by Canadian Underwriter

A new study by the Council of Insurance Agents and Brokers (CIAB) is confirming anecdotal reports that many companies are not buying terrorism insurance although its has become more available following the passage of the Terrorism Risk Insurance Act (TRIA).Almost…

News Insurance

Allianz to raise EUR5 billion after posting loss for 2002

March 24, 2003 by Canadian Underwriter

On the heels of a EUR1.2 billion (Cdn$1.9 billion) loss in 2002, Munich-based Allianz Group is set to raise EUR5 billion (Cdn$7.9 billion) in capital through a variety of means.In its 2002 yearend report, Allianz noted that the loss comes…

News InsuranceMergers and Aqcuisitions

Nova Scotia launches public discussion on auto insurance

March 21, 2003 by Canadian Underwriter

The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system.Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident…

News Insurance

Georgia tornadoes bring US$2.5 million in claims

March 20, 2003 by Canadian Underwriter

Tornadoes and deadly storms that ripped through Georgia on Wednesday have caused US$2.5 million in claims, estimates the state’s Insurance Commissioner, John Oxendine.He visited the devastated areas today, calling on insurers to quickly pay out claims.The storms claimed six lives,…

News Insurance

Toyota, Honda top theft list in 2002

March 20, 2003 by Canadian Underwriter

In a study by U.S.-based technology firm CCC Information Services Inc., the 1998 Toyota Camry topped the theft list last year for the fourth time in the last five years. Falling second is the 1991 Camry, 2001’s top theft target.Imports…

News Insurance

Royal & SunAlliance Canada boosts travel exposure

March 20, 2003 by Canadian Underwriter

Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of…

News Insurance

U.S. homeowners’ market still inadequate: Aon Re study

March 19, 2003 by Canadian Underwriter

Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of…

News Insurance

Cyber attacks rising as war looms

March 18, 2003 by Canadian Underwriter

The month of March has seen an increasing number of cyber attacks in North America as war with Iraq looms, says mi2g, a international digital risk company.Almost 64% of digital attacks this month have been against U.S. and Canadian businesses,…

News InsuranceMergers and Aqcuisitions

Drivers leaving anti-theft devices unused: MPI

March 17, 2003 by Canadian Underwriter

Manitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles…