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Terrorism insurer closes its doors

March 13, 2003 by Canadian Underwriter

Just a year after it was started up by a group of insurers, a specialty terrorism insurance operation is closing shop due to lack of demand.Specialty Risk Insurance and Reinsurance (SRIR), formed by Allianz, Hannover Re, SCOR, Swiss Re, XL…

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Sale of Vector Ontario operations a no-go

March 13, 2003 by Canadian Underwriter

The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario…

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U.S. insurer insolvency remains high in 2002: A.M. Best

March 12, 2003 by Canadian Underwriter

The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There…

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European floods top cat losses in below-average year: Swiss Re

March 12, 2003 by Canadian Underwriter

Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970.…

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***Correction*** Gerling Re sale halted by German regulators

March 11, 2003 by Canadian Underwriter

(Note: Includes correction Gerling NCM was placed on credit watch, not downgraded as per story 2/26/03)The sale of Gerling’s reinsurance operations is being halted by German regulators the parent company has confirmed to Reuters. The story comes as Standard &…

News InsuranceMergers and Aqcuisitions

Price increases not enough to salvage 2002 insurer results

March 11, 2003 by Canadian Underwriter

Insurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the…

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Natural catastrophe losses increasing dramatically: Munich Re

March 11, 2003 by Canadian Underwriter

A new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.“One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in…

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Moody’s predicts $7 billion profit for Lloyd’s

March 10, 2003 by Canadian Underwriter

Moody’s Investors Services is forecasting a profit of 3 billion pounds (Cdn$7 billion) for the Lloyd’s of London market in the 2002-2003 years of account. This comes on the heels of a forecasted 4.5 billion pounds (Cdn$10.5 billion) in losses…

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Pethealth results show revenue growth despite loss

March 10, 2003 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) posted record financial results for the year ending December 31, 2002. The company brought in total revenue of $3.66 million, a 146% increase over revenue of $1.49 million…

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Battle over New Brunswick auto heats up

March 7, 2003 by Canadian Underwriter

A consumer group has thrown the latest attack in the battle over how to deal with New Brunswick’s auto insurance system. In a press release, the Consumers Coalition Against No-Fault Insurance says that it fears the government is going to…

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Hub earnings up almost 200% in 2002

March 6, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) reports a 194% increase in net earnings for the year ending December 31, 2002. Last year, earnings grew to US$29.4 million from US$10 million in 2001. Diluted earnings per share grew 112%…

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State Farm faces rating review on surplus drop

March 6, 2003 by Canadian Underwriter

The State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to…