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California wildfire loss estimate $2 billion: ISO

November 20, 2003 by Canadian Underwriter

Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires…

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Optimum General turnaround continues

November 20, 2003 by Canadian Underwriter

Montreal-based Optimum General continued to climb back into the black in the third quarter ending September 30, 2003, posting net profit of $411,000, or $0.04 per share, compared with a net loss of $743,000, or $0.07 per share, in third-quarter…

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SCOR Canada CEO to take over SCOR US top spot

November 19, 2003 by Canadian Underwriter

SCOR Canada president & CEO Henry Klecan Jr. will be adding another title to his business card, with the parent company announcing he will assume responsibility for SCOR US. Klecan says he is “extremely flattered by the confidence SCOR Group…

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Odyssey Re to sell $75 million in senior notes

November 19, 2003 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.The…

News InsuranceMergers and Aqcuisitions

Co-operators reports income jump, claims improvement

November 18, 2003 by Canadian Underwriter

Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per…

News InsuranceMergers and Aqcuisitions

High claims satisfaction rates come despite auto rate concerns

November 18, 2003 by Canadian Underwriter

Responding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…

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St. Paul, Travellers to merge in US$16 billion deal

November 17, 2003 by Canadian Underwriter

U.S.-based The St. Paul Companies Inc. and Travelers Property Casualty Corp. have announced they will merge to form the second-largest insurer south of the border. The deal, valued at US$16 billion, is a tax-free, stock-for-stock merger that has been approved…

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ICBC gains approval for premium rate increase

November 17, 2003 by Canadian Underwriter

B.C.’s Utilities Commission has approved a 0.4% increase in the premium rate for mandatory auto insurance made available through crown insurer, the Insurance Corp. of British Columbia (ICBC). ICBC says it will also increase optional insurance coverage rates by 0.4%,…

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Insurers have “long way to go” on risk and capital management

November 14, 2003 by Canadian Underwriter

Global insurers are lagging in the implementation of programs to management risk and capital within their own organizations, according to a new study by Ernst & Young LLP.The “risk management and capital management survey” shows that 65% of insurers are…

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Kingsway disposes of holding in U.S., Florida-based MGA

November 14, 2003 by Canadian Underwriter

Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance…

News Climate ChangeInsurance

Moody’s ups California wildfire estimate to US$2.5 billion

November 13, 2003 by Canadian Underwriter

Rating agency Moody’s predicts insured losses stemming from the wildfires that raged through Southern California this fall will be in the US$2.5 billion-US$3.5 billion range.Nonetheless, Moody’s does not expect the fires to materially impact the ratings or the overall outlook…

News InsuranceMergers and Aqcuisitions

Industry still meeting consumers’ expectations on claims

November 13, 2003 by Canadian Underwriter

With the release of the annual Ontario auto insurance claims satisfaction survey, it seems consumer ire over rates is being offset by high satisfaction with claims handling. A full 85% of people experiencing a claim over the past year were…