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Cats at 10-year low for Q1, says ISO

April 22, 2002 by Canadian Underwriter

The U.S. Insurance Services Office (ISO) is reporting that for the first quarter of 2002 insured-property losses are the lowest for any first quarter in the past decade. U.S. Insurers will pay out US$580 million in homeowners’ and commercial property…

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Commercial market in distress, say U.S. agents

April 19, 2002 by Canadian Underwriter

The dire condition facing commercial buyers is evidenced in the Commercial Insurance Market Index for the first quarter 2002, say the index’s creators, U.S.-based Council of Insurance Agents and Brokers (CIAB).The index shows that market tightening continues since the September…

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Uninsured Vehicles Project faces delays

April 19, 2002 by Canadian Underwriter

An initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government,…

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Markham General cancels policies mid-term

April 18, 2002 by Canadian Underwriter

In the wake of industry speculation on the fate of Internet-based insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15.In a letter to brokers approved by…

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Lindsey Morden losses up in Q1 2002 due to outstanding claims

April 18, 2002 by Canadian Underwriter

International adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending…

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Co-operators officially appoints new CEO at AGM

April 17, 2002 by Canadian Underwriter

The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity…

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U.S. insurers incur first-ever annual net loss on the back of cat costs and plummeting investment returns

April 15, 2002 by Canadian Underwriter

U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising…

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Insurers creeping into terrorism coverage market

April 12, 2002 by Canadian Underwriter

In the face of calls from U.S. President George Bush for a terrorism backstop plan to be approved by the Senate, insurers appear to be creeping back into the terrorism coverage market, albeit hesitantly.The latest is ACE USA, announcing it…

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Lloyd’s 2001 losses top Cdn$7 billion

April 10, 2002 by Canadian Underwriter

For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist…

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Bush urges Senate action on terrorism insurance

April 9, 2002 by Canadian Underwriter

As expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program…

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Fairfax increases Lindsey Morden stake

April 8, 2002 by Canadian Underwriter

Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the…

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U.S. House moves to extend airline cover

April 5, 2002 by Canadian Underwriter

The U.S. House of Representatives has proposed a bill to extend the limit on third-party liability damages as a result of terrorist attacks until the end of 2003. The bill, put forward by Rep. John Mica, chair of the House…