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SCOR back in brokers’ good books

December 12, 2003 by Canadian Underwriter

French reinsurer says it is back on the security lists of the world’s biggest reinsurance brokers. Following announcement of SCOR’s EUR 349 million loss for the first nine months of the year, the company faced ratings downgrades and a negative…

News Insurance

Swiss Re “cautiously optimistic” about European, US non-life recovery

December 12, 2003 by Canadian Underwriter

In its annual “Insurance Review” held both in London and New York, Swiss Re said that if insurers can maintain underwriting discipline, results through 2004 should highlight recovery.In Europe, strong pricing in 2003 was hampered by several factors, notes Thomas…

News Insurance

Western Financial to raise $10 million through placement

December 11, 2003 by Canadian Underwriter

Western Financial Group Inc. (TSX: WES) plans to raise approximately $10 million through a private placement, which the company says the proceeds will be used to fund its ongoing acquisition program, as well as for “general corporate purposes”. Subject to…

News Insurance

Co-operators begins issuing N.S. cheque refunds

December 11, 2003 by Canadian Underwriter

The Co-operators General Insurance Co. has begun refunding approximately 23,000 policyholders in Nova Scotia in accordance with recent auto insurance legislation passed by the provincial government under Bill-1. The legislation involves a “rate rollback” of 20% of premiums to the…

News Insurance

Consolidation push will be on in 2004: Towers

December 11, 2003 by Canadian Underwriter

In making its 2004 predictions for the insurance industry, Tillinghast-Towers Perrin says consolidation will be key trend in the coming year, with major players dominating the market.Taking off from the recent merger of St. Paul and Travelers, the firm predicts…

News Insurance

Legal judgement hits Anthony Clark balancesheet

December 10, 2003 by Canadian Underwriter

A recent legal judgement against Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has hit the company’s balancesheet hard for the half-year ending September 30, 2003.The company suffered a pre-tax loss of $218,724 for the most recent six months, versus…

News Climate ChangeInsurance

ICLR tells B.C. inquiry forest fire risk can be mitigated

December 10, 2003 by Canadian Underwriter

Speaking at the provincial review into B.C.’s “firestorm 2003”, the forest fires that caused extensive damage to several areas of the province this summer, the Institute for Catastrophic Loss Reduction (ICLR) highlighted why forest fire risk is growing and how…

News InsuranceMergers and Aqcuisitions

MPI rates to rise 3.7% in 2004

December 9, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) has broken its six-year rate freeze, and will up basic auto insurance rates by 3.7% for 2004. The province’s Public Utilities Board (PUB) ordered the increase, which will add about $30 to the average family passenger…

News Insurance

SCOR capital raising gets mixed reviews from raters

December 9, 2003 by Canadian Underwriter

Rating agencies are taking a mixed view of the recent capital raising move by French reinsurer SCOR, despite it exceeding the original EUR 600 million mark.SCOR has announced a fully underwritten rights issue of EUR 750 million, higher than its…

News InsuranceMergers and Aqcuisitions

MPI applauds court’s tough stance on fraud

December 8, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is welcoming a judgement by the province’s courts to hand a jail term to a man convicted of fraud against the public auto insurer.John Francis Lucas, 50, was given a two-year sentence for fraud under $5,000…

News Climate ChangeInsurance

2003’s busy hurricane season could be repeated in 2004

December 8, 2003 by Canadian Underwriter

Eminent hurricane forecaster Prof. William Gray of Colorado State University says the above average hurricane season experienced in 2003 could well be repeated in 2004. “The recent upturn in Atlantic basin major hurricane activity which began in 1995 is expected…

News Insurance

Omni Insurance Brokers Assumes Control of SIAA Canada, Establishes Strategic Master Brokerage

December 7, 2003 by Canadian Underwriter

SIAA (Strategic Independent Agents Alliance), the largest network of partnering independent insurance agencies in the U.S., recently announced that Omni Insurance Brokers of London, Ontario has assumed control of SIAA Canada and has established Southwest Brokers Network as a Strategic…