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Q2 rate survey shows heightened distress in U.S. commercial market

August 1, 2002 by Canadian Underwriter

Rates are up, capacity is down and alternative risk management mechanisms are increasingly being used, says the Council of Insurance Agents and Brokers (CIAB). In releasing its Commercial Market Index for the second quarter of 2002, which includes July 1…

News Insurance

Lloyd’s capacity grows to mid-year high

August 1, 2002 by Canadian Underwriter

Market capacity in Lloyd’s of London is growing, rising from 12.2 billion pounds (Cdn$30.25 billion) at the beginning of 2002 to a mid-year high of 12.5 billion pounds (Cdn$31 billion).At the recent Western States Surplus Lines conference in Whistler, B.C.,…

News Insurance

Wawanesa rating affirmed by A.M. Best

July 31, 2002 by Canadian Underwriter

Rating agency A.M. Best has affirmed the A+ (Excellent) rating of Winnipeg-based Wawanesa Mutual Insurance Company and its U.S. subsidiary, San Diego-based Wawanesa General. Outlook for the rating is stable.The rating reflects strong capitalization and operating performance, as well as…

News Insurance

U.S. insurers face almost US$2 billion in claims in second quarter 2002

July 30, 2002 by Canadian Underwriter

U.S. insurers are estimated to be paying US$1.97 billion in claims from 10 catastrophes in the second quarter 2002, says the Property Claims Services Unit of the Insurance Services Office (ISO).These events include the Arizona wildfires of late-June, but this…

News Insurance

Canadian airline insurance program extended

July 29, 2002 by Canadian Underwriter

Transport Canada has extended its third-party war risk liability coverage for the nation’s airlines, airports, navigation and security firms. The government stepped in to offer the coverage following the September 11 terrorist attacks when private insurers cancelled coverage.Originally, the coverage…

News Insurance

Appointments signal progress for U.S. terrorism insurance bill

July 29, 2002 by Canadian Underwriter

Despite speculation that legislation to create a government backstop for terrorism reinsurance was stalled, progress seems to be in the offing with the formation of a committee to write a consensus bill. Seven Senators have been appointed to find middle…

News InsuranceMergers and Aqcuisitions

East-coasters call for government resolve on insurance pricing

July 26, 2002 by Canadian Underwriter

A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes.…

News Insurance

Standard & Poor’s drops St. Paul Cos. financial rating

July 25, 2002 by Canadian Underwriter

Rating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit…

News Insurance

U.K.’s Pool Re goes "all risks" on terrorism coverage

July 25, 2002 by Canadian Underwriter

Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of…

News Insurance

Wind up order issued for Markham General

July 24, 2002 by Canadian Underwriter

The Ontario Superior Court of Justice today issued a wind up order for Markham General Insurance Co. This move follows application earlier this week by the Financial Services Commission of Ontario (FSCO) to seize the assets of the insurer.The court…

News Insurance

FSCO seizes assets of Markham General

July 22, 2002 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has issued notice that the regulator will take possession of the assets of troubled insurer, Markham General Insurance Co. The insurer recently cancelled active policies and ceased writing new business.FSCO says its action…

News Insurance

Lloyd’s unveils market restructuring plan

July 19, 2002 by Canadian Underwriter

Following several years of disappointing underwriting experience, Lloyd’s of London today unveiled a restructuring plan which it hopes will "modernize" the market and create a more comparable financial performance environment.Lloyd intends for the market to be operated as a "franchise…