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Fitch predicts California blazes could be worst ever

October 31, 2003 by Canadian Underwriter

Rating agency Fitch says the wildfires that continue to rage in areas of California could amount to the worst insured loss ever from wildfires. This means the damage would have to top US$1.7 billion (US$2.2 billion in 2003 dollars), the…

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Hub Canadian growth solid, US operations lagging

October 31, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) says its revenue and earnings are up for the third quarter ending September 30, 2003, with Canadian operations posting strong organic growth.Revenue grew 31% to US$64.7 million for the quarter (Q3 2002:…

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More backlash against Nova Scotia auto plan

October 30, 2003 by Canadian Underwriter

Insurers and brokers continue to speak out against changes to Nova Scotia’s auto insurance system, in hopes of swaying the provincial government not to finalize the legislation.“We are shocked and deeply offended by the punitive insurance legislation passed by the…

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Truckers up in arms over rate increases

October 30, 2003 by Canadian Underwriter

The Canadian Trucking Alliance is speaking out against successive rate increases over the past several years, which it says show no signs of abating.“We are in our third year of escalating insurance costs and it is hard to see much…

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Portal to launch in January; IBM named vendor partner

October 29, 2003 by Canadian Underwriter

Brokers may finally see the industry Internet portal to connect them with insurers get off the ground. After a lengthy process, the Centre for Study of Insurance Operations (CSIO) portal is slated for a January, 2004 launch.The CSIO board has…

News InsuranceMergers and Aqcuisitions

New Brunswick reforms working, says Co-operators

October 29, 2003 by Canadian Underwriter

Reforms to limit compensation for minor injuries are paying off in New Brunswick, says Co-operators General Insurance Co., one of the province’s largest insurers.The company made the statement in a release to announce that 9,00 cheques are being sent to…

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Facility Association assesses insurers more than $125 million for losses

October 28, 2003 by Canadian Underwriter

The industry’s pool for high-risk drivers is assessing insurers more than $125 million for losses in four provinces. The Facility Association, which insures drivers who have been turned down in the voluntary market due to bad driving records, is asking…

News InsuranceMergers and Aqcuisitions

Insurers want Nova Scotia auto reforms delayed

October 28, 2003 by Canadian Underwriter

On the heels of the passage of Nova Scotia’s Bill 1, which would reform the province’s auto insurance system, insurers and brokers are scrambling to have the legislation delayed. The bill, in its present form, contains amendments that would roll…

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US insurers dismayed by failure of class action reform

October 27, 2003 by Canadian Underwriter

With the “Class Action Fairness Act” back on the shelf, US insurers are lamenting the narrow vote that saw the federal legislation defeated. In a vote of 59-39 (one vote shy of the 60 required), Republican senators were unable to…

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Odyssey Re highlights point to strong Q3

October 27, 2003 by Canadian Underwriter

Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.Gross written premiums (GWP) for the third quarter ending September 30 were US$703…

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P&C business dragging reinsurance ratings

October 24, 2003 by Canadian Underwriter

Underperformance in the property & casualty line that is hampering reinsurer ratings, along with pressure on risk-adjusted capital, says rating agency A.M. Best. And the outlook for 2003 yearend is for little improvement, the firm adds.Given the current low interest…

News InsuranceMergers and Aqcuisitions

Insurers unfazed by Ontario rate freeze

October 23, 2003 by Canadian Underwriter

An auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new…