Canadian Underwriter

News


News Climate ChangeInsurance

Jeanne makes history in Florida

September 26, 2004 by Canadian Underwriter

Hurricane Jeanne is making history in Florida, and causing extensive damage. The category-3 storm touched down near Stuart, Florida late Saturday, becoming the fourth hurricane to hit Florida this year a record number during one season to hit the state.For…

News Climate ChangeInsurance

U.S. insurers face up to US$4.4 billion Frances tab

September 23, 2004 by Canadian Underwriter

The total insured loss arising from Hurricane Frances will likely be in the order of US$4.4 billion, according to the latest loss estimate released by the Insurance Services Office (ISO). The ISO expects that about 552,000 claims from both homeowners…

News Insurance

What’s new: In brief (September 23, 2004)

September 23, 2004 by Canadian Underwriter

Investors Group has received notice that staff of the Ontario Securities Commission (OSC) are considering proceedings against the company for mutual fund dealings between March, 2000 and September, 2003. The financial services firm says it will respond to the notice,…

News Insurance

Consumers do not understand credit scores: study

September 23, 2004 by Canadian Underwriter

A new study by a U.S. consumer group finds respondents did not understand credit scores.The survey of more than 1,000 Americans was undertaken by Opinion Research Corp. on behalf of the Consumer Federation of America (CFA) and Providian Financial. A…

News Insurance

Buying of stand-alone “side A” D&O cover on the rise: Willis

September 23, 2004 by Canadian Underwriter

Executives are increasingly looking to protect their personal assets through the purchase of stand-alone “side A” directors’ and officers’ (D&O) cover, according to a new study by international broker Willis.The coverage, designed to protect directors and officers when the company…

News Insurance

AIG faces possible SEC civil action

September 22, 2004 by Canadian Underwriter

American International Group (AIG) announced this week it has received notice from the U.S. Securities Exchange Commission (SEC) that it may face a civil action for alleged violation of federal securities laws.SEC staff are recommending the action against AIG and…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (September 22, 2004)

September 22, 2004 by Canadian Underwriter

Western Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is…

News Insurance

U.S. Fed rate hikes not to be deterred: Swiss Re

September 22, 2004 by Canadian Underwriter

Despite signs of sluggishness in the U.S. economy, the Federal Reserve Board shows no signs of being deterred from its measured approach to raising federal fund rates, notes a report by Swiss Re chief economist Kurt Karl.“The Fed [Tuesday] reinforced…

News Climate ChangeInsurance

Ivan loss estimates lower than first thought

September 22, 2004 by Canadian Underwriter

Insured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the…

News Insurance

Fairfax announces share buyback

September 21, 2004 by Canadian Underwriter

Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing less than 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course…

News Climate ChangeInsurance

What’s new: In brief (September 21, 2004)

September 21, 2004 by Canadian Underwriter

Lloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but…

News Insurance

E&S premiums up 28% in 2003: A.M. Best

September 21, 2004 by Canadian Underwriter

The U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62%…