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Co-operators General rating affirmed, outlook positive

September 21, 2004 by Canadian Underwriter

Co-operators General Insurance Co. of Guelph, ON has seen its “BBB-” rating affirmed and its outlook revised to positive by rating agency Standard & Poor’s.“The financial strength rating on CGIC reflects the insurance company’s position as one of Canada’s larger…

News Climate ChangeInsurance

What’s new: In brief (September 20, 2004)

September 20, 2004 by Canadian Underwriter

Window cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting…

News Insurance

Insurers less than impressed with latest asbestos plan

September 20, 2004 by Canadian Underwriter

U.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related…

News Insurance

Lloyd’s sees market turn in 2005, but opportunities remain: A.M. Best

September 20, 2004 by Canadian Underwriter

While market conditions for Lloyd’s in 2005 will be less favorable than in recent years, A.M. Best still sees opportunities for underwriting profit in the London market.Price weakening is already being seen in 2004, with pricing having peaked in 2003…

News Insurance

U.S. insurers post US$9 billion underwriting profit in first-half 2004

September 20, 2004 by Canadian Underwriter

U.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the…

News Insurance

Converium keeps stake in Global Aerospace

September 19, 2004 by Canadian Underwriter

Converium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re,…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (September 19, 2004)

September 19, 2004 by Canadian Underwriter

A survey of risk managers by the U.K.’s Association of Insurance & Risk Managers (AIRMIC) finds 21% have registered as insurance intermediaries under the new European Union Insurance Mediation Directive. The directive, which will be enforced by the U.K. Financial…

News Climate ChangeInsurance

Benfield “hazard review” addresses “Day After Tomorrow” scenario

September 19, 2004 by Canadian Underwriter

While the film “The Day After Tomorrow” was certainly fictitious, some of the science behind it is not. The concept of global warming slowing down the Gulf Stream and its North Atlantic Drift, is currently the subject of much research,…

News Climate ChangeInsurance

Charley, Frances and Ivan combined could top Andrew

September 19, 2004 by Canadian Underwriter

With Hurricane Ivan predicted to be the costliest of the three hurricanes which have hit the U.S. this season, combined with the earlier Charley and Frances, the events could top the insured loss from 1992’s Hurricane Andrew.Andrew, the worst storm…

News InsuranceMergers and Aqcuisitions

Canadian auto results picking up steam: A.M. Best

September 16, 2004 by Canadian Underwriter

Although it remains an unprofitable business, auto insurance results did improve in 2003, according to a soon-to-be-released report from A.M. Best.In its statistical review of auto insurance, the rating agency finds premiums rose and losses declined in 2003, particularly for…

News Climate ChangeInsurance

What’ new: In brief

September 16, 2004 by Canadian Underwriter

The vote to extend the U.S. Terrorism Risk Insurance Act (TRIA) beyond its December 2005 sunset could come sooner rather than later. The House Financial Services Committee is slated to hold hearings on the act beginning September 29. Insurers this…

News Climate ChangeInsurance

Ivan damage less than expected, but losses still mounting

September 16, 2004 by Canadian Underwriter

Risk modeling agencies are generally lowering their estimates for insured damage as a result of Hurricane Ivan’s assault on the southern U.S., although expectations still vary widely between US$2-$10 billion.EQECAT estimates insured damages of US$4-$10 billion while Risk Management Solutions…