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Global reinsurers continue on stable footing: A.M. Best

September 12, 2004 by Canadian Underwriter

A mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…

News Climate ChangeInsurance

EQECAT predicts US$3-$18 billion loss if Ivan hits Florida

September 12, 2004 by Canadian Underwriter

Risk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated…

News Insurance

Anthony Clark continues U.S. expansion

September 9, 2004 by Canadian Underwriter

Calgary-based Anthony Clark International Insurance Brokers has added its third U.S. brokerage, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd. in…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (September 09, 2004)

September 9, 2004 by Canadian Underwriter

Rating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring…

News Insurance

Credit derivatives market expands: Fitch

September 9, 2004 by Canadian Underwriter

The global credit derivatives market (CDx) was up to US$2.8 billion of gross sold outstanding (US$3 trillion including cash collateralized debt obligations), up 71% over 2002, according to the latest study by Fitch Ratings. The rater notes that single-name credit…

News Insurance

Rate relief creeping into PL lines despite claims growth

September 9, 2004 by Canadian Underwriter

Rate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into…

News Climate ChangeInsurance

IBC criticizes Newfoundland’s latest actuary report

September 8, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit…

News Insurance

Employers Re becomes GE Insurance Solutions

September 8, 2004 by Canadian Underwriter

General Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken…

News Insurance

Fitch predicts reinsurers to post 97% combined ratio in 2004

September 8, 2004 by Canadian Underwriter

In its assessment of the global reinsurance sector, Fitch Ratings is predicting a 2004 combined ratio of 97%, a slight improvement over 97.2% in 2003. The prediction follows the rater’s decision in July to change the sector’s outlook to stable…

News Climate ChangeInsurance

What’s new: In brief (September 08, 2004)

September 8, 2004 by Canadian Underwriter

The most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance…

News Insurance

Canadian Western Bank enjoying fruits of Canadian Direct purchase

September 7, 2004 by Canadian Underwriter

In its first earnings release since acquiring Canadian Direct, Edmonton-based Canadian Western Bank says the insurance arm brought in $1.2 million in net income for the second quarter of 2004. Canadian Direct, which was acquired from HSBC Bank during the…

News Climate ChangeInsurance

Frances likely to be “major loss” to primary insurers

September 7, 2004 by Canadian Underwriter

While primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that…