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Munich Re, SCOR pleased with January 1 renewals

March 4, 2003 by Canadian Underwriter

Rising rates and tighter terms are putting smiles on the faces of reinsurance CEOs as they come off January 1 renewals.Munich Re Group, which saw 65% of its portfolio (worth EUR2.2 billion in premium volume in 2001) renew on January…

News Insurance

E-L Financial net income down in 2002

March 3, 2003 by Canadian Underwriter

Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per…

News Insurance

Hub expands New York network

March 3, 2003 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) has acquired the assets of Manhattan, New York-based Waldron Mahoney Inc. for an undisclosed cash sum through the group’s Kaye Insurance Associates Inc. Waldron specializes in serving the insurance needs of high-net…

News InsuranceMergers and Aqcuisitions

Co-operators ends 2002 in the red

February 28, 2003 by Canadian Underwriter

Auto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written…

News Insurance

RBC insurance operations grow in first quarter 2003

February 28, 2003 by Canadian Underwriter

Net income from the insurance operations of Royal Bank of Canada is up 29% for the first quarter ending January 31, 2003 versus the same period last year.The company reports that property reinsurance operations and U.S. subsidiary RBC Liberty Insurance…

News Insurance

Klees takes over Ontario Transport Ministry

February 27, 2003 by Canadian Underwriter

MPP Frank Klees, perhaps best know for his advocacy of new regulations for the collision repair industry, has been moved up to Minister of Transport in an Ontario Tory government cabinet shuffle.The move is being praised by the Collision Industry…

News Insurance

TD insurance operations see strong growth

February 27, 2003 by Canadian Underwriter

In reporting its overall results for the fourth quarter and yearend 2002, TD Bank Financial Group notes that insurance products brought in gross premiums of $282 million during the last quarter of the year. This is up $56 million, or…

News Insurance

Gerling reinsurance sale halted by German regulators

February 26, 2003 by Canadian Underwriter

The sale of Gerling’s reinsurance operations is being halted by German regulators the parent company has confirmed to Reuters. The story comes as Standard & Poor’s says it is lowering the long-term counterparty credit and insurer financial strength ratings of…

News InsuranceMergers and Aqcuisitions

U.S. legislators top concerns in 2002 are auto and worker’s comp

February 26, 2003 by Canadian Underwriter

Auto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last…

News Insurance

Royal & Sun parent loses A rating from Fitch

February 25, 2003 by Canadian Underwriter

Rating agency Fitch’s has downgraded the financial strength of U.K.-based Royal & SunAlliance Insurance plc (RSAIP) from A- to BBB+. The company’s long-term rating was also lowered to BBB- from BBB, and its junior subordinated debt to BB+ from BBB-.This…

News Insurance

Ombudservice busy in first six months

February 25, 2003 by Canadian Underwriter

The new ombudservice for p&c insurers received 37,000 calls between July and December of last year. Fortuntaly for insurers, only 17 of those calls have proceeded to mediation, reports the General Insurance Ombudservice (GIO).The GIO was created last year, and…

News Insurance

U.S. terrorism backstop failing, says Conning study

February 24, 2003 by Canadian Underwriter

The U.S. Terrorism Risk Insurance Act of 2002 (TRIA) is failing to address the long-term issue of terrorism risk, says a new study by Conning Research & Consulting Inc. The study speculates that not only does the act not address…