Canadian Underwriter

News


News Insurance

Optimum Group further increases interest in Optimum General

January 15, 2003 by Canadian Underwriter

Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were…

News Insurance

GE consolidates risk management and asset protection arms

January 15, 2003 by Canadian Underwriter

GE Commercial Insurance, part of GE Employers Reinsurance Corp., says it will combine its Industrial Risk Insurers (IRI) and Global Asset Protection (GAP) Services companies under the IRI banner.IRI will now provide both insurance capacity and loss prevention services. GAP…

News Insurance

AXA cuts back U.S. reinsurance exposure

January 14, 2003 by Canadian Underwriter

Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to…

News Insurance

Travelers U.S. arm takes asbestos reserve

January 14, 2003 by Canadian Underwriter

The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results,…

News Insurance

A.M. Best Canadian ops fly south

January 13, 2003 by Canadian Underwriter

Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities,…

News InsuranceMergers and Aqcuisitions

U.S. auto results will continue to flag: Conning

January 10, 2003 by Canadian Underwriter

A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor…

News Insurance

SCOR rating affirmed with negative outlook

January 9, 2003 by Canadian Underwriter

Rating agency A.M. Best has affirmed the A- (excellent) rating of Paris-based SCOR and its subsidiaries, including SCOR Canada Reinsurance Co. However, the rating comes with a negative outlook.The affirmation follows a move by most rating agencies to place SCOR…

News InsuranceMergers and Aqcuisitions

Auto theft down in Manitoba, study suggests

January 8, 2003 by Canadian Underwriter

For the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the…

News Insurance

France, Germany face almost $1.5 billion loss from windstorm

January 8, 2003 by Canadian Underwriter

Windstorm Calvann, which swept across France and Germany late last week, has produced Eur900 million in insured damages (Cdn$1.47 billion), according to preliminary estimates from Risk Management Solutions Inc.The California-based catastrophe risk management solutions provider says the January 2 storm…

News Insurance

Silverstein appeal to be heard on WTC “occurrence” case

January 7, 2003 by Canadian Underwriter

An appeal from World Trade Center (WTC) leaseholder Larry Silverstein will be heard by a U.S. federal appeals court. Silverstein is challenging a ruling by U.S. District Court Judge John Martin which said that for those insurers covering the WTC…

News Insurance

A.M. Best affirms ratings of Gerling primary cos. (January 07, 2003)

January 7, 2003 by Canadian Underwriter

Rating agency A.M. Best has affirmed its “A- (excellent)” financial rating of Gerling-Konzern Allgemeine Versicherungs AG (GKA) and its primary insurance subsidiaries of Gerling Canada Insurance Co. and Gerling America Insurance Co.A.M. Best cites Gerling’s leading position in industrial insurance…

News Insurance

Specialty insurers amalgamate

January 6, 2003 by Canadian Underwriter

Two companies half-owned by The Co-operators are joining forces. Through the deal, EGI Investments Inc. (EGI) will become a wholly-owned subsidiary of Canadian Insurance Marketing Inc. (CIMI) to form one niche underwriter. Under the terms, former EGI shareholders now own…