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Ivan continues trek towards Florida

September 13, 2004 by Canadian Underwriter

Hurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of…

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Old and new Bermuda players riding wave of success

September 13, 2004 by Canadian Underwriter

Bermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that…

News Insurance

Chubb study finds 60% of companies anticipating employee theft

September 13, 2004 by Canadian Underwriter

A new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39%…

News Insurance

Converium scraps plans to boost Converium Insurance capacity

September 13, 2004 by Canadian Underwriter

In the wake of a ratings downgrade, Coverium says it will not add additional capacity to it Converium Insurance (North America) Inc. operations to offset the run-off of Coverium Reinsurance (North America).This means effectively the company will no longer write…

News Climate ChangeInsuranceMergers and Aqcuisitions

What’s new: In brief (September 12, 2004)

September 12, 2004 by Canadian Underwriter

Fitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will…

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U.S. reinsurers income down slightly in first-half 2004

September 12, 2004 by Canadian Underwriter

U.S. reinsurers saw their net income drop slightly to US$2.56 billion in the first six months of 2004, compared to US$2.59 billion for the same period a year prior, according to results compiled by the Reinsurance Association of America (RAA).One…

News Climate ChangeInsurance

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…