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Fairfax reduces Zenith stake

June 16, 2004 by Canadian Underwriter

Fairfax’s TIG Insurance is reducing its stake in California-based Zenith National Insurance Corp. through the sale of 3.1 million common shares. Fairfax has filed a registration statement with the U.S. Securities Exchange Commission (SEC) to sell the shares, plus offer…

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What’s new: In brief (June 16, 2004)

June 16, 2004 by Canadian Underwriter

A.M. Best has affirmed the “A++” (superior) financial strength rating of General Re Group, as well as the “a++” senior debt rating of parent General Re Corp. All ratings have a stable outlook. The rating agency says the rating reflects…

News InsuranceMergers and Aqcuisitions

Road debris responsible for 612 car accident casualties in 2001: AAA

June 16, 2004 by Canadian Underwriter

A new study by the American Automobile Association’s Foundation for Traffic Safety estimates five deaths and 607 injuries were the result of car accidents due to road debris in Canada in 2001. In fact, between 1999 and 2001, the AAA…

News InsuranceMergers and Aqcuisitions

Prospect of FA withdrawal highlights Newfoundland auto woes

June 16, 2004 by Canadian Underwriter

The potential for the Facility Association (FA) the industry’s pool for high-risk drivers to exit Newfoundland should be a sure sign to the province’s government that auto reforms newly legislated are a step in the wrong direction, says one risk…

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What’s new: In brief (June 15, 2004)

June 15, 2004 by Canadian Underwriter

Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.…

News Insurance

Canadians feel immune to house fire: survey

June 15, 2004 by Canadian Underwriter

Almost half of all Canadians have an “it won’t happen to me” attitude to house fires, according to a new survey commissioned by Duracell and the Canadian Association of Fire Chiefs (CAFC). Although more than one-tenth of Canadians have been…

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Trucking seminar: U.S. litigation trends coming to Canada soon

June 15, 2004 by Canadian Underwriter

U.S.-style litigation against long-haul trucking companies is “creeping into Canada”, says lawyer Paul Iacono of York Street Dispute Resolution Group. Iacono made the comments as part of a seminar on transportation litigation sponsored by Kingsway General Insurance Co. in Mississauga…

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Losses from N.B. forest fires likely covered: IBC

June 15, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is getting the word out to New Brunswickers that losses from forest fires in the province should be covered by their insurance policies.A forest fire Monday scorched 125 acres near Lower Coverdale, just outside…

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Contingent commission investigation takes in p&c, life and health insurers

June 14, 2004 by Canadian Underwriter

The contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and…

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US commercial and personal lines given stable outlook: S&P

June 14, 2004 by Canadian Underwriter

At long last, the U.S. commercial lines sector has seen its outlook revised by rating agency Standard & Poor’s to stable, in line with the personal lines outlook.S&P points to a “delicate balance” between earnings growth and legacy reserving issues…

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Silica could be next asbestos: S&P

June 14, 2004 by Canadian Underwriter

A new article by Standard & Poor’s addresses the issue of silica exposure and its potential impact on insurers. “The parallels to asbestos are of concern to us,” says S&P credit analyst John Iten. He expects silica litigation growth could…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (June 14, 2004)

June 14, 2004 by Canadian Underwriter

The Canadian Independent Adjusters Association (CIAA) has revised its program for the 2004 annual convention to be held in Whistler, BC, September 9-12. Friday now includes an entire day of educational sessions, revolving around the issues of legislative change and…