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Insurers face terrorism “coverage gap”, says study

November 13, 2001 by Canadian Underwriter

A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored…

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Corporate Canada will face insurer scrutiny, says KPMG

November 13, 2001 by Canadian Underwriter

In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance…

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Lloyd’s among insurers affected by New York plane crash

November 12, 2001 by Canadian Underwriter

Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…

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Kingsway reports record results in Q3

November 9, 2001 by Canadian Underwriter

Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…

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Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite

November 7, 2001 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…

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Fairfax 3-Q performance shows widening loss spiral

November 7, 2001 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…

News InsuranceMergers and Aqcuisitions

ISO puts insured property losses from September 11 at US$16.6 billion

November 6, 2001 by Canadian Underwriter

Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…

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Alea Group receives US$100 million to boost capital reserves

November 5, 2001 by Canadian Underwriter

Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…

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White Mountains latest to form new reinsurance operation

November 2, 2001 by Canadian Underwriter

New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…

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U.S. government at odds on insurance package

November 2, 2001 by Canadian Underwriter

A deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…

News Insurance

Terrorist attacks evident in Q3 insurer results

November 1, 2001 by Canadian Underwriter

With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result…

News InsuranceMergers and Aqcuisitions

IBC responds to Ontario’s revised auto insurance proposal

October 31, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…