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Canadian ops of The Home Insurance Co. face liquidation

June 27, 2003 by Canadian Underwriter

The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which…

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Dominion of Canada adds to business in northern New Brunswick

June 27, 2003 by Canadian Underwriter

Hot on the heels of the New Brunswick government’s decision to limit “pain and suffering” awards to auto collision victims, the Dominion of Canada General Insurance Co. says it has authorized brokers in The Huestis Group to do business with…

News InsuranceMergers and Aqcuisitions

Nova Scotia moves to “no frills” auto product

June 27, 2003 by Canadian Underwriter

The Nova Scotia government plans to move to a “no frills” auto product in an attempt to lower auto insurance premiums in the province. The government expects to see a 20% reduction in premiums as a result of the plan,…

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***Correction: Markel sells U.K. auto book***

June 27, 2003 by Canadian Underwriter

***Note: Removes reference to Markel being a Fairfax subsidiary. Markel International is a holding company, not part of Fairfax or related to Markel Insurance in Toronto.British holding company Markel International is selling its U.K. auto portfolio to Brit Insurance Ltd.…

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U.S. insurers’ 1-Q ROE of 8% a turning point: III

June 26, 2003 by Canadian Underwriter

The 20% year-on-year jump in net earnings of U.S. insurers to US$6.4 billion for the first quarter of this year translates to a return on equity (ROE) of 8.8%, notes the Insurance Information Institute’s (III) chief economist Robert Hartwig. This…

News InsuranceMergers and Aqcuisitions

Co-operators drops liability rates on auto in New Brunswick

June 25, 2003 by Canadian Underwriter

Co-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday,…

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U.S. insurers benefit from 1-Q underwriting recovery

June 24, 2003 by Canadian Underwriter

U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected…

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S&P lowers rating on Aviva Canada group

June 23, 2003 by Canadian Underwriter

Rating agency Standard & Poor’s has lowered its long-term counter-party credit and financial strength ratings for Aviva Canada Inc. to “A” from “A+”. The rating agency says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with…

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Folksamerica upgraded; SCOR on watch

June 20, 2003 by Canadian Underwriter

Folksamerica Reinsurance Company is one of the rare companies to see its rating upgraded in the current market. Rating agency A.M. Best Co. has lifted the New York-based reinsurer’s financial strength rating to A (excellent) from A- (excellent).The move comes…

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U.S. May storm losses could be higher than expected

June 20, 2003 by Canadian Underwriter

If Missouri’s Insurance Department (MDI) is correct, insured losses from tornadoes and storms that struck several states in early May. In Missouri alone, insurers can expect to pay out US$500 million or more, says the department’s director, Scott Lakin.The Insurance…

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Alea closes Canadian branch

June 20, 2003 by Canadian Underwriter

Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.“This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance…

News InsuranceMergers and Aqcuisitions

MPI asks for first rate increase in five years

June 19, 2003 by Canadian Underwriter

Manitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs…