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U.S. homeowners’ market still inadequate: Aon Re study

March 19, 2003 by Canadian Underwriter

Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of…

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Cyber attacks rising as war looms

March 18, 2003 by Canadian Underwriter

The month of March has seen an increasing number of cyber attacks in North America as war with Iraq looms, says mi2g, a international digital risk company.Almost 64% of digital attacks this month have been against U.S. and Canadian businesses,…

News InsuranceMergers and Aqcuisitions

Drivers leaving anti-theft devices unused: MPI

March 17, 2003 by Canadian Underwriter

Manitoba Public Insurance is warning drivers that unused anti-theft devices leave cars vulnerable to theft. The message comes with the release of MPI’s theft statistics, which showed that in the first two weeks of March, of 360 recovered stolen vehicles…

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Fairfax financial strength affirmed, but debt downgraded: A.M. Best

March 14, 2003 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. has seen the financial strength of all but one of its subsidiaries affirmed, while its senior debt rating was lowered by A.M. Best. Only TIG Insurance Group’s financial strength ratings was dropped to B+ from…

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Liberty sells Canadian life-health operation

March 14, 2003 by Canadian Underwriter

Liberty Health, the Canadian life-health operation of Liberty Mutual Group subsidiary Liberty International, is being sold to Maritime Life, a Canadian company owned by John Hancock Financial Services Inc. The move is part of Liberty International’s move to focus on…

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Terrorism insurer closes its doors

March 13, 2003 by Canadian Underwriter

Just a year after it was started up by a group of insurers, a specialty terrorism insurance operation is closing shop due to lack of demand.Specialty Risk Insurance and Reinsurance (SRIR), formed by Allianz, Hannover Re, SCOR, Swiss Re, XL…

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Sale of Vector Ontario operations a no-go

March 13, 2003 by Canadian Underwriter

The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario…

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U.S. insurer insolvency remains high in 2002: A.M. Best

March 12, 2003 by Canadian Underwriter

The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There…

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European floods top cat losses in below-average year: Swiss Re

March 12, 2003 by Canadian Underwriter

Insurers experienced below-average losses from catastrophes in 2002, according to a new sigma study by Swiss Re. Overall, natural and man-made losses cost p&c insurers US$13.5 billion (Cdn$19.9 billion) last year, with property losses below the long-term average since 1970.…

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***Correction*** Gerling Re sale halted by German regulators

March 11, 2003 by Canadian Underwriter

(Note: Includes correction Gerling NCM was placed on credit watch, not downgraded as per story 2/26/03)The sale of Gerling’s reinsurance operations is being halted by German regulators the parent company has confirmed to Reuters. The story comes as Standard &…

News InsuranceMergers and Aqcuisitions

Price increases not enough to salvage 2002 insurer results

March 11, 2003 by Canadian Underwriter

Insurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the…

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Natural catastrophe losses increasing dramatically: Munich Re

March 11, 2003 by Canadian Underwriter

A new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.“One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in…