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Anthony Clark moves into U.S. marketplace

April 24, 2003 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF), is making its first inroads into the U.S. market. The Calgary-based broker consolidator has agreed to purchase all of the assets of an unnamed California brokerage.Purchase price for the deal,…

News InsuranceMergers and Aqcuisitions

Results deteriorate, marketshare rises for Facility

April 23, 2003 by Canadian Underwriter

The industry’s pool for high-risk auto insurance is seeing its marketshare increase, and its combined ratios deteriorate, despite attempts to raise premiums.At its agm in Toronto today, the Facility Association (FA) told member insurers that across the country marketshare is…

News Insurance

Portal service not competition for CSIO, say vendors

April 23, 2003 by Canadian Underwriter

Developers of a new insurance company “portal” service say their product is not competition for the Centre for Study of Insurance Operations (CSIO) broker-insurer portal, and will in fact be compatible with it.“Most insurers have pieces of or are in…

News Insurance

Moody’s predicts stability in U.S. personal lines

April 22, 2003 by Canadian Underwriter

In its annual market report, Moody’s Investors Service is predicting stability in the U.S. personal lines p&c insurance market. The relatively strong risk capitalization level, the impact of premium increases and stricter underwriting are all having an effect on 2002…

News Insurance

U.S. commercial pricing shows signs of stability: CAIB

April 22, 2003 by Canadian Underwriter

Brokers and agents in the U.S. are reporting signs of more stable pricing in the commercial p&c market, according to a survey by the Council of Insurance Agents and Brokers (CIAB). In its quarterly “Market Index”, the CIAB finds premiums…

News Insurance

Captive growth not as strong as anticipated: A.M Best

April 21, 2003 by Canadian Underwriter

2002 was considered a “banner year” for captives, but in actuality the numbers remained fairly flat, suggests a new report by A.M. Best. In “Sizing up the Captive Market”, the rating agency says the although a record 462 new captives…

News Insurance

Final Belton Report calls for change

April 21, 2003 by Canadian Underwriter

In its final edition, the Belton Report calls for change both within the insurance industry and from legislators to deal with the slippery slope of insurer returns. Author Ted Belton says the call of “real retirement” beckons, and in this…

News InsuranceMergers and Aqcuisitions

Auto insurance reform among FSCO priorities

April 17, 2003 by Canadian Underwriter

With the release of the Financial Services Commission of Ontario’s (FSCO) “statement of priorities” for consultation, insurers can take heart that among the list is to “increase enforcement addressing abuse in the automobile insurance system”.With the passage of Bill-198 and…

News Insurance

Vendors start third-party portal project

April 17, 2003 by Canadian Underwriter

Two insurance industry technology vendors have joined to launch a portal that could compete with the planned industry-wide effort.Compu-Quote and iter8 Inc. say they will provide an end-to-end portal solution for the industry that will beat the Centre for Study…

News Insurance

U.S. insurers pull slowly from the red for 2002

April 17, 2003 by Canadian Underwriter

U.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with the net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and…

News Insurance

Western Financial earnings up for 2002

April 16, 2003 by Canadian Underwriter

Alberta-based Western Financial Group (TSX: WES), formerly known as Hi-Alta, reports net income is up 57.9% for 2002. Last year, the broker consolidator brought in net income of $1.57 million, versus $991,800 million in 2001.2002 also saw Western Financial receive…

News Insurance

U.S. insurers take capital beating for 2002

April 16, 2003 by Canadian Underwriter

A report released by A.M. Best indicates that U.S. property and casualty insurers incurred an adverse loss-reserve development of about US$22 billion for 2002. The rating agency notes that the final quarter of the fiscal year usually reflects the greatest…