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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…

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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…

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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…

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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…

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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…

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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…

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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…

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Pilot senior management ousted on discovery of reserve shortfall

April 15, 2003 by Canadian Underwriter

Some key members of Pilot Insurance Co.’s senior management have been removed from their positions as a result of prior year reserving shortfalls uncovered on the company’s books following investigation by parent-owner CGU Group Canada. A statement released yesterday by…

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U.S. cat losses hit US$1.46 billion in first quarter

April 15, 2003 by Canadian Underwriter

Bucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to…

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U.S. Senate Committee passes class action reform; House ponders new asbestos bill

April 14, 2003 by Canadian Underwriter

Tort reform is the topic of the day in the U.S. where the Senate Judiciary Committee has approved a class action reform bill to move some lawsuits into the federal courts.By request of the plaintiffs or defendants, class action suits…

News InsuranceMergers and Aqcuisitions

Colorado blizzard insured damages top US$93 million

April 14, 2003 by Canadian Underwriter

Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled,…