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Zurich sells off Canadian life unit (February 18, 2002)

February 18, 2002 by Canadian Underwriter

On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…

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ACE and Silverstein reach WTC settlement

February 18, 2002 by Canadian Underwriter

ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks.…

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Risk managers face tough times, says new study

February 15, 2002 by Canadian Underwriter

Risk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the…

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Commercial insurance buyers urge terrorism pool

February 14, 2002 by Canadian Underwriter

U.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…

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Profitability “first line of defence”, says regulator

February 13, 2002 by Canadian Underwriter

Profitability is the “first line of defence” for insurers facing rough financial times, says the country’s top regulator. In a speech to the Empire Club, superintendent Nick Le Pan of the Office of the Superintendent of Financial Institutions notes that…

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US airlines consider insuring themselves

February 12, 2002 by Canadian Underwriter

In response to the lack of available war risk coverage following the September 11 terrorist attacks, airlines south of the border are considering their own insurance scheme. This comes as government-backed coverage is set to run out on March 20.The…

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Large brokers produce mixed results

February 12, 2002 by Canadian Underwriter

The world’s largest insurance brokers have each produced very different yearend results in the wake of September 11 and a hardening insurance market.Giant Marsh & McLennan held the line, with revenues of US$2.5 billion in the fourth quarter, equal to…

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Fairfax, Odyssey hit by WTC and Enron claims

February 11, 2002 by Canadian Underwriter

On the tail of a slew of terrible fourth quarter 2001 reportings from insurers, Canadian-based Fairfax is the latest to tell its tale of financial woe in the wake of September 11. The World Trade Center (WTC) attacks, combined with…

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WTC leaseholder close to settlement with two insurers, while clean-up lawsuit looms

February 8, 2002 by Canadian Underwriter

Larry Silverstein, leaseholder for the World Trade Center is reportedly close to reaching a settlement with two of the complex’s 22 insurers. XL Capital and Ace are the only insurers not named in Silverstein’s lawsuit in which he seeks to…

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Lost Enron investment costs insurers US$3 billion, says A.M. Best

February 7, 2002 by Canadian Underwriter

Rating agency A.M. Best says the collapse of U.S. energy giant Enron has cost insurers US$3 billion in investment exposures, at least in the early stages. The figure assesses losses as of September 30, 2001.However, the majority of these losses…

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Lloyd’s makes cash call to cover claims

February 6, 2002 by Canadian Underwriter

Lloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about…

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IBC auto cost study targets "soft tissue" claims

February 5, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has released an auto claims cost study conducted in Nova Scotia which shows that the vast majority of claims relate to "soft tissue" injuries, namely sprains and strains. The study was undertaken in response…