News

Rating agencies have taken a dim view to confirmation late Monday that AIG CEO and chair Maurice “Hank” Greenberg will retire. But it was not only news of the 79-year-old industry veteran’s exodus which caught rater’s attention AIG also announced…

Lloyd’s of London has reached a financial settlement with insurers of its new Central Fund which will see the London market paid a total of GBP152 million.Lloyd’s and the six insurers began arbitration in early 2003 following a dispute over…

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was…

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event…

U.S. legislators are looking to the insurance industry to provide a long-term roadmap for providing terrorism coverage before agreeing to extend the Terrorism Risk Insurance Act beyond its December 31, 2005 sunset. In an editorial written for the Property Casualty…

In its “report card” on North American insurance holding companies, reinsurers stand out as facing significant challenges, says Standard & Poor’s.The rater says these challenges come on three fronts, including the devastation wrought by last year’s record U.S. hurricane losses…

2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish…

The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers,…

Former Quebec Justice Minister Marc Bellemare has announced he will run for mayor of Quebec City in the November municipal election. Bellemare resigned his provincial role last year after a failed attempt to reform Quebec’s auto insurance system. The Insurance…

A class action lawsuit seeking $3 billion has been filed against Nortel Networks and its auditors, Deloitte and Touche LLP.The suit, filed in Ontario Superior Court on behalf of investors who bought the company’s shares between April 24, 2003 and…

Property & casualty insurance pricing was flat in February, according to data compiled by Dallas-based electronic insurance exchange MarketScout.MarketScout’s survey, which involves its national distribution system of more than 50,000 agents, found the composite renewal rate “as expiring” in February.…

The Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003. The Canadian operations achieved an underwriting profit of $39 million, with the company noting this…