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Lloyd’s CEO calls for “change in behavior”

February 8, 2005 by Canadian Underwriter

The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the…

News Insurance

Insurers striving for balance in 2005: Heath Lambert

February 7, 2005 by Canadian Underwriter

Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a…

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Insurers to take “cautious” approach to technology in 2005: study

February 7, 2005 by Canadian Underwriter

U.S. insurers are expected to be a bit more cautious in their information technology (IT) investments in 2005, according to a new study by TowerGroup. Technology spending is expected to remain relatively flat in 2005, at US$36.4 billion compared to…

News Climate ChangeInsurance

What’s new: In brief (February 07, 2005)

February 7, 2005 by Canadian Underwriter

Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (February 06, 2005)

February 6, 2005 by Canadian Underwriter

Zurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress…

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Reinsurers stress risk selection in the face of competition

February 6, 2005 by Canadian Underwriter

Commenting on January 1, 2005 renewals, French reinsurer Scor says pricing was fragmented by line of business and geography, with specific rate erosion in short-tail lines as competition increased in the marketplace.Overall, the company says it expects annual premium income…

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ACE to fight Connecticut civil suit

February 6, 2005 by Canadian Underwriter

In a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker…

News Climate ChangeInsurance

Australian storms produce $115 million loss

February 6, 2005 by Canadian Underwriter

Recent storms across Australia are expected to produce AU$120 million (Cdn$115.5 million) in claims, according to preliminary estimates from the country’s Insurance Disaster Response Organisation (IDRO).The IDRO says insurers should face almost 30,000 claims from the storms which hit New…

News InsuranceMergers and Aqcuisitions

What’s new: In brief (February 03, 2005)

February 3, 2005 by Canadian Underwriter

Western Financial Group has successfully netted $22.25 million from its offering of subscription receipts. The offering was made in part to fund the company’s acquisition of Federated Life Insurance Co. and the subscription receipts can be redeemed for a share…

News InsuranceMergers and Aqcuisitions

Texas study vindicates use of credit scoring

February 3, 2005 by Canadian Underwriter

The second phase of the study on credit scoring engaged by the Texas Department of Insurance (TDI), has found the use of credit scores in underwriting “significantly improves pricing accuracy when combined with other rating variables in predicting risk”, according…

News Climate ChangeInsurance

S&P comments on potential non-renewal of TRIA

February 3, 2005 by Canadian Underwriter

With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard…

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Commercial rates continue moderate decline: RIMS

February 3, 2005 by Canadian Underwriter

Commercial insurance rates continued their moderate decline for the fourth straight quarter, finds the latest market survey by the Risk & Insurance Management Society (RIMS) and Advisen.The fourth-quarter 2004 benchmark survey took in its greatest number of respondents ever, and…