News
Munich Re predicts profit despite WTC losses
November 29, 2001 by Canadian UnderwriterDespite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The…
Consolidation to follow terrorist attacks, says PWC
November 28, 2001 by Canadian UnderwriterFollowing the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a)…
Ontario latest market for new auto glass insurer
November 28, 2001 by Canadian UnderwriterInnovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova…
B.F. Lorenzetti buys Vancouver firm (November 27, 2001)
November 27, 2001 by Canadian UnderwriterMontreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition…
Lloyd’s WTC exposure hits $2.8 billion
November 27, 2001 by Canadian UnderwriterLloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property…
Small gains for Co-operators in Q3
November 26, 2001 by Canadian UnderwriterThe Co-operators General Insurance (TSE: CCS.PR.A) is showing signs of a rebound, announcing after tax net income of $267,000 for the third quarter 2001. This is a far cry from the same period last year, when the company reported a…
Insurers’ investment performance plummets in 3-Q
November 23, 2001 by Canadian UnderwriterCanadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for…
Chubb gets renewal rights on Zurich personal lines book
November 23, 2001 by Canadian UnderwriterFollowing the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The…
ICBC reports loss for Q3
November 23, 2001 by Canadian UnderwriterBritish Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the…
ING and Zurich form Canadian alliance in asset swap deal
November 22, 2001 by Canadian UnderwriterING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks…
Former Canadian Airlines CEO to head up ICBC
November 22, 2001 by Canadian UnderwriterBritish Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia…
Commercial insurance reassessed post-September 11
November 22, 2001 by Canadian UnderwriterIn a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light…