News
U.S. insurers lash out on credit scoring report
February 24, 2004 by Canadian UnderwriterU.S. insurers are fighting back in the credit scoring debate, releasing their own analysis to criticize a recent report by the Missouri Department of Insurance (MDOI). The MDOI study found that low income and minority groups were negatively impacted by…
Hub revenue up 30%, rebranding campaign planned
February 23, 2004 by Canadian UnderwriterBroker network Hub International Ltd. (TSX, NYSE: HBG) saw its revenues rise to a record US$286.4 million in 2003, up 30% from the US$220.0 million recorded for 2002.Net earnings for the year were US$38.5 million, or US$1.14 per share, up…
Chubb program aimed at increasingly dangerous world
February 23, 2004 by Canadian UnderwriterA new homeowner’s policy from Chubb Insurance Co. of Canada may be a sign of increasingly dangerous times, covering rising crimes including child abduction, home invasion, car jacking and stalking.In launching the program, Chubb cites Statistics Canada data suggesting 30%…
WTC “occurrence” trial will not affect ratings
February 20, 2004 by Canadian UnderwriterRegardless of the outcome of the trial now underway to determine how much will be paid out on the World Trade Center (WTC) destruction, insurers involved will not see a ratings impact, says Standard & Poor’s.The jury trial will decide…
SGI gives break to commercial auto policyholders
February 20, 2004 by Canadian UnderwriterFollowing on its “safe driver recognition program”, Saskatchewan Government Insurance (SGI) is planning to offer discounts to its commercial clients.SGI predicts that during the first year of the program, about $2.8 million in policy discounts based on safe driving records…
ICBC aims to become more competitive
February 19, 2004 by Canadian UnderwriterB.C.’s government auto insurer is looking to become more competitive and behave more like a private insurer, according to the 2004-2006 service plan tabled by the Insurance Corp. of B.C. (ICBC) as part of the provincial budget this week.Since the…
ICLR study casts light on government role in disaster mitigation
February 19, 2004 by Canadian UnderwriterA new study released by the Institute for Catastrophic Loss Reduction (ICLR) encourages government to put resources towards disaster mitigation and gives specific direction on what form government action should take on this issue.In “The Role of Government In Services…
“No return to a soft market” for real estate risks, Willis cautions
February 18, 2004 by Canadian UnderwriterIn a new report on the real estate insurance market, global broker Willis says despite price relief in the property line, other coverages and a continued hard line on terms and conditions are still causing headaches for the industry.Speaking of…
Hub acquires Ontario commercial accounts
February 17, 2004 by Canadian UnderwriterChicago- based broker consolidator Hub International Ltd. has acquired the book of business of an Ontario broker specializing in commercial agriculture accounts.The book, that of broker and producer Martin Kir, is estimated to produce annual revenue of US$270,000. Kir now…
FM Global gets passing grade from Fitch
February 17, 2004 by Canadian UnderwriterFitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM…
Kingsway ROE drops slightly on reserve strengthening, currency fluctuations
February 16, 2004 by Canadian UnderwriterSpecialty insurer Kingsway Financial Services (TXS, NYSE: KFS) saw its return on equity drop slightly in 2003, although the company still boasted double-digit returns for the year.For the 12 months ending December 31, 2003, ROE was 12.9%, down from 13.8%…
Mix of premium growth, investment gains builds Odyssey Re 2003 earnings
February 13, 2004 by Canadian UnderwriterNew York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer…