News
Auto reforms regulated in Ontario
January 12, 2004 by Canadian UnderwriterThe reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year…
Brokers speak out against bank/lifeco mergers
January 9, 2004 by Canadian UnderwriterThrough their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the…
MPI releases first “top frauds” list
January 8, 2004 by Canadian UnderwriterTo bring fraud fighting into the spotlight, Manitoba Public Insurance (MPI), the province’s government auto insurer, has released its first ever “top five frauds” list.Topping the list is a Winnipeg man who dumped and set fire to his mother’s car…
Lloyd’s capacity steady for 2004
January 8, 2004 by Canadian UnderwriterLloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9…
Fairfax establishes new credit facility; declares annual dividend
January 7, 2004 by Canadian UnderwriterFairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided…
Yearend catastrophes highlight rising exposure: Munich Re
January 7, 2004 by Canadian UnderwriterAs 2003 closed out with earthquakes in Iran and California, the events of the year highlight increasing exposures to catastrophe and new large-scale risks for insurers, says the world’s largest reinsurer. In its annual report on global catastrophes, Munich Re…
Casualty rates continue climb in 2004: JLT
January 6, 2004 by Canadian UnderwriterInternational broker Jardine Lloyd Thompson says commercial clients should prepare themselves for further increases in liability rates this year as insurers continue to repair balancesheets and shy away from long-tail exposures.In its annual “state of the market” report, JLT says…
US insurer income jumps 320% in first nine months of 2003
January 6, 2004 by Canadian UnderwriterU.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a…
Western Financial share offering grosses $11 million
January 5, 2004 by Canadian UnderwriterAlberta-based Western Financial Group Inc. (TSX: WES) says its previously announced offering of almost 4.6 million share purchase warrants has grossed more than $11.3 million to finance further growth for the broker consolidator and western bank.The offering involved units including…
Fitch predicts recovery for US insurers in 2004
January 5, 2004 by Canadian UnderwriterRating agency Fitch says U.S. p&c insurers can look forward to stronger returns in 2004, on the heels of price increases and tighter underwriting over the past two years. But those who have lagged behind this hard market trend may…
Happy New Year and Seasons Greetings from The Staff at Canadian Underwriter
December 23, 2003 by Canadian UnderwriterMay this holiday season be filled with peace and contentment for all. Happy New Year and wishing you the very best in 2004!
New study highlights dangers of marijuana grow operations
December 23, 2003 by Canadian UnderwriterIn a report highlighting concerns over commercial marijuana grow operations, insurance concerns over the increased danger of fire are being brought forward by the Ontario Association of Chiefs of Police (OACP).The OACP-commissioned report speaks to several concerns, including the cost…