News
CIAB 3-Q survey shows improved U.S. commercial conditions
October 23, 2003 by Canadian UnderwriterThe latest “commercial market index” membership survey conducted by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that during the third quarter of this year there was a renewed sense of market competition among property and casualty insurers…
Reserve costs, dollar blues dampen Kingsway’s 3-Q earnings
October 22, 2003 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to…
Anthony Clark expands into the U.S.
October 21, 2003 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL) has acquired the assets and book of business of San Francisco-based Vista International Insurance Brokers. The purchase, which involved an undisclosed amount of cash and “seller financing”, was completed between an Anthony…
A.M. Best downgrades Swiss Re group
October 20, 2003 by Canadian UnderwriterRating agency A.M. Best has reduced the financial strength rating of the Swiss Re group to "A+ (Superior)" from "A++ (Superior)" on grounds that the reinsurer’s forward earnings potential based on first half results for 2003 will unlikely support its…
Munich Re share offering receives mild enthusiasm
October 20, 2003 by Canadian UnderwriterThe recent announcement by Munich Reinsurance Co. of a share offering to raise at least 3.8 billion in "growth capital" has received a lukewarm response from the major rating agencies. The rights offering will be made before the end of…
European Commission satisfied with Lloyd’s regulation
October 17, 2003 by Canadian UnderwriterThe European Commission says it has formally closed its proceedings relative to the regulation of Lloyd’s of London. In December of 2001, the commission had launched “infringement proceedings”, citing concerns over the insurance market’s supervision.Despite assurance by U.K. authorities that…
Travel insurance seen as necessary, survey shows
October 16, 2003 by Canadian UnderwriterA new survey by RBC Insurance/Ipsos-Reid shows that while an overwhelming majority of people think travel insurance is important, not all are purchasing it.While 84% of Canadians surveyed said travel insurance was worth the cost to ensure peace of mind,…
Alea confirms Canadian staff to manage run-off
October 16, 2003 by Canadian UnderwriterFollowing the announcement this summer that the Canadian branch of Alea Europe Ltd. would go into run-off, it has been confirmed that remaining Canadian staff will manage this process through the Toronto office.Alea confirms it has filed its run-off plans…
Canadian small businesses stung by insurance rates, says poll
October 15, 2003 by Canadian UnderwriterA new poll suggests insurance rate increases are the number one negative force affecting small business. The poll, done for CIBC by Decima Research, shows that 55% of Canada’s small business have been hit with rising insurance rates, while just…
U.S. cat losses hit US$2.9 billion in Q3
October 15, 2003 by Canadian UnderwriterU.S. catastrophe losses for the third quarter 2003 have risen a whopping 300% over the same period last year, says the Property Claim Services (PCS) unit of the Insurance Services Office (ISO). In the three-month period, cat losses hit US$2.9…
Grain Insurance acquires Regina-based MGA
October 14, 2003 by Canadian UnderwriterGrain Insurance and Guarantee Co. has acquired managing general agent (MGA) L E Yingst Co. Ltd. which is based in Regina, Saskatchewan. Although the terms of the transaction have not been disclosed, the deal takes effect from the beginning of…
Hub continues acquisition binge with Garnet Health buy
October 10, 2003 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSX, NYSE: HBG) made its fourth acquisition in less than a month, with the purchase of New Hampshire-based Garnet Health Systems Corp. and Garnet Insurance Services, LLC. The deal was made for an undisclosed amount…