News
Risk modeling supports Isabel loss estimate
September 23, 2003 by Canadian UnderwriterRisk modeling by Risk Management Solutions (RMS) supports the early loss estimate for Hurricane Isabel of up to US$1 billion for U.S. insurers. The Insurance Information Institute (III) said the total could reach that mark last Friday.RMS says wind-related claims…
Fairfax renews share buyback to boost shareholder value
September 22, 2003 by Canadian UnderwriterFairfax Financial Holdings Ltd. (TSX: FFH) has renewed its intent to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about…
Isabel could cost U.S. insurers US$1 billion
September 22, 2003 by Canadian UnderwriterIn the aftermath of Hurricane Isabel, as property & casualty insurance adjusters move into affected areas of the U.S. to assess damage, payouts could reach as high as US$1 billion, says the Insurance Information Institute (III).Hurricane Isabel cut a swath…
ICLR offers damage mitigation tips in wait of Isabel
September 19, 2003 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has called on Ontarians to take appropriate damage mitigation actions as southern Ontario awaits the arrival of Hurricane Isabel which is expected to move into the region by midday Friday. Although the hurricane…
B.C. fire claims top $200 million, more to come
September 18, 2003 by Canadian UnderwriterInsurers have begun paying claims relating to the B.C. wild fires which ravaged several urban areas within the province, with the insured loss topping $200 million, according to the Insurance Bureau of Canada (IBC). As cleanup and reconstruction begins in…
RMS predicts US$500 million or more in losses from Isabel
September 17, 2003 by Canadian UnderwriterRisk modeling firm Risk Management Solutions (RMS) is predicting that Hurricane Isabel, which has not yet hit the U.S. coast, could cause as much as US$500 million in insured damage. This depends on the storm maintaining its current tracked, headed…
Kingsway announces U.S. offering
September 17, 2003 by Canadian UnderwriterToronto-based Kingsway Financial Services (TSX, NYSE: KFS) says it will offer US$50 million in trust preferred securities in the U.S. Dividend rates for the securities have not yet been determined, the company notes, as the announcement is the start of…
Tort reform and regulatory burden on Levene’s hit list
September 16, 2003 by Canadian UnderwriterLloyd’s of London chairman Lord Peter Levene tackled the themes of tort reform and the unfair regulatory burden placed on the London market, in a speech yesterday to a U.S. audience. Speaking at “Town Hall Los Angeles”, Levene revisited the…
Get rid of weak insurers, new study suggests
September 16, 2003 by Canadian UnderwriterA new U.S. study suggests regulators should cut financially unstable insurers off at the pass, rather than trying to “rehabilitate” them. Commissioned by the U.S. Council of Insurance Agents and Brokers and prepared by Stewart Economics Inc., the study looks…
U.S. industry shows bottom-line improvement, but risks remain: A.M. Best
September 15, 2003 by Canadian UnderwriterAlthough the hard market pricing seen since late 2000 is now being reflected in U.S. p&c insurer results, questions about future exposure, specifically to environmental risks, remain, says rating agency A.M. Best.Commenting on first-half 2003 results, the rater says net…
Kovacs named new PACICC chief
September 12, 2003 by Canadian UnderwriterFor Insurance Bureau of Canada (IBC) chief economist Paul Kovacs has been named president and CEO of the industry’s guaranty fund. The Property and Casualty Insurance Compensation Corp. (PACICC) says Kovacs will take over immediately, with current CEO Alex Kennedy…
Saunders successor to Royal & SunAlliance top spot
September 12, 2003 by Canadian UnderwriterWith news of the retirement of Royal & SunAlliance Canada Group CEO Larry Simmons, Rowan Saunders has been named to take over the top spot in the company.Saunders was most recently president of Royal’s Agilon Financial, as well as vice…