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Guy Carpenter bullish on Lloyd’s in 2004

June 23, 2004 by Canadian Underwriter

Reinsurance broker Guy Carpenter & Co. says the Lloyd’s market should see continued improvement in 2004 on the back of market reforms and underwriting discipline.In its second annual review of Lloyd’s, the impressive results of 2003 are recounted, including BP

News InsuranceMergers and Aqcuisitions

Alberta auto reforms get seal of approval

June 22, 2004 by Canadian Underwriter

Alberta’s auto reform plans have received the final stamp of approval from the provincial Cabinet, setting the launch date for October 1.A committee of legislators is being put together to ensure a smooth transition to the new system, which includes

News Insurance

What’s new: In brief (June 22, 2004)

June 22, 2004 by Canadian Underwriter

Statistics Canada’s Consumer Price Index (CPI) says homeowners’ insurance rates were up 12.5% in May compared to a year ago, partly as a result of renewals in Ontario. At the same time, homeowners’ replacement costs soared 6.5% on higher housing

News Insurance

European reinsurers sticking to guns thus far in 2004

June 21, 2004 by Canadian Underwriter

Early results for 2004 show European reinsurers sticking to their guns on price, with premium income dropping but profits rising. In a new report from Benfield Group, the first-quarter results of Converium, SCOR, Munich Re and Hannover Re (the only

News Insurance

What’s new: In brief (June 20, 2004)

June 20, 2004 by Canadian Underwriter

Anthony Clark International Insurance Brokers Ltd. has settled a previously disclosed lawsuit filed by James Bonfiglio claiming the company failed to honor a stock option agreement in October, 1998. In its 2003 yearend results, ACL reported a $515,000 judgement had

News Climate ChangeInsurance

TRIA extended one year

June 20, 2004 by Canadian Underwriter

Just as the U.S. Treasury Dept. confirms it will extend the Terrorism Risk Insurance Act (TRIA) to the end of 2005 at least, a new study shows insurance buyers are increasing purchasing the coverage.On Friday, Treasury Secretary John Snow confirmed

News Insurance

WARP and CSIO not mutually exclusive

June 20, 2004 by Canadian Underwriter

Brokers should have more technology options coming their way for web-based interaction with insurers, but those systems need not be exclusive of the CSIO portal, attendees of the Toronto Applied Systems Client Network (TASCNet) conference heard recently.While Applied Systems is

News Climate ChangeInsurance

What’s new: In brief (June 15, 2004)

June 15, 2004 by Canadian Underwriter

Converium Ltd. has launched a five-year, US$100 million catastrophe bond to cover losses from European windstorm, U.S. and Japanese earthquake, and U.S. and Caribbean hurricane. The transaction was underwritten by Aon Capital Markets with risk modeling provided by AIR Worldwide.

News Insurance

Contingent commission investigation takes in p&c, life and health insurers

June 14, 2004 by Canadian Underwriter

The contingent commission investigation by New York Attorney General Eliot Spitzer has now been extended to insurers, with Chubb, Hartford Aetna and MetLife confirming they have been subpoenaed. Each company has issued a brief statement Chubb’s coming in May, and

News Insurance

Anthony Clark founders fined $80,000, banned from markets

June 13, 2004 by Canadian Underwriter

Following a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each.Brothers Luciano John and Secondo Pietro Podorieszach face

News Insurance

What’s new: In brief (June 10, 2004)

June 10, 2004 by Canadian Underwriter

The Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial

News Insurance

What’s new: In brief (June 09, 2004)

June 9, 2004 by Canadian Underwriter

A.M. Best has affirmed the “A” (excellent) financial strength rating of Swiss (re)insurer Converium AG and its core subsidiaries, with a stable outlook. The rating comes as a result of expected improvement in the company’s 2004 earnings, but is offset