Segment
P&C Companies
Lloyd’s syndicates and names fewer for 2002
January 14, 2002 by Canadian UnderwriterLloyd’s of London will have fewer Names, or individual investors, as well as syndicates for the coming year. This comes despite a rise in investment in the insurance market, in response to hardening rates for 2002.The number of syndicates has…
U.S. state regulators deny ISO terrorism exclusions
January 8, 2002 by Canadian UnderwriterNew York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and…
Insurers see mixed results from technology: TTP survey
January 7, 2002 by Canadian UnderwriterNorth American insurers have not yet realized the promise of technology investments, but appear hopeful those benefits will be seen in the future, suggests a study by Tillinghast-Towers Perrin (TTP). The survey, which tracks 248 financial services providers, largely insurers,…
Hub sells subsidiaries to Fairfax
January 2, 2002 by Canadian UnderwriterBroker consolidator Hub International Ltd. (TSE: HBG), is set to sell two of its properties to its own largest shareholder. U.S.-based underwriting subsidiaries Old Lyme Insurance Company of Rhode Island and Old Lyme Insurance Company Ltd. (“Old Lyme”) will be…
No US terror pool in place before yearend
December 21, 2001 by Canadian UnderwriterWith the U.S. Congress adjourning for the year, there will be no terrorism risk pool in place as insurers head into the new year, when most commercial policies come up for renewal. Congress gave up the ghost when the U.S.…
Fin institutions launch national consumer ombudsman service
December 20, 2001 by Canadian UnderwriterAll of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services…
First of big life mergers on the table
December 18, 2001 by Canadian UnderwriterIn the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica…
IBC accuses Newfoundland/Labrador lawyers for spreading misinformation
December 17, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the…
St. Paul’s plans global overhaul; retains Canadian specialty lines
December 12, 2001 by Canadian UnderwriterU.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among…
Lloyd’s capacity hits record high for 2002
December 12, 2001 by Canadian UnderwriterLloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year…
FSCO seizes control of Canadian Millers’ Mutual
December 7, 2001 by Canadian UnderwriterIn a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company…
Cost of risk declines in 2000, but signs point to hardening
December 6, 2001 by Canadian UnderwriterThe cost of risk declined in 2000, according to a survey released by the Risk and Insurance Management Society (RIMS). The annual Benchmark Survey, conducted with Ernst & Young, asks more than 830 risk managers in the U.S. and Canada…