Segment
P&C Companies
RSA Canada produces 96.6% combined ratio for 2004
March 10, 2005 by Canadian UnderwriterThe Canadian operations of Royal & SunAlliance achieved a “significant turnaround” in 2004 to produce a combined ratio of 96.6%, compared to 102.9% in 2003. The Canadian operations achieved an underwriting profit of $39 million, with the company noting this…
What’s new: In brief (March 10, 2005)
March 10, 2005 by Canadian UnderwriterMoody’s has raised the outlook on Aon Corp. to “stable” from “negative” on the back of the broker’s announcement of a US$190 million settlement with five agencies in three states for alleged conflicts of interest. Moody’s says the settlement represents…
IBC wants rethink of immobilizer regulation
March 9, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) says the proposed new regulations on electronic vehicle immobilizers announced today does not go quite far enough.Transport Canada has proposed regulations which would require passenger car and light-duty truck manufacturers to include electronic immobilizers…
Mississippi remains worst legal jurisdiction in U.S.: Chamber
March 9, 2005 by Canadian UnderwriterIn a survey of businesses, Mississippi continues to rank as the worst jurisdiction in terms of perceived legal fairness, according to the annual study of state liability systems published by the U.S. Chamber of Commerce’s Institute for Legal Reform.The ILR…
FSCO bulletin outlines underwriting restrictions
March 9, 2005 by Canadian UnderwriterA bulletin from the Financial Services Commission of Ontario (FSCO) outlines the provincial insurance regulators new rules on underwriting. The new regulations passed by the Ontario government restrict underwriting criteria and non-payment terminations.Regulation 664 has been amended to eliminate the…
What’s new: In brief (March 09, 2005)
March 9, 2005 by Canadian UnderwriterThe Risk & Insurance Management Society is established in its new location at 1065 Avenue of the Americas, 13th Floor, New York, NY, 10018. Phone and fax numbers and email addresses remain the same. FM Global’s ratings outlook has been…
Willis surprised by Minnesota AG’s lawsuit
March 8, 2005 by Canadian UnderwriterUpon hearing that Minnesota Attorney General Michael Hatch filed a lawsuit against Willis on Tuesday, the brokerage issued a statement saying the allegations that it has not provided all the information requested by Hatch "came as a complete surprise".Willis says…
St. George’s to file for bankruptcy to stay proceedings in sex abuse civil cases
March 8, 2005 by Canadian UnderwriterThe Roman Catholic Episcopal Corp. of St. George’s in Newfoundland has filed a notice of intent to file a bankruptcy proposal. The filing would stay proceedings in civil actions against the diocese, including those filed since 1991 on behalf of…
What’s new: In brief (March 08, 2005)
March 8, 2005 by Canadian UnderwriterAn Ontario Superior Court judge has turned down a move by several tobacco companies to recover legal costs from recent failed class action lawsuits filed by smokers in the province. The companies – Imperial Tobacco Ltd., Rothmans Benson & Hedges…
Consumers’ Association aims pen at public insurer
March 7, 2005 by Canadian UnderwriterFamous for its criticism of private insurers, the Consumers’ Association of Canada (CAC) is this time aiming its disapproval at B.C.’s public insurer.The CAC, which has stated on numerous occasions its preference for publicly-run auto insurance systems, says the Insurance…
Small cars fail crash test with SUVs: IIHS
March 7, 2005 by Canadian UnderwriterFourteen of 16 small cars were rated poor in tests simulating a side impact crash with an SUV, says the U.S. Insurance Institute for Highway Safety (IIHS).Only the Chevrolet Cobalt and Toyota Corolla, which are equipped with optional side airbags…
Chemical and oil/gas industries represent key industrial risk: Munich Re
March 7, 2005 by Canadian UnderwriterIn its latest Schadenspiegel publication, Munich Re looks at some of the most significant industrial disasters in history and finds significant exposure coming from the chemical and oil/gas sectors.Data from European countries shows the majority of industrial incidents reported come…