Segment
P&C Companies
Insurers to pay US$85 million for “Christmas” storm in Ohio
January 13, 2005 by Canadian UnderwriterAlthough far overshadowed by the December 26th Indian Ocean tsunami, Ohio experienced severe weather just before the Christmas holiday, and the price tag for insurers is likely to top US$85 million.The Ohio Insurance Institute (OII) says the US$85 million is…
Commercial auto on the right path, but not likely to stay there: Conning
January 13, 2005 by Canadian UnderwriterWriters of commercial auto insurance have effected a massive turnaround since 1999, posting strong results last year, but this upward trend is unlikely to last past 2004, says a new study by Conning Research.In 1999, commercial auto writers posted a…
Fairfax buys run-off French reinsurer
January 12, 2005 by Canadian UnderwriterFairfax Financial Holdings is buying a French reinsurance operation which was placed in run-off last November.Fairfax’s Compagnie Transcontinentale de Reassurance Holding (CTRH) has purchased Markel Corp.’s Corifrance (Compagnie de Reassurance d’Ile-de-France) and its French holding company, Terra Nova SAS.Fairfax is…
Anthony Clark adds another U.S. brokerage
January 12, 2005 by Canadian UnderwriterCalgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (ACL) has purchased the assets of Illinois-based Schuneman Insurance Agency Inc.ACL’s U.S. subsidiary Addison York Insurance Brokers Ltd. paid $1.61 million for the Schuneman operation, financed via an existing credit facility.…
Reinsurers holding the line on rates: S&P
January 12, 2005 by Canadian UnderwriterWhile reinsurance rates decline moderately in January, 2005 renewals, reinsurers appear to be handling the onset of the soft market in “orderly” fashion, says Standard & Poor’s.In S&P’s annual “report card” on the global reinsurance market, credit analyst Stephen Searby…
What’s new: In brief (January 11, 2005)
January 11, 2005 by Canadian UnderwriterCIBC Insurance is providing quotes on p&c insurance from various other insurers, to clients in Ontario and Alberta, via the bank’s website. The site provides a link to online insurance marketplace Kanetix as a service to clients, although CIBC no…
Reinsurance pricing flat to down: Guy Carpenter
January 11, 2005 by Canadian UnderwriterIn its annual report on reinsurance renewals for January 1, broker Guy Carpenter says pricing is generally flat to slightly down for 2005. The report also notes that pricing seems to be more directly tied to risk modeling, leaving little…
More understanding of “megacity” risk needed: Munich Re
January 11, 2005 by Canadian UnderwriterThe world’s megacities face a host of unique risks which have not yet been fully understood, according to a study by Munich Re.In its report to the United Nation’s World Conference on Disaster Reduction, Munich Re presented new research which…
Echelon parent merger complete, Co-operators stake further reduced
January 11, 2005 by Canadian UnderwriterThe amalgamation of EGI Financial Holdings Inc. (EGI), parent company of Echelon General Insurance Co., with Canadian Insurance Marketing Inc. CIMI) is now complete. With the merger, The Co-operators Group has also reduced its stake in EGI to 43% –…
U.S. tort costs rise modestly in 2003
January 10, 2005 by Canadian UnderwriterU.S. tort costs continued their upward trend, although at a far less dramatic rate in 2003, according to a new study by Tillinghast.In its annual review, the research firm finds tort costs rose 5.4% in 2003, exceeding overall economic growth…
Insurer failures decline 48% in 2004: Weiss Ratings
January 10, 2005 by Canadian UnderwriterU.S. insurer failures declined 48% in 2004, with 13 companies failing last year, compared to 25 in 2003, according to Weiss Ratings Inc. The majority of these were property & casualty insurers, with 10 failures last year, compared to 21…
Bush push for asbestos reform a case of good news/bad news
January 10, 2005 by Canadian UnderwriterWhile insurers were pleased to see U.S. President George W. Bush pushing for asbestos reform last week, the details of the plan he supports are leaving them less than impressed. In several speeches last week, Bush touted the need for…