Segment
P&C Companies
What’s new: In brief (January 10, 2005)
January 10, 2005 by Canadian UnderwriterA.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile,…
Number of securities fraud suits rises slightly: study
January 9, 2005 by Canadian UnderwriterThe number of U.S. federal securities fraud class action lawsuits filed in 2004 rose 17%, but the loss in stock market capitalization for defendant firms shot up almost triple 2003 levels, according to a new study by the Stanford Law…
Spitzer, insurers go head-to-head in front of NY Assembly
January 9, 2005 by Canadian UnderwriterNew York Attorney General Eliot Spitzer and insurer representatives each had their chance to speak on the issue of broker compensation at hearings before the New York Assembly on Friday.In his address, Spitzer outlined his investigation into allegations of bid-rigging…
Coalition highlights “frauds to watch for” in 2005
January 9, 2005 by Canadian UnderwriterThe U.S. Coalition Against Insurance Fraud has released its list of “frauds to watch out for” in 2005.Among the top scams consumers should be on the lookout for are bogus airbags the CAIF says there have been instances where insurance…
What’s new: In brief (January 09, 2005)
January 9, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has produced two new consumer bulletins. The first, “Shop and Save on Auto Insurance”, outlines the different distribution methods for auto insurance, as well tips on premium savings, such as raising deductibles. The…
ACE takes US$298 million reserve charge; U.S. insurance CEO resigns
January 6, 2005 by Canadian UnderwriterIt has been a busy two days for Bermuda-based ACE Ltd., which Thursday announced it would take a US$298 million reserve charge on fourth quarter earnings as a result of asbestos & environmental liabilities, and sell three run-off reinsurance operations.…
What’s new: In brief (January 06, 2005)
January 6, 2005 by Canadian UnderwriterBreckles Insurance is challenging fellow members of the Insurance Brokers of Toronto Region (IBTR) to a “fundraising challenge” to help victims of the Indonesian tsunami. Breckles’ employees will be raising as much money as they can between now and January…
Willis says reinsurers maintaining discipline on casualty business
January 6, 2005 by Canadian UnderwriterIn its annual review of the global reinsurance market, broker Willis says discipline is being maintained on casualty business, although price softening is becoming evident in the aerospace and marine markets.Despite the heavy catastrophe toll in 2004 on the back…
Conning says industry reserve position is improving
January 6, 2005 by Canadian UnderwriterIn its analysis of yearend 2003 results, New York-based Conning Research says the U.S. p&c industry has strengthened its reserve position, even if further bolstering is still required.The reserve deficiency estimate based on “schedule P” filings by insurers, which covers…
What’s new: In brief (January 05, 2005)
January 5, 2005 by Canadian UnderwriterTroubled Loyalist Insurance Group Ltd. (TSX Venture: LOY) has been downgraded to “tier 2” status by the TSX Venture Exchange. Trading in Loyalist shares was halted by the TSX on December 7, on failure to file interim financial results. The…
ING Canada leads 2004 IPO market: PwC
January 5, 2005 by Canadian UnderwriterWith 2004 marking the strongest initial public offering (IPO) market in the new millennium, ING Canada tops the list of last year’s offerings, according to research by PricewaterhouseCoopers (PwC).The ING Canada IPO had a gross value of $906.9 million, almost…
Totten Group expands Western presence
January 5, 2005 by Canadian UnderwriterSpecialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new…