Segment
P&C Companies
Broker revenues dropping even before Spitzer probe: study
December 15, 2004 by Canadian UnderwriterA new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue…
What’s new: In brief (December 14, 2004)
December 14, 2004 by Canadian UnderwriterStandard & Poor’s says its ratings on insurers involved in the second World Trade Center coverage trial will not be impacted by the verdict. Although the jury found that the September 11, 2001 terrorist attacks were “two occurrences” for the…
Underwriting discipline remains: Swiss Re
December 14, 2004 by Canadian UnderwriterDespite dire predictions of a return to soft market pricing, experts at Swiss Re’s annual “Economic Insurance Industry Review and Outlook” in New York say companies are maintaining discipline.“Underwriting remains disciplined,” says Patrick Mailloux, head of Swiss Re’s U.S. direct,…
Prior accident year losses continue to hamper U.S. reinsurers: A.M. Best
December 14, 2004 by Canadian UnderwriterDespite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst…
What’s new: In brief (December 13, 2004)
December 13, 2004 by Canadian UnderwriterChubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey.…
S&P ups reinsurance outlook to stable
December 13, 2004 by Canadian UnderwriterU.S. reinsurers have seen their previously negative outlook lifted to stable by rating agency Standard & Poor’s.S&P says the upgrade is justified despite declining premiums in the primary market, as earlier rate increases earn through in 2005.“Despite moderate premium rate…
Mold cited as top environmental issue by builders
December 13, 2004 by Canadian UnderwriterA new survey of builders and real estate lenders finds the majority citing mold as the top environmental concern facing the real estate industry.The survey, conducted by Hartford, Connecticut-based Environmental Assessment Group, finds more than 75% of respondents were aware…
IBC “top ten” insurance crimes list no laughing matter
December 13, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is using its annual “top ten” insurance crimes list as a chance to educate rather than amuse this year. In particular, the IBC is focusing on the crime of auto theft and its potentially…
Forecasters predict 99% combined ratio for U.S. in 2005
December 12, 2004 by Canadian UnderwriterThe annual “Early Bird Forecast” has analysts predicting the U.S. p&c industry will post a combined ratio of 99.0% in 2005, says the Insurance Information Institute (III).The III conducts the poll each year to determine analysts’ views on the industry,…
Loyalist reports nine-month results
December 12, 2004 by Canadian UnderwriterJust two days after the Toronto Stock Exchange issued a temporary cease trade order on Ontario’s The Loyalist Insurance Group Ltd. citing the company’s failures to meet reporting requirements, the company has released results for the nine months ended September…
ING shares priced at $26, show early strength
December 12, 2004 by Canadian UnderwriterING Canada made its initial public offering of common shares on Friday, with a starting price of $26 for each of the 34.88 million shares.The offering, led by Merrill Lynch Canada Inc. and CIBC World Markets Inc. showed early success,…
What’s new: In brief (December 12, 2004)
December 12, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has made some organizational changes at its insurance divisions, including merging all auto insurance related functions into the Auto Insurance Division, including dispute resolution. A new executive director function has been created to…