Segment
P&C Companies
S&P maintains stable outlook for U.S. personal lines
December 9, 2004 by Canadian UnderwriterWhile the U.S. commercial lines p&c sector is not gaining favor with Standard & Poor’s, the personal lines sector remains strong, the rating agency says.“Although earnings prospects for the first six months of 2005 appearfavorable for the personal lines sector–with…
Battle over DAC elimination continues
December 9, 2004 by Canadian UnderwriterDesignated assessment center (DAC) representatives and trial lawyers continue to wage a war of words over the elimination of DACs as proposed by the Ontario Liberal government.Thursday, the Association of DACs (ADAC) penned an open letter urging Premier Dalton McGuinty…
D&O premiums decline: Tillinghast
December 9, 2004 by Canadian UnderwriterFor the first time in the last five years, directors’ and officers’ premiums dropped in 2004, according to a new study by Tillinghast. The 2004 D&O Liability Survey finds rates declined an average 10%, the first decline since 1999 for…
What’s new: In brief (December 09, 2004)
December 9, 2004 by Canadian UnderwriterING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its…
BC roofers form own insurance company
December 8, 2004 by Canadian UnderwriterThe Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions…
U.S. commercial lines challenged by pricing peak, Spitzer probe: S&P
December 8, 2004 by Canadian UnderwriterWith commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will…
What’s new: In brief (December 08, 2004)
December 8, 2004 by Canadian UnderwriterThe Association of Designated Assessment Centres (ADAC) has come out against proposed changes which would eliminate DACs in Ontario. In a statement Wednesday, ADAC says, “Premier Dalton McGuinty’s government is quietly trying to take away the independent “referee” who decides…
Second WTC trial declares 9/11 attacks two events
December 7, 2004 by Canadian UnderwriterDespite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which…
What’s new: In brief (December 07, 2004)
December 7, 2004 by Canadian UnderwriterThe Council of Insurance Agents & Brokers (CIAB) has added its endorsement to the draft model regulations around broker compensation proposed by the National Association of Insurance Commissioners (NAIC). The CIAB says, however, it wants to see uniform regulations in…
Prof. Gray predicts another bad hurricane season for 2005
December 7, 2004 by Canadian UnderwriterAs insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average…
Lord Levene to remain Lloyd’s chair through 2008
December 7, 2004 by Canadian UnderwriterLord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his…
Aon sells Endurance stake; clarifies views on broker compensation
December 6, 2004 by Canadian UnderwriterBroker Aon has sold much of its stake in Bermuda-based Endurance Specialty Holdings Ltd.In a press release, Aon says it has sold basically all of its equity investment in Endurance for US$320.5 million. This included the sale of 9.8 million…