Segment
P&C Companies
Stellar first-half could be dampened by storms: III
October 18, 2004 by Canadian UnderwriterDespite a strong performance by the U.S. property & casualty insurance industry in the first half of 2004, these results will likely be all but wiped out by the spate of hurricanes hitting the southeastern U.S. this fall, notes Robert…
Raters react swiftly to NY commission probe charges
October 17, 2004 by Canadian UnderwriterRating agencies are reacting to news that New York Attorney General Eliot Spitzer has filed civil charges against broker Marsh, and exacted guilty pleas from two AIG executives relative to industry placement practices.The news came last Thursday, with Spitzer accusing…
What’s new: In brief (October 17, 2004)
October 17, 2004 by Canadian UnderwriterA spot of good news for Converium AG, which saw its rating raised by Standard & Poor’s to “BBB+” from “BBB”. The announcement follows successful completion of the reinsurer’s bid to raise US$420 million in capital through a rights issue.…
Hurricane Ivan loss total reaches US$6 billion: ISO
October 17, 2004 by Canadian UnderwriterThe tally of insured losses from Hurricane Ivan is now expected to be about US$6 billion, according to the Property Claim Services unit of the Insurance Services Office (ISO). The storm, which hit the U.S. on September 16 is expected…
Pembridge cuts back business in Alberta
October 14, 2004 by Canadian UnderwriterWhile insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back and restructuring its business there.A statement released this week says the insurer undertook a review of its operations in Alberta which led to the…
What’s new: In brief (October 14, 2004)
October 14, 2004 by Canadian UnderwriterAlong with other changes now in place in Alberta’s auto insurance system, the government this week said a new complaint-handling procedure is in place. The system works in conjunction with the General Insurance OmbudService (GIO) and encourages consumers with a…
Marsh, 2 AIG execs fingered by commissions investigation
October 14, 2004 by Canadian UnderwriterNew York Attorney General Elito Spitzer Thursday announced the launch of a civil suit against brokerage Marsh over commission practices. The suit alleges the brokerage “steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the…
Aviva to test “pay for what you use” rating system
October 14, 2004 by Canadian UnderwriterAviva Canada is planning to test a new auto rating system which would allow drivers to have premiums based on how much they use their vehicle.The new “Autograph” program will be tested early in 2005, and the insurer is currently…
Lloyd’s to make debut in debt markets
October 13, 2004 by Canadian UnderwriterThe world’s oldest insurance market is taking its first steps into the debt market as Lloyd’s announces plans to raise 500 million pounds in long-term subordinated debt.The move accompanies other strategies to finance the Society of Lloyd’s central fund, notes…
European reinsurers’ yearend targets “blown away” by storm losses: Benfield
October 13, 2004 by Canadian UnderwriterJust as the European reinsurance industry was producing strong results, global storm losses in the third quarter of 2004 stand to wipe out yearend profit forecasts, notes the quarterly review by Benfield Group.Despite good results in the first half, recent…
Focus changes for second phase of Silverstein coverage trial
October 13, 2004 by Canadian UnderwriterAs the second phase of the World Trade Center insurance coverage trial begins this week, one lawyer says a key difference in this case will be the “intent” of insurers.Most of the carriers who insured the WTC when the towers…
What’s new: In brief (October 13, 2004)
October 13, 2004 by Canadian UnderwriterMunich Re is predicting insured losses from this year’s Atlantic hurricane and Pacific typhoon seasons combined could be US$20-$50 billion. The world’s largest reinsurer says its own losses should be about EUR500 million, a figure which will make its yearend…