Segment
P&C Companies
Buying of stand-alone “side A” D&O cover on the rise: Willis
September 23, 2004 by Canadian UnderwriterExecutives are increasingly looking to protect their personal assets through the purchase of stand-alone “side A” directors’ and officers’ (D&O) cover, according to a new study by international broker Willis.The coverage, designed to protect directors and officers when the company…
AIG faces possible SEC civil action
September 22, 2004 by Canadian UnderwriterAmerican International Group (AIG) announced this week it has received notice from the U.S. Securities Exchange Commission (SEC) that it may face a civil action for alleged violation of federal securities laws.SEC staff are recommending the action against AIG and…
What’s new: In brief (September 22, 2004)
September 22, 2004 by Canadian UnderwriterWestern Financial Group has named Jim Dinning as chair of the board, to replace James A. Robb. Dinning had been vice chair of the board, and company CEO Scott Tannas says the change is in anticipation opportunities the company is…
Ivan loss estimates lower than first thought
September 22, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Ivan have been downgraded by risk modeling agency Risk Management Solutions (RMS) to US$3-$6 billion. This is on top of an estimated US$1-$2 billion in insured losses in the Caribbean, with the majority in the…
What’s new: In brief (September 21, 2004)
September 21, 2004 by Canadian UnderwriterLloyd’s chairman Lord Peter Levene called Texas “a state at risk” and called upon the city’s business to do more in terms of improving security and risk management. “Many companies have improved their security measures considerably since September 11th, but…
E&S premiums up 28% in 2003: A.M. Best
September 21, 2004 by Canadian UnderwriterThe U.S. excess & surplus (E&S) lines industry saw direct premiums rise 28% in 2003, compared to just 12% growth in the overall property & casualty industry, according to a new report by A.M. Best.E&S writers saw premiums jump 62%…
Co-operators General rating affirmed, outlook positive
September 21, 2004 by Canadian UnderwriterCo-operators General Insurance Co. of Guelph, ON has seen its “BBB-” rating affirmed and its outlook revised to positive by rating agency Standard & Poor’s.“The financial strength rating on CGIC reflects the insurance company’s position as one of Canada’s larger…
Fairfax announces share buyback
September 21, 2004 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing less than 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course…
What’s new: In brief (September 20, 2004)
September 20, 2004 by Canadian UnderwriterWindow cleaners in the U.K. are up in arms over insurance rate hikes. The British Cleaning Council (BCC) says that a 50% or more hike in premiums for those who are even able to acquire coverage at all is putting…
Insurers less than impressed with latest asbestos plan
September 20, 2004 by Canadian UnderwriterU.S. insurers are reacting with something less than enthusiasm to a Democratic proposal for an asbestos fund.Senate Minority Leader Tom Daschle of South Dakota put forward the proposal, which would establish a fund of US$140 billion for victims of asbestos-related…
Lloyd’s sees market turn in 2005, but opportunities remain: A.M. Best
September 20, 2004 by Canadian UnderwriterWhile market conditions for Lloyd’s in 2005 will be less favorable than in recent years, A.M. Best still sees opportunities for underwriting profit in the London market.Price weakening is already being seen in 2004, with pricing having peaked in 2003…
U.S. insurers post US$9 billion underwriting profit in first-half 2004
September 20, 2004 by Canadian UnderwriterU.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the…