Segment
P&C Companies
Ivan continues trek towards Florida
September 13, 2004 by Canadian UnderwriterHurricane Ivan remains a category 5 storm, tracking towards Cuba and still a potential threat to the Florida Keys, according to the National Oceanic and Atmospheric Administration (NOAA).As of Monday afternoon, Cuba was beginning to experience the outer edges of…
Old and new Bermuda players riding wave of success
September 13, 2004 by Canadian UnderwriterBermuda is becoming a “market of choice” for both reinsurance and primary cover as its capacity continues to grow in the wake of September 11, notes a new report by A.M. Best.In “Bermuda Building Capacity”, the rating agency notes that…
Chubb study finds 60% of companies anticipating employee theft
September 13, 2004 by Canadian UnderwriterA new study commissioned by the Chubb Group of Insurance Companies finds 60% of private companies anticipate an employee will steal funds or equipment this year. Also, 34% say an employee may steal funds from a client. A full 39%…
Converium scraps plans to boost Converium Insurance capacity
September 13, 2004 by Canadian UnderwriterIn the wake of a ratings downgrade, Coverium says it will not add additional capacity to it Converium Insurance (North America) Inc. operations to offset the run-off of Coverium Reinsurance (North America).This means effectively the company will no longer write…
U.S. reinsurers income down slightly in first-half 2004
September 12, 2004 by Canadian UnderwriterU.S. reinsurers saw their net income drop slightly to US$2.56 billion in the first six months of 2004, compared to US$2.59 billion for the same period a year prior, according to results compiled by the Reinsurance Association of America (RAA).One…
Global reinsurers continue on stable footing: A.M. Best
September 12, 2004 by Canadian UnderwriterA mixture of positive and negative effects is leaving the global reinsurance market in a relatively stable ratings position, according to a new report by A.M. Best.The rating agency says while reserve issues continue to plague the industry, current underwriting…
EQECAT predicts US$3-$18 billion loss if Ivan hits Florida
September 12, 2004 by Canadian UnderwriterRisk modeling firm EQECAT says if Hurricane Ivan hits the Florida coastline, insured damages could be US$3-$18 billion, depending on the storm’s intensity and where it makes landfall.Ivan is currently a category 4-5 storm, and has already done an estimated…
What’s new: In brief (September 12, 2004)
September 12, 2004 by Canadian UnderwriterFitch Ratings says even with the back-to-back landfall of hurricanes Charley and Frances, most insurers will be protected because of their spread of risk geographically and by line of business, as well as the presence of public-sponsored entities which will…
Anthony Clark continues U.S. expansion
September 9, 2004 by Canadian UnderwriterCalgary-based Anthony Clark International Insurance Brokers has added its third U.S. brokerage, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd. in…
What’s new: In brief (September 09, 2004)
September 9, 2004 by Canadian UnderwriterRating software vendor Compu-Quote is releasing its Alberta update for its AutoRater to respond to new legislation coming into effect October 1. Senior vice president James Nickelo says the new “premium grid” being implemented in the province may actually bring…
Rate relief creeping into PL lines despite claims growth
September 9, 2004 by Canadian UnderwriterRate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into…
IBC criticizes Newfoundland’s latest actuary report
September 8, 2004 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has reacted hotly to an actuarial study conducted by Mercer Oliver Wyman Actuarial Consulting Ltd. on behalf of the government of Newfoundland which suggests insurers are writing homeowners’ business at a significantly higher profit…