Segment
P&C Companies
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…
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…
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…
Employers Re becomes GE Insurance Solutions
September 8, 2004 by Canadian UnderwriterGeneral Electric, parent of GE Employers Re, has re-branded its reinsurance and commercial insurance segments as GE Insurance Solutions.At a gathering in Toronto Tuesday, Peter Borst, chief agent in Canada for the reinsurance operation of GE Insurance Solutions welcomed Ken…
Fitch predicts reinsurers to post 97% combined ratio in 2004
September 8, 2004 by Canadian UnderwriterIn its assessment of the global reinsurance sector, Fitch Ratings is predicting a 2004 combined ratio of 97%, a slight improvement over 97.2% in 2003. The prediction follows the rater’s decision in July to change the sector’s outlook to stable…
What’s new: In brief (September 08, 2004)
September 8, 2004 by Canadian UnderwriterThe most recent insurer to disclose loss estimates from Hurricane Charley is also the hardest hit. State Farm says it will incur a loss of US$1.3 billion, or about 19% of the US$6.8 total industry loss predicted by the Insurance…
Frances likely to be “major loss” to primary insurers
September 7, 2004 by Canadian UnderwriterWhile primary insurers are likely to face a “major loss” as a result of Hurricane Frances, the impact on their reinsurance counterparts is less clear, but likely to be less severe, according to early analysis by Fitch Ratings.Fitch notes that…
Hurricanes may force reinsurers to readdress frequency issue
September 7, 2004 by Canadian UnderwriterWhile the relative severity of losses from the recent hurricanes Frances and Charley is well below that of Hurricane Andrew, their coming in the same season may cause reinsurers to give more credence to frequency in predictive models, notes a…
What’s new: In brief (September 07, 2004)
September 7, 2004 by Canadian UnderwriterAviva has sold its general insurance business in Asia to Mitsui Sumitomo Insurance in a cash transaction valued at 249 million pounds (Cdn$570 million). Aviva says it intends to focus on its long-term savings business in the region. The first…
Canadian Western Bank enjoying fruits of Canadian Direct purchase
September 7, 2004 by Canadian UnderwriterIn its first earnings release since acquiring Canadian Direct, Edmonton-based Canadian Western Bank says the insurance arm brought in $1.2 million in net income for the second quarter of 2004. Canadian Direct, which was acquired from HSBC Bank during the…
Industry through period of “tough structural changes”: Voll
September 6, 2004 by Canadian UnderwriterFacing a new global economic reality, insurers are just coming out of a period of difficult adjustments which lead them to a healthier, more stable financial position, says Jane Voll, chief economist for the Insurance Bureau of Canada (IBC).In her…