Segment
P&C Companies
Lloyd’s granted injunction against Stuart
September 6, 2004 by Canadian UnderwriterLloyd’s has been granted an injunction in Ontario Superior Court against Ian Stuart, who, the London market contends, has been holding himself out as a Lloyd’s representative without authorization.The court order prohibits Stuart from purporting to place business with Lloyd’s…
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…
Hurricane Frances damage estimates reduced to US$2-5 billion
September 6, 2004 by Canadian UnderwriterInsured loss estimates from Hurricane Frances, which touched down on Florida’s Atlantic Coast and stayed for the best part of the holiday weekend, have been downgraded to US$2-$5 billion by risk modeling firm EQECAT Inc., with overall economic damage potentially…
Frances toll could rival Andrew
September 2, 2004 by Canadian UnderwriterAnalysts are predicting devastation predicted to arise from Hurricane Frances’ arrival on U.S. soil this weekend could result in claims as high as those seen from Hurricane Andrew in 1992. Andrew was the worst insured loss to result from the…
Bermuda market maintains profitability in second quarter
September 2, 2004 by Canadian UnderwriterThe Bermuda market shows no signs of waning profitability, even as rates in several key lines begin to soften, according to results compiled by Benfield Group. In its quarterly analysis of the top 16 listed Bermuda companies, Benfield finds net…
Raters react to Converium restructuring
September 2, 2004 by Canadian UnderwriterA.M. Best and Standard & Poor’s have both downgraded Converium, with Fitch placing the company on a negative rating watch for possible downgrade. The reactions follow Converium’s announcement of a plan to restructure its North American operations from two companies…
Converium to restructure North American operations
September 1, 2004 by Canadian UnderwriterAs part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will…
Fitch takes dim view of Fairfax liquidity
September 1, 2004 by Canadian UnderwriterRating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give…
Allstate facing US$425 million Charley price tag
September 1, 2004 by Canadian UnderwriterAs insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total…
FSCO lays out MCT guidance
August 31, 2004 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has published its guidance on the new minimum capital test (MCT), with p&c insurers set to implement the new test on 2004 annual returns, filed by February 28, 2005. The MCT, a risk-based…
IBC focuses on frequency
August 31, 2004 by Canadian UnderwriterIn its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number…
OSFI results show $1.2 billion Q2 profit for insurers
August 31, 2004 by Canadian UnderwriterThe latest quarterly financial filings by Canada’s property & casualty insurers shows an industry profit of $1.24 billion in the second quarter ending June 30, 2004. This compares with net income of $584.4 million as reported by the Office of…