Segment
P&C Companies
Young drivers targeted by thieves: MPI
August 23, 2004 by Canadian UnderwriterA new study by Manitoba Public Insurance (MPI) suggests young driver are being targeted by thieves and vandals.Of people aged 18 to 24, 38% say they have reported a vehicle theft, vandalism or break-in to the public insurer in the…
TSR says another hurricane likely (August 23, 2004)
August 23, 2004 by Canadian UnderwriterOn the heels of Hurricane Charley devastating the Florida coast, Tropical Storm Risk (TSR) is predicting more of the same is on the way. TSR says at least one more hurricane force storm is expected to hit the U.S. coast…
Fairfax expects US$35 million Charley loss
August 23, 2004 by Canadian UnderwriterToronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning…
What’s new: In brief (August 22, 2004)
August 22, 2004 by Canadian UnderwriterA new study by the U.S. Insurance Research Council shows that of the highest-level auto accident cases, almost 75% of claimants who did not hire an attorney were satisfied with their payment, while less than half with an attorney were…
Life reinsurance market marked by consolidation
August 22, 2004 by Canadian UnderwriterThe Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but…
XN launches new Canadian MGA
August 22, 2004 by Canadian UnderwriterXN Holdings has launched XN Risk Insurance Services (Canada) Inc., a web-based managing general underwriter. The Toronto-based company will offer management liability insurance for mid-tier, privately-held companies in Canada this includes companies with 250 or fewer employees and less than…
U.S. workers comp picture brightening: Fitch
August 19, 2004 by Canadian UnderwriterIn a new report, rating agency Fitch says the bleak picture faced by U.S. workers’ compensation insurers in the past several years turned around significantly in 2003, and is set to remain stable for 2004.Based on data from the National…
FSCO announces organizational changes
August 19, 2004 by Canadian UnderwriterOntario’s Financial Services Commission (FSCO) is streamlining its operations and announcing several management changes. The Licensing and Compliance Division has changed to the Licensing and Market Conduct Division, to be led still by Grant Swanson, reflecting the regulator’s increased focus…
III pegs Charley loss at US$7.4 billion
August 19, 2004 by Canadian UnderwriterWith insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total…
St. Paul Travelers faces lawsuits over reserve charge
August 18, 2004 by Canadian UnderwriterThe newly merged St. Paul Travelers is facing a slew of shareholder lawsuits following its announcement that it would boost reserves by more than $1.6 billion.The reserve charge caused the company to post a second quarter loss of US$275 million.…
Car thieves targeting residential neighborhoods: MPI
August 18, 2004 by Canadian UnderwriterWith this week marking “Auto Theft Awareness Week”, Manitoba Public Insurance (MPI) is releasing a survey suggesting most car thefts occur in residential neighborhoods.The study, conducted in May, found 59% of those who had been victims of auto theft say…
What’s new: In brief (August 18, 2004)
August 18, 2004 by Canadian UnderwriterBoomerang Tracking is being purchased by Massachusetts-based LoJack Corp., for US$48 million in cash/stock options to shareholders. “By joining LoJack, we believe we can more effectively increase our penetration in existing markets and enter new markets through the synergy created…