Segment
P&C Companies
***Correction: Markel sells U.K. auto book***
June 27, 2003 by Canadian Underwriter***Note: Removes reference to Markel being a Fairfax subsidiary. Markel International is a holding company, not part of Fairfax or related to Markel Insurance in Toronto.British holding company Markel International is selling its U.K. auto portfolio to Brit Insurance Ltd.…
Co-operators drops liability rates on auto in New Brunswick
June 25, 2003 by Canadian UnderwriterCo-operators General Insurance Co. has filed for a 25% reduction in rate on the liability portion of its auto business in New Brunswick. The insurer says the rate reduction, which was filed for with the province’s Public Utility Board yesterday,…
MPI asks for first rate increase in five years
June 19, 2003 by Canadian UnderwriterManitoba Public Insurance (MPI) is asking the Public Utilities Board (PUB) to approve a 2.5% increase to its premium base, the first such increase in five years.In filing its annual report with the government, MPI notes that rising claims costs…
Markel sells U.K. auto book
June 19, 2003 by Canadian UnderwriterFairfax subsidiary Markel is selling its U.K. auto portfolio to Brit Insurance Ltd. Markel International is selling the portfolio that includes fleet, self drive hire (rental) and taxi business. In total, the book is worth about 16.25 million pounds in…
Insurers pleased with NB cap on minor injury claims
June 17, 2003 by Canadian UnderwriterInsurers are applauding the news that New Brunswick will cap “pain and suffering” awards for minor injuries as a result of auto accidents. The announcement follows an intense election in that province, where rising auto insurance rates become a key…
Consumer group wants public auto insurance in New Brunswick
June 16, 2003 by Canadian UnderwriterThe Consumers’ Association of Canada (CAC) has asked all three political parties in New Brunswick to implement public auto insurance in New Brunswick.The plan calls for a system based on that of the Insurance Corporation of B.C. (ICBC) as a…
Hub private debt placement complete
June 13, 2003 by Canadian UnderwriterThe previously announced private debt placement by Hub International Ltd. (TSX, NYSE: HBG) has been completed. The US$65 million in principal of unsecured senior notes were sold in the U.S. to private institutional buyers.“Net proceeds of the sale of the…
Insurers to increase IT spending in 2003
June 13, 2003 by Canadian UnderwriterDespite market pressures, North American insurers will spend 2% more on information technology (IT) in 2003, says a new report from Forrester Research’s Giga Information Group.The survey of insurance chief information officers (CIOs) shows that improving employee efficiency, agent efficiency…
IBC poll shows support for limits on “pain and suffering” in Nova Scotia
June 11, 2003 by Canadian UnderwriterA new poll commissioned by the Insurance Bureau of Canada (IBC) suggests Nova Scotians would support limits on “pain and suffering” compensation for auto accident victims if it leads to lower premiums.The poll, which saw 1008 residents aged 16 or…
RIMS takes tort reform message to Washington
June 11, 2003 by Canadian UnderwriterThe association representing risk managers headed to Capital Hill this week to discuss the need for tort reform in the U.S.In the fifth annual “RIMS on the Hill”, Risk and Insurance Management Society leaders are meeting with legislators on a…
Insurance industry shows strengthened profitability for 1-Q
June 9, 2003 by Canadian UnderwriterInsurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to…
Global reinsurance outlook grim: S&P
June 2, 2003 by Canadian UnderwriterA negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue…