Canadian Underwriter

Risk Management

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Small business concerns over insurance continue to surface

April 2, 2004 by Canadian Underwriter

In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side

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80% of U.S. commercial brokers want TRIA renewed

April 1, 2004 by Canadian Underwriter

With the 2005 sunset deadline for the U.S. federal government terrorism backstop fast approaching, commercial brokers are urging legislators to extend the program.In a survey of its members, the Council of Insurance Agents and Brokers (CIAB) found 80% want to

News Insurance

Travelers, St. Paul merger to take effect April 1

March 30, 2004 by Canadian Underwriter

Following shareholder support, and settlement of a shareholder lawsuit, the Travelers-St. Paul merger is set to take place April 1, the companies announce.Shareholders had approved the merger two weeks ago, with regulators following suit. The new company, St. Paul Travelers,

News Insurance

Banks turning attention to risk management: S&P

March 26, 2004 by Canadian Underwriter

A new study by Standard & Poor’s Risk Solutions suggests credit risk management is drawing the attention of banks worldwide.Following up on a 2001 survey, the survey focused on senior executives from more than 30 banks of various size and

News Climate ChangeInsuranceMergers and Aqcuisitions

Anthony Clark secures US$5 million debt facility

March 24, 2004 by Canadian Underwriter

Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement,

News Insurance

Travelers and Equitas settle for US$245 million

March 23, 2004 by Canadian Underwriter

In an attempt to close a chapter on outstanding asbestos claims, Travelers Property Casualty has agreed to receive a settlement of US$245 million from Equitas, the reinsurer charged with settling claims on behalf of Lloyd’s underwriters.The US$245 settles net claim

News Insurance

Reinsurance recoverables dragging p&c industry recovery: E&Y

March 15, 2004 by Canadian Underwriter

Questions about the long-term sustainability of p&c industry profitability linger in the wake of an already waning hard market, suggests a new report by Ernst & Young LLP. The “Financial Services Market Overview” notes that rate increases are expected for

News Insurance

RIMS Canada Council takes message to Parliament Hill

March 15, 2004 by Canadian Underwriter

The body representing Canada’s risk managers has staged its first annual meeting with federal representatives in Ottawa, aimed at increasing the profession’s profile with regulators and legislators. The RIMS Canada Council (RCC), mirroring the “RIMS on the Hill” event staged

News InsuranceMergers and Aqcuisitions

Royal SunAlliance Canadian arm improves, but hampered by FA losses

March 12, 2004 by Canadian Underwriter

With the release of Royal & SunAlliance Insurance Group’s results, the Canadian operations are posting improved operating results, however Facility Association (FA) losses are hampering the effect of prince increases and reduced exposures.Overall, the parent company is reporting a pre-tax

News InsuranceMergers and Aqcuisitions

Reinsurers continue to expect downgrades: S&P

March 12, 2004 by Canadian Underwriter

Reinsurers may be blanching at a new “North American Insurance Industry Report Card” by Standard & Poor’s which suggests the sector can expect to see downgrades outweigh upgrades this year.Commenting on the reinsurance sector, for which S&P maintains a negative

News Insurance

U.S. Chamber survey identifies worst states for tort

March 12, 2004 by Canadian Underwriter

Mississippi has again taken on the dubious honor of being the worst state in which to defend a liability case, says the annual “State Liability Systems Ranking Study” released by the U.S. Chamber of Commerce “institute for legal reform”. West

News Insurance

Global aviation market “precarious”: Aon

March 11, 2004 by Canadian Underwriter

A new report by international broker Aon suggests the global aviation market is facing a very uncertain future with premiums falling last year.Aviation losses were down in 2003 to the lowest level in history in 2003, and rates fell by