Segment
Risk Management
What’s new: In brief (January 20, 2005)
January 20, 2005 by Canadian UnderwriterOakville, Ontario-based pet insurer Pethealth (TSX Venture: PTZ) has declared a dividend of $0.12 per series one convertible preference share, payable on January 26. Pethealth issued 5 million of convertible preference shares on January 21, 2004 through a private placement,…
Liability market softening slower than property: Willis
January 18, 2005 by Canadian UnderwriterIn its “International Liability Market Review”, broker Willis says predictions that the liability market would see flat to declining pricing in the second half of 2004 were borne out. But the 10-15% declines in liability pricing paled in comparison to…
What’s new: In brief (January 18, 2005)
January 18, 2005 by Canadian UnderwriterAlberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has…
Market turn marked by discipline: Willis
January 16, 2005 by Canadian UnderwriterIn its annual “Marketplace Realities” report, broker Willis finds despite price softening in “virtually all market segments”, underwriting discipline remains intact.Despite the past year being marked by catastrophes, including the Atlantic hurricane season and December 26 Asian tsunami, market capacity…
What’s new: In brief (January 16, 2005)
January 16, 2005 by Canadian UnderwriterThe Vermont Banking, Insurance, Securities and Health Care Administration (BISHCA) says 43 new captives were formed in the domicile in 2004. The forms were varied, with 29 pure captives, 8 risk retention groups (RRGs), and also industrial insureds, sponsored, association…
Levene touts need for “early warning system for both natural and corporate disasters
January 13, 2005 by Canadian Underwriter2004 was marked by a series of “disasters” for the insurance industry not just natural catastrophes like the Atlantic hurricanes, but also corporate catastrophe in the form the investigations into broker compensation and non-traditional insurance products. In light of this,…
Commercial auto on the right path, but not likely to stay there: Conning
January 13, 2005 by Canadian UnderwriterWriters of commercial auto insurance have effected a massive turnaround since 1999, posting strong results last year, but this upward trend is unlikely to last past 2004, says a new study by Conning Research.In 1999, commercial auto writers posted a…
Markel launches new “fuel price” insurance
January 12, 2005 by Canadian UnderwriterTrucking insurer Markel Insurance Co. of Canada has devised a new product to hedge against volatile fuel prices.“FUELogic” allows long-haul truckers to lock in the “maximum” price they choose to pay for fuel from a number of options, to be…
What’s new: In brief (January 11, 2005)
January 11, 2005 by Canadian UnderwriterCIBC Insurance is providing quotes on p&c insurance from various other insurers, to clients in Ontario and Alberta, via the bank’s website. The site provides a link to online insurance marketplace Kanetix as a service to clients, although CIBC no…
Echelon parent merger complete, Co-operators stake further reduced
January 11, 2005 by Canadian UnderwriterThe amalgamation of EGI Financial Holdings Inc. (EGI), parent company of Echelon General Insurance Co., with Canadian Insurance Marketing Inc. CIMI) is now complete. With the merger, The Co-operators Group has also reduced its stake in EGI to 43% –…
U.S. tort costs rise modestly in 2003
January 10, 2005 by Canadian UnderwriterU.S. tort costs continued their upward trend, although at a far less dramatic rate in 2003, according to a new study by Tillinghast.In its annual review, the research firm finds tort costs rose 5.4% in 2003, exceeding overall economic growth…
Bush push for asbestos reform a case of good news/bad news
January 10, 2005 by Canadian UnderwriterWhile insurers were pleased to see U.S. President George W. Bush pushing for asbestos reform last week, the details of the plan he supports are leaving them less than impressed. In several speeches last week, Bush touted the need for…