Scor & RSA see ratings downgraded in the wake of poor Q-4 results
January 16, 2002 by Canadian UnderwriterTwo global giants have seen their ratings downgraded as a result of poor financial results in the fourth quarter of 2001. A.M. Best has downgraded Scor Re from A+ (Superior) to A (Excellent), a grading that also applies to Scor…
Phelan to head up Munich Re American unit
January 10, 2002 by Canadian UnderwriterJohn Phelan, president of Munich Reinsurance Company of Canada (MROC), will take over as head of the global company’s U.S. unit, American Re.The move is a result of the decision of current American Re president and CEO Edward J. Noonan…
Post-9/11 Canadian insurance market “brutal”: Belton Report
January 9, 2002 by Canadian UnderwriterTerrorist attacks south of the border are sending reverberations through the Canadian p&c industry, says analyst Ted Belton, author of the Belton Report. In his third quarter analysis, Belton notes that prior to the attacks market hardening was predicted to…
Canada tops U.S. in car theft rates
January 4, 2002 by Canadian UnderwriterStudies by Statistics Canada and the FBI show Canada is actually outpacing the U.S. in terms of auto theft. Based on 2000 figures, Canada averages 521 vehicle thefts per 100,000 people, 26% higher than the U.S. rate of 414. This…
Insurers lose on “preferred shop” appeal
January 2, 2002 by Canadian UnderwriterA decision by the Ontario Court of Appeal could limit insurers’ ability to recommend preferred collision shops to their claimants. The Court is overturning a lower court judgement from November 1999, and saying that Toronto’s new Collision Reporting Centres bylaw…
Canadian Underwriter and canadianunderwriter.ca Launch Free Insurance News Alert Service
January 1, 2002 by Canadian UnderwriterWelcome to your first edition of Canadian Underwriter magazine and canadianunderwriter.ca’s new Email News Alert Service for the Insurance Industry, called “At Your Personal Request”. This FREE Breaking News Alert Service will keep the market informed of the latest Insurance…
Fin institutions launch national consumer ombudsman service
December 20, 2001 by Canadian UnderwriterAll of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services…
First of big life mergers on the table
December 18, 2001 by Canadian UnderwriterIn the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica…
IBC accuses Newfoundland/Labrador lawyers for spreading misinformation
December 17, 2001 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the…
Kingsway operations gain strong financial ratings
December 14, 2001 by Canadian UnderwriterRating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co,…
CSIO portal funding in place
December 13, 2001 by Canadian UnderwriterThe broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.“Top-up” funding was…
St. Paul’s plans global overhaul; retains Canadian specialty lines
December 12, 2001 by Canadian UnderwriterU.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among…