Converium to restructure North American operations
September 1, 2004 by Canadian UnderwriterAs part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will…
Happier Clients Through Better Selling
September 1, 2004 Paul SalvasThe property and casualty insurance industry is not renowned for its selling techniques – perhaps resigned to the fact that buyers see their product as a “necessary evil” and from a regulatory standpoint, particularly on certain classes of business such as auto, as being a “compulsorily purchase”. However, insurers and brokers can achieve more business and boost customer satisfaction through applying proven, proactive selling techniques.
Odyssey Re pays US$43 million for Opus Re
July 6, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings has paid US$43 million to buy all of the stock in Overseas Partners Ltd.(OPL)’s U.S. reinsurance operation, Opus Re.OPL went into run-off in February 2002, in a bid to protect shareholder value the majority of its…
What’s new: In brief (June 29, 2004)
June 29, 2004 by Canadian UnderwriterThe Alberta government is seeking input on potential changes to its Health Information Act (HIA). An all-party committee is reviewing the legislation, put in place three years ago to limit access to personal health information. A consultation guide is available…
U.S. Reinsurers’ 1-Q Shows Underwriting Windfall
June 1, 2004 by Canadian UnderwriterU.S. reinsurers produced a combined ratio of 94.0% for the first quarter of this year compared with the 96.4% ratio posted for the same period in 2003, according to data collected by the Reinsurance Association of America (RAA). The improved…
U.S. reinsurers post gains on underwriting success
May 30, 2004 by Canadian UnderwriterU.S. reinsurer results for the first quarter of 2004 show underwriting diligence is paying off with the members of the Reinsurance Association of America (RAA) posting a combined ratio of 94.0%. This compares with 96.4% in the first quarter of…
Seven insurers face Hurricane Isabel class action suit
May 13, 2004 by Canadian UnderwriterA class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs,…
WTC ruling favors most insurers
May 2, 2004 by Canadian UnderwriterThe jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are…
U.S. Reinsurers’s 2003 Profit Exceeds Us$3 Billion
April 1, 2004 by Canadian UnderwriterLast year, U.S. reinsurers saw net profit grow by almost 500% to US$3.08 billion compared with the US$628 million posted the year prior. The financial result of the U.S. reinsurance industry is calculated based on company data collected by the…
What About The Innocent Co-Insured?
January 1, 2004 Richard DavidsonSome years ago, I visited a commercial client to review his cover prior to renewal. I could tell that his mind was not fully attentive to matters I was discussing with him. He then turned to me and posed an…
Moments In Time (January 01, 2004)
January 1, 2004 by Canadian UnderwriterEach month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
St. Paul and Travelers Merge in Stock Deal
December 1, 2003 by Canadian UnderwriterThe St. Paul Companies Inc. and Travelers Property Casualty Corp. recently announced a merger of the two companies to form a US$20 billion global operation based on net written premiums. The deal, which involves a trading of stock between the…