Letters (March 01, 2002)
March 1, 2002 by Canadian UnderwriterDear Editor, I have just completed reading the December issue of Canadian Underwriter and enjoyed reading your coverage on the hard market and the issue of terrorism exclusions. The Insurance Bureau of Canada, the press and the regulator continue to…
Zurich sells off Canadian life unit (March 01, 2002)
March 1, 2002 by Canadian UnderwriterOn the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…
Losing by Default
March 1, 2002 Glenn McGillivray, assistant vice president & head of corporateWith a softening economy — which was exacerbated greatly by the 9/11 events — an economic crisis in Argentina, and a record-breaking string of corporate bankruptcies over the last months, many companies quickly learned that natural and man-made catastrophes present just one type of threat to the balance-sheet.
Insurers and Reinsurers Changing The Guard
March 1, 2002 Sean van Zyl, EditorCan insurers and reinsurers change their colors? This was the ultimate question raised by financial analysts and industry CEOs at the 2002 National Insurance Leadership Symposium, which was recently held in San Francisco. From a broader perspective, the commentators analyzed developments in global market capacity following the terrorist attacks of September 11. While many were optimistic of a financial recovery for both the reinsurance and primary insurance sectors, doubts were raised to whether the September 11 events, and the firming of the industry price cycle before and in the aftermath of the attacks, will provide sufficient long-term momentum toward achieving the necessary financial returns expected by corporate shareholders.
Service for the Dis-Serviced
March 1, 2002 Suzanne WintrobWhen Canada’s financial services industries caught wind of a government proposal to build a national ombudsman service geared at regulating customer service under the regal eye of Ottawa, companies from banks, investment dealers to insurers reacted swiftly with the creation of their own “all-in-one” countrywide ombudsman service. But, the question remains, will this private sector initiative hold up under political as well as consumer scrutiny?
Risk Management Precarious Times
March 1, 2002 Vikki Spencer“The world was on September 9th a dangerous place, full of operational and financial risks. What changed was the address of terrorism. Terrorism was no longer simply on TV, it was and is now part of our real lives.” So said David Mair, outgoing president of the Risk and Insurance Management Society following the September 11 terrorist attacks. Certainly the insurance world has been turned on it axis by those events. What was shaping up to be a hardening market was suddenly a market in chaos, and risk managers were left struggling to catch up with rapidly escalating rates, tightening terms and a severe lack of capacity. Added to this is the disappearance of terrorism coverage and the seeming ambivalence of North American governments to the plight of insurers and their commercial policyholders.
The U.S. Marketplace Post September 11
March 1, 2002 Sean van Zyl, EditorSpeakers at this year’s Joint Industry Forum — which recently took place in New York City — were bullish of the financial prospects of the North American property and casualty insurance industry in the post September 11 era. However, they,…
Kingsway aims to buy another U.S. insurer
February 27, 2002 by Canadian UnderwriterIn keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share…
Trade associations join in lobby group
February 19, 2002 by Canadian UnderwriterTrade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers…
Zurich sells off Canadian life unit (February 18, 2002)
February 18, 2002 by Canadian UnderwriterOn the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares…
Risk managers face tough times, says new study
February 15, 2002 by Canadian UnderwriterRisk managers are being tested by insurance negotiations in the current market, says a new study by Prudential Financial. Rising rates, tighter terms and increased demand for information from corporate insurance buyers are leading to long, intense negotiations, reports the…
Commercial insurance buyers urge terrorism pool
February 14, 2002 by Canadian UnderwriterU.S. trade associations representing the real estate, tourism and retail industries, among others, are joining forces to push the federal government to devise a solution to terrorism reinsurance. Groups including the U.S. Chamber of Commerce, the Bond Market Association, and…