Insurers chop jobs at U.S. offices
December 6, 2001 by Canadian UnderwriterIn the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing…
IAO to work with U.S.-based ISO on products
December 6, 2001 by Canadian UnderwriterMarkham-based Insurers’ Advisory Organization (IAO) is teaming up with the U.S. Insurance Services Office to create and sell products in both countries. IAO, which is part of the UAB Group, will market ISO forms, rules and loss costs to Canadian…
Tax reform a key goal for IBC in 2002
December 5, 2001 by Canadian UnderwriterAt the Insurance Bureau of Canada’s (IBC) annual meeting in Toronto, the industry’s representative body says reducing the tax burden on insurers will be front and center in its mandate for the coming year. Educating government about how easing this…
Swiss Re speakers predict recession to last through mid-2002
December 5, 2001 by Canadian UnderwriterAt Swiss Re’s annual yearend insurance industry review, speakers noted that while the global recession was likely to last well into next year, the insurance industry is on the road to recovery since September 11. “The U.S. and global economies…
Worth the Paper
December 1, 2001 Glenn McGillivray, asst. VP of corporate communication, Swiss Reinsurance Co. of CanadaReinsurers do not just provide covers, they provide guarantees — promises that they will see the contract through, and not just collect a premium. This is where a reinsurer’s counter-party credit and claims-paying ability rating comes into play, especially if the risk has a long-tail or the maximum loss may be substantial.
B.F. Lorenzetti buys Vancouver firm (December 01, 2001)
December 1, 2001 by Canadian UnderwriterMontreal-based B.F. Lorenzetti (BFL) is set to buy a majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted commercial brokerage offices in Halifax and Quebec City. BFL says the…
September 11 Will Change Canadian Insurers
December 1, 2001 Joel Baker, GM, A.M. Best Canada Ltd. and Robert Adams, asst. VP, A.M. Best Co.The indirect consequences of the September 11 terrorist attacks on the U.S. will have a far greater impact on the insurance industry in Canada than the direct costs resulting from the tragedy. Few Canadian companies will be directly affected.
Terrorism Risks the Exclusion Dilemma
December 1, 2001 Brian Reeve, partner at Cassels Brock & Blackwell LLPTerrorism exclusions in Canadian property policies, are they necessary? As the deadline for reinsurance renewals nears, many insurers are looking for alternative solutions to the vexing problem of providing – or not providing – coverage for terrorism related risks.
IBAO 2001 Convention: Rates Back to the Future
December 1, 2001 Vikki SpencerAs Ontario’s brokers gathered in Toronto for the annual Insurance Brokers Association of Ontario Convention, the challenges and opportunities of the hardening insurance market were on everyone’s minds. Just how far will the tide turn, and how will reinsurance price hikes trickle down to brokers’ clients? All of this comes as Ontario’s brokers prepare for immense regulatory changes and the emergence of new technological tools to their trade.
ING and Zurich enter asset swap deal and alliance
December 1, 2001 by Canadian UnderwriterING Canada has acquired Zurich North America Canada’s personal lines book of business as well as its commercial business valued at less than $50 million through an integrated cash and “asset swap” deal. In total, ING acquired about $540 million…
Insurers stung in third quarter by falling investments
December 1, 2001 by Canadian UnderwriterCanadian property and casualty insurers produced a record-low return on equity (ROE) of 1.8% for the first nine months of this year against the 7.4% return achieved a year previous, according to the latest quarterly Perspective financial report released by…
Back Stop…or “Stopped”
December 1, 2001 Sean van Zyl, EditorWith the deadline for yearend reinsurance renewals rapidly drawing near, a political game of “chicken” appears to be in play between insurers, reinsurers and the federal government. The Insurance Bureau of Canada (IBC) established a special task group following the…