Claims
A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management to discuss issues of financing, capitalization and operating plans. The provinces of B.C. and Alberta […]
By Canadian Underwriter | May 30, 2004
1 min read
The Canadian insurance industry mourns the loss of veteran broker Cyril MacKinnon, who passed away suddenly on Thursday, May 27. A long-time representative of the Insurance Brokers Association of PEI, MacKinnon was its president and director to the Insurance Brokers Association of Canada (IBAC).MacKinnon was chair and managing partner of Concorde Insurance Brokers Ltd. in […]
U.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 2003.Premiums were actually lower in the first quarter of this year, with gross written premiums […]
Swiss Re has seen its financial strength and long-term debt ratings cut by Moody’s to “Aa2”, although the reinsurer’s short-term rating was affirmed at “prime-1”. Among the conditions cited in the downgrade are possible further adverse development for the years 1997-2001, and the evolving risk profile associated with its growing life and financial intermediation business. […]
By Canadian Underwriter | May 27, 2004
GE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in the Caribbean. Hardest hit have been Haiti and the Dominican Republic, specifically Hispaniola (an island […]
By Canadian Underwriter | May 26, 2004
Saskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants $30 to use the program. The Institute for Catastrophic Loss Reduction (ICLR) has a new […]
By Canadian Underwriter | May 25, 2004
Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced by global warming, a trend which could increase floods, droughts, wildfires and other phenomena.Gas hydrates […]
By Canadian Underwriter | May 24, 2004
2 min read
Jury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful termination.However, compensatory damages awards in discrimination cases alone actually fell last year, by just 2% […]
French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in the non-life segment dropped significantly on the heels of reduced currency and capital gains. Swiss […]
By Canadian Underwriter | May 20, 2004
On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six to eight deteriorating into hurricanes. In the past, similar seasons have seen two to three […]
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