Commercial

Royal & SunAlliance acquires ING’s commercial marine portfolio (August 01, 2005)

Royal & SunAlliance Insurance Company of Canada recently acquired the renewal rights of ING Insurance Company of Canada’s $13-million marine commercial insurance business. Royal & SunAlliance will control the business beginning Sept. 1, 2005. Under the terms of the agreement, Royal & SunAlliance has acquired the renewal rights to ING commercial ocean marine business, including […]

July 31, 2005

1 min read

Commercial

Elliott Special Risks partners with Newport Private Yield

Elliott Special Risks recently entered into a partnership with Newport Private Yield LP.Through this partnership, Newport is acquiring an ownership interest in the company, however senior management will continue to own a significant interest and maintain operational control and responsibility for the direction of the business. In addition, Newport an asset management company engaged in […]

By Canadian Underwriter | July 5, 2005

1 min read

Commercial

Trucks damaging Saskatchewan highways pay more

Vehicle registration for Saskatchewan farmers operating heavy trucks is set to increase by September 1, 2005. These government insurance fees are being re-balanced to address the damage heavy vehicles cause to highways and they will fluctuate to reflect the damage specific vehicles may cause. The government is also offering a $32 farm trailer registration that […]

By Canadian Underwriter | July 4, 2005

1 min read

Commercial

Anthony Clark secures debt financing arrangement

Anthony Clark International Insurance Brokers Ltd. (“ACL”) closed a $30,750,000 (US$25,000,000) secured debt financing arrangement with the lenders Bridge Healthcare Finance, LLC (“BHF”) and Bridge Opportunity Finance, LLC (“BOF”). These lenders are providing Addison York Insurance Brokers Ltd. the US wholly-owned subsidiary of Anthony Clark with a five year term loan facility of $30,750,000 (US$25,000,000), […]

By Canadian Underwriter | June 17, 2005

1 min read

Canadian Underwriter Web Poll: May results

The industry is pessimistic that the commercial insurance sector will be hard hit by an overall softening trend. The Canadian Underwriter Web Poll for May asked “Will commercial insurance rates soften significantly across the board through the remainder of 2005?” Slightly tipping the scale, 60.68% of 323 respondents say “yes” while 32.51% say they don’t […]

1 min read

U.S. tort costs rise modestly in 2003

U.S. tort costs continued their upward trend, although at a far less dramatic rate in 2003, according to a new study by Tillinghast.In its annual review, the research firm finds tort costs rose 5.4% in 2003, exceeding overall economic growth which was up 4.9%. Overall tort costs were US$246 billion in 2003, or US$845 per […]

1 min read

U.S. broker group proposes principles for regulating broker commissions

In a letter to the National Association of Insurance Commissioners (NAIC), U.S. commercial brokers say a new system of regulating commission practices should include transparency, but also recognize the legitimacy of contingent commissions.The letter, sent to NAIC president Diane Koken by Ken Crerar, president of the Council of Insurance Agents & Brokers (CIAB), stresses that […]

1 min read

Fitch gives reinsurance sector stable outlook

Global reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades should not outnumber upgrades significantly as has been the case over the last three years. […]

2 min read

U.S. commercial lines outlook stable: Fitch

The outlook for the U.S. commercial lines sector has been revised from negative to stable by rating agency Fitch. Fitch had placed a negative rating on the sector since September 2000.Fitch says there will be fewer rating changes in the near term and that the number of downgrades with be close to the number of […]

1 min read

On the Move (July 01, 2004)

The Insurance Corp. of B.C. (ICBC) has hired firm Ray & Berndtson Tanton Mitchell to find its new CEO following the announcement that Nick Geer will vacate the position. Geer joined ICBC as chair in 2001 and took over as interim CEO in 2002. Geer leaves the position at the end of June, to be […]

June 30, 2004

1 min read