The debate surrounding compensation for unearned premiums was among the issues on the table at the recent annual general meeting of the Property and Casualty Insurance Compensation Corporation (PACICC). The corporation, set up to pay out claims following insurer insolvencies, had been asked by regulators to review its coverage of unearned premiums. PACICC had instituted […]
February 28, 2002
2 min read
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
By Canadian Underwriter | February 28, 2002
1 min read
ACE Bermuda Insurance Ltd., a subsidiary of the ACE Ltd. (NYSE: ACE) group, has agreed to settle its property insurance claim with Silverstein Properties Inc., owners of the World Trade Center (WTC) buildings devastated during the September 11 terrorist attacks. ACE says that the settlement is based upon a single occurrence event, and therefore will […]
By Canadian Underwriter | February 17, 2002
1 min read
Larry Silverstein, leaseholder for the World Trade Center is reportedly close to reaching a settlement with two of the complex’s 22 insurers. XL Capital and Ace are the only insurers not named in Silverstein’s lawsuit in which he seeks to collect twice the amount of his insurance policy, claiming the September 11 terrorist attacks that […]
By Canadian Underwriter | February 8, 2002
2 min read
New York’s insurance superintendent, Gregory Serio, today rejected terrorism exclusion wordings that would have pegged maximum insured losses per event at US$25 million. This rejection of the exclusion wordings, which were recently issued by the Insurance Services Office (ISO) and approved by the National Association of Insurance Commissioners (NAIC) after U.S. Congress failed to pass […]
By Canadian Underwriter | January 8, 2002
1 min read
U.S.-based St. Paul will undergo a major overhaul as the company plans to exit certain lines of business, including medical malpractice, and to exit countries where “the company is not likely to achieve competitive scale”.Canada will, however, not be among those countries. St. Paul will continue to operate its specialty commercial property-liability business. The U.K, […]
By Canadian Underwriter | December 12, 2001
1 min read
Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The “Preeminence” book is targeted to high-net-worth clients in Ontario, Quebec and B.C.”This transaction will further […]
By Canadian Underwriter | November 23, 2001
1 min read
Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of business interruption claims, it does not take into account aviation-related losses, liability, life or workers’ […]
By Canadian Underwriter | November 6, 2001
1 min read
A deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put insurers in a bind as they attempt to negotiate treaties for January 2002.The Senate plan, […]
By Canadian Underwriter | November 2, 2001
1 min read
Insured property losses from Tropical Storm Allison, which struck several U.S. states this past summer, are expected to reach US$2.5 billion, says the Insurance Services Office Inc. (ISO). This is more than double the ISO’s original July estimate of US$1.2 billion. The difference is largely the result of Texas claims, which grew from US$1 billion […]
October 31, 2001
1 min read