Industry
A new study reveals “organic” revenues were dropping for the world’s largest brokers even before the impact of the U.S. compensation probe was felt.The study, by Pennsylvania-based WFG Capital Advisors LP, finds that the eight largest brokerages saw organic revenue drop by 2.7% in the second quarter ending September 30, 2004 almost six weeks before […]
By Canadian Underwriter | December 15, 2004
2 min read
Standard & Poor’s has upgraded the long-term counterparty credit and financial strength ratings on Guelph, Ontario-based Co-operators General Insurance Co. to “BBB” from “BBB-“. The rating agency also pushed the long-term national preferred stock rating on the company to “P-3” from “P-3 low”, and its long-term global preferred stock rating to “BB” from “BB-“. All […]
1 min read
B.C. Finance Minister Gary Collins is stepping down to take a job in the private sector. Collins, who has held the role since 2001 when the Liberals took office with a landslide election win, says he wants to devote more time to his family. He will be joining Vancouver-based airline HMY Airways. Health Services Minister […]
In its statistical review of U.S. multi-peril Commercial lines carriers, A.M. Best shows little hope that market softening will not set in full force in 2005.The study notes that premium growth was a solid 7.5% in 2003 for the top writers, although down from the pace set in 2002. However, indications in 2004 are that […]
By Canadian Underwriter | December 14, 2004
Despite strong sector results in 2003, 2004 is showing the lingering pain of adverse development on prior year claims for U.S. reinsurers, according to a new statistical study by A.M. Best. 2002 was a record year for reserve charges amongst U.S. reinsurers a total of US$7.9 billion in adverse reserve development was recorded, adding 31 […]
Chubb Insurance Co. of Canada has appointed Paul Morrissette as manager of its personal insurance, Canadian zone. He has 15 years of insurance industry experience, all with Chubb, most recently as vice president of Chubb Personal Insurance in New Jersey. Morrissette replaces Susan Vella, who has moved to Chubb’s U.S. operations. Facility Association CEO David […]
By Canadian Underwriter | December 13, 2004
The Insurance Bureau of Canada (IBC) is using its annual “top ten” insurance crimes list as a chance to educate rather than amuse this year. In particular, the IBC is focusing on the crime of auto theft and its potentially deadly results as a way of lobbying for stricter penalties for auto theft crimes.The IBC […]
ING Canada made its initial public offering of common shares on Friday, with a starting price of $26 for each of the 34.88 million shares.The offering, led by Merrill Lynch Canada Inc. and CIBC World Markets Inc. showed early success, with the shares closing at $28.88 at the end of the first day of trading. […]
By Canadian Underwriter | December 12, 2004
The Financial Services Commission of Ontario (FSCO) has made some organizational changes at its insurance divisions, including merging all auto insurance related functions into the Auto Insurance Division, including dispute resolution. A new executive director function has been created to lead this division, with recruiting underway for the position, and David Draper leading the dispute […]
Designated assessment center (DAC) representatives and trial lawyers continue to wage a war of words over the elimination of DACs as proposed by the Ontario Liberal government.Thursday, the Association of DACs (ADAC) penned an open letter urging Premier Dalton McGuinty to rethink getting rid of the system. ADAC president Susan Filuk accused the Liberals of […]
By Canadian Underwriter | December 9, 2004
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