Industry
With commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will outpace upgrades for commercial insurers in the coming year.S&P returned its outlook to “negative” for […]
By Canadian Underwriter | December 8, 2004
2 min read
While many people believe stopping impaired driving to be an important social issue, there is evidence that a significant number of drivers are getting behind the wheel after drinking.A new survey by the Traffic Injury Research Foundation (TIRF) and Toyota Canada found that a full 18% of drivers admitted to drinking and driving at some […]
Lord Peter Levene has been asked to serve as chair of Lloyd’s for a second three-year term, beginning in 2005. Levene became the 61st chair of the world’s oldest insurance market when he assumed the role in 2002 for his first term.Levene has been part of the transition of Lloyd’s following the September 11, 2001 […]
By Canadian Underwriter | December 7, 2004
According to documents from the Financial Services Commission of Ontario (FSCO) obtained by Canadian Underwriter, a new system to replace Ontario’s “designated assessment centers” (DACs) has been established.The new “post-DAC” system would allow claimants to receive assessments within the statutory accident benefit schedule (SABS) from their health care provider, and allow insurers to request their […]
By Canadian Underwriter | December 6, 2004
Cambridge, Ontario-based Gore Mutual Insurance Co. has seen its counterparty credit and financial strength ratings lowered to “BB” from “BBB” by rating agency Standard & Poor’s. The ratings are based on public data, rather than an interactive rating process, S&P notes.”The rating action reflects the company’s weak operating performance, marginal liquidity, and very high geographic […]
By Canadian Underwriter | December 5, 2004
1 min read
AIG has been served with a lawsuit alleging violations of U.S. pension plan legislation for the devaluation of the company’s stock as a result of the recent broker compensation scandals. New York law firm Wolf Popper LLP has filed the suit on behalf of participants in AIG’s 401k plan, alleging the insurer “failed to disclose […]
By Canadian Underwriter | December 2, 2004
Toronto-based Fairfax Financial Holdings (NYSE, TSX: FFH) is planning an offering of senior notes on the U.S. exchange. The company will offer US$150 million of its 7.75% senior notes due 2012, on condition of the closing of previously announced equity financing as well as a debt tender offer made earlier in November.The most recent offering […]
By Canadian Underwriter | December 1, 2004
The Property & Casualty Insurance Compensation Corp. (PACICC) has joined together with other financial services insolvency groups to launch a new website for consumers. The site, www.financeprotection.ca, includes information on PACICC, as well as compensation plans for savings, investments and life/health insurance. The New York Assembly’s Standing Committee on Insurance has scheduled hearings for December […]
In its annual review of insurance and reinsurance markets, Swiss Re predicts that the industry will continue to post profits in 2005, but the pace of growth will drop off as the market softens.In fact, profitability should continue into 2006, says Thomas Hess, Swiss Re chief economist. However, challenges remain, he adds, including capital markets […]
How many times have you heard the phrase..."The customer is always right?" But, how many times is this phrase really understood?
November 30, 2004
4 min read
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