Industry
The world’s oldest insurance market is taking its first steps into the debt market as Lloyd’s announces plans to raise 500 million pounds in long-term subordinated debt.The move accompanies other strategies to finance the Society of Lloyd’s central fund, notes CEO Nick Prettejohn. Lloyd’s has also asked for direct contributions from members and set up […]
By Canadian Underwriter | October 13, 2004
1 min read
In its latest “industry report card” on North American insurance holding companies, rating agency Standard & Poor’s says the more stable outlook on the p&c industry should not be cause for celebration just yet. “there are a few mountains to move before ratings can turn around, the largest being massive increases in industry reserves for […]
By Canadian Underwriter | October 12, 2004
2 min read
Allianz’s remaining business in Canada Allianz Global Risks (AGR Canada) has received approval from the federal insurance regulator to operate as a branch of Allianz Global Risks US Insurance Company.The company also expects to receive its provincial licenses in November, notes an AGR Canada press release. Among its offerings in this country will be commercial […]
Ending weeks of speculation, ING says it has bought Allianz of Canada Inc., although Allianz will retain the industrial lines book in Canada under Allianz Global Risks.The Allianz of Canada Inc. portfolio of p&c business includes subsidiaries Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada (which handles group business), as well as […]
By Canadian Underwriter | October 11, 2004
Non-life premiums in emerging markets are expected to double over the next decade, according to Swiss Re’s latest sigma study. While premiums in these markets, which include Africa, Asia, Eastern Europe, Latin America and the Middle East, were about US$123 billion last year but this figure is expected to blossom to US$250 billion by 2014, […]
By Canadian Underwriter | October 7, 2004
Following improved financial performance, three of the four subsidiaries of Montreal-based Optimum General Inc. have been upgraded by A.M. Best to "B-" (fair) from "C++" (marginal). These ratings apply to Optimum Insurance Co., Optimum Farm Insurance Inc. and Optimum Frontier Insurance Co. Only Optimum West Insurance Co. of B.C. remains affirmed at the "C++" level.The […]
Manitoba Public Insurance (MPI) says it is “on target” for the first six months of its fiscal year. The province’s public auto insurer posted net income of $40.8 million for the first-half ending August 31, 2004, up from $39.2 million a year earlier. The public insurer generally begins the year building income which will offset […]
By Canadian Underwriter | October 5, 2004
Despite moves by several companies to bolster reserves over the past three years, the p&c industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause of insurer insolvency. […]
By Canadian Underwriter | October 4, 2004
With insurers' profitability believed to now be at a sustainable level to deliver adequate shareholder returns, a sense of stability has crept into the Canadian property and casualty insurance marketplace. Coverage availability has increased tremendously across the provinces over the course of this year, with new product innovations within the regulated auto line set to kick into effect in early 2005 - all of which should alleviate the cost pressures and overall company/broker relationship stress that has marked the past two years of the hard market. But, will consumers simply forget the turmoil of the insurance marketplace and willingly embrace the industry with open arms? Whether justified or not, the public image of the insurance industry has plummeted to an all-time low - an issue which brokers and insurers alike agree has to be addressed urgently.
September 30, 2004
11 min read
After two years of extremely difficult market conditions, independent brokers in Ontario are hopeful of a period of stability. However, the immediate future will not be a period of “easy sailing” as brokers tackle the delicate task of rebuilding consumer confidence in the insurance industry, and specifically regaining the trust of communities which has always […]
5 min read
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