Industry
The mega-mergers of St Pauls/Travelers and John Hancock/Manulife are a signal the industry should expect increased consolidation, say insurance executives and analysts.Two-thirds of those responding to the survey, which was taken as part of Standard & Poor’s annual insurance conference in New York this week, say consolidation will continue, while 71% say debt and equity […]
By Canadian Underwriter | June 17, 2004
1 min read
While the outlook for North American insurance holding companies remains stable, their counterparts in the reinsurance sector can expect downgrades to outweigh upgrades in the near future, says rating agency Standard & Poor’s. Despite continued rate increases, S&P has extended its negative outlook on the reinsurance sector for the sixth consecutive year on the back […]
2 min read
A new study by the American Automobile Association’s Foundation for Traffic Safety estimates five deaths and 607 injuries were the result of car accidents due to road debris in Canada in 2001. In fact, between 1999 and 2001, the AAA speculates 30 fatal car crashes were the result of debris in the road.The study, which […]
By Canadian Underwriter | June 16, 2004
At long last, the U.S. commercial lines sector has seen its outlook revised by rating agency Standard & Poor’s to stable, in line with the personal lines outlook.S&P points to a “delicate balance” between earnings growth and legacy reserving issues still hampering the commercial lines industry.2003 saw 10.7% premium growth in commercial lines, with S&P […]
By Canadian Underwriter | June 14, 2004
For health reasons, the president of Groupe Promutuel is stepping down. Mario Fortier has been with the board of directors and executive since 1992, named vice president in 1993, and in 1998 moving into the president’s role. Groupe Promutuel is currently accepting applications from its 34 mutual insurer members to fill the role, which will […]
By Canadian Underwriter | June 13, 2004
Following a decision by the Alberta Securities Commission (ASC), the founders of Anthony Clark International have been ordered to pay fines totaling $80,000 and been banned from the markets for six years each.Brothers Luciano John and Secondo Pietro Podorieszach face the penalties after a panel of the ASC found them guilty of artificially inflating the […]
The Canadian Insurance Congress kicks off Monday in Quebec City, with the annual “economic outlook” by CIBC World Markets chief economist Jeff Rubin and PACICC CEO Paul Kovacs. Converium CEO Dirk Lohmann will discuss reinsurance trends, while on Tuesday perennial guest speaker Lee Samis of Samis & Co. will tell insurers to “let the customer […]
By Canadian Underwriter | June 10, 2004
Rating agency Standard & Poor’s has revised the outlook for Allianz Canada from negative to stable, citing the expectation of improved results in 2004 and 2005. As well, Allianz Canada (which includes Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada) has seen its “BBB+” counterparty credit and financial strength ratings affirmed.”In 2004, […]
The Insurance Bureau of Canada (IBC) is taking its “Rest up! Save your neck” program to New Brunswick this summer, with university students across the province educating drivers on proper headrest adjustment.”Rest up” is the IBC’s newest safety initiative, and also part of its five-point plan to tackle auto insurance reform in New Brunswick (other […]
As competition looms in the U.S. property & casualty market, insolvency could be the order of the day for some insurers, says Insurance Services Office (ISO) CEO Frank Coyne.Coyne made the comments as part of the Insurance Accounting & Systems Association Conference in Las Vegas this week.Coyne points to evidence of softening conditions despite many […]
By Canadian Underwriter | June 9, 2004
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