Industry
Lloyd’s of London chair Lord Peter Levene says that there is still hope for tort reform in the U.S. to stem the tide of escalating losses to global insurers.”If there were an Oscar awarded for the most talked about issue, resulting in the least action, then tort reform would win it,” Levene told a meeting […]
By Canadian Underwriter | January 16, 2004
2 min read
New car owners know far more about the vehicle they are purchasing than they do about the insurance they buy to cover it, says a study by U.S. insurer Progressive.The survey of new car buyers should that while 98% could name the transmission type and 91% the number of cylinders in their vehicle, 51% could […]
By Canadian Underwriter | January 15, 2004
1 min read
Toronto-based Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it is consolidating control of its Canadian and U.S. subsidiaries through the head office of the holding company.This means presidents of the company’s U.S. subs will report directly to Kingsway Financial CEO Bill Star.The move has led to the resignation of Kingsway America CEO Jim Zulkhe, […]
By Canadian Underwriter | January 14, 2004
International broker Willis says Canadian organizations should expect no respite from directors’ and officers’ rate hikes, and a critical capacity shortage in professional liability heading into 2004.”The intensity in rate increases has shifted from property to the casualty lines,” writes Mark McKay, executive vice president of Willis Canada in Willis’ annual “Marketplace Realities” report.In 2004, […]
By Canadian Underwriter | January 13, 2004
Insurers are coming out in favor of new reforms introduced in the Ontario legislature. The McGuinty Liberals had promised reforms after freezing rates shortly after taking office in October. The reforms mean that the rate freeze will end, but insurers will be required to file new, lower rates by January 23. But insurers say the […]
By Canadian Underwriter | January 12, 2004
The reforms hinted at with the passage of “The Automobile Rate Stabilization Act of 2003” have now made their way into regulation. Friday, the Ontario Liberal government announced that it would repeal the auto rate freeze introduced late last year and that insurers are expected to file new, lower rates by January 23, 2004.Premier Dalton […]
Through their national lobby organization, p&c brokers are expressing concern over the proposal to allow banks to merge with demutualized life companies. In a submission to the federal Ministry of Finance, the Insurance Brokers Association of Canada (IBAC) says the mergers could be harmful “if the purpose or end result of such a merger was […]
By Canadian Underwriter | January 9, 2004
Lloyd’s market capacity for 2004 holds steady at 14.9 billion pounds (Cdn $34.8 billion), the same level as 2003, the London market has announced. While 2003 began with 14.4 billion pounds (Cdn $33.7 billion) capacity, this number rose to 14.9 billion pounds by year’s end.The figure marks the first year for Lloyd’s new business plan […]
By Canadian Underwriter | January 8, 2004
Fairfax Financial Holdings Ltd. says it has set up a new revolving letter of credit with a syndicate of banks. The US$300 million credit facility will be used to provide letters of credit for reinsurance contracts of nSpire Re provided for the benefit of other Fairfax subsidiaries. Fairfax is holding assets in trust from premiums […]
By Canadian Underwriter | January 7, 2004
U.S. property and casualty insurers saw their net income jump an impressive 320.6% to US$21.1 billion for the nine months ending September 30, 2003, versus the US$5 billion posted for the same period a year earlier. Equally welcome was a return on equity of 9.3% for the first nine months of 2003, up from 1.0% […]
By Canadian Underwriter | January 5, 2004
3 min read
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