Industry
Vancouver-based adjusters Brouwer Claims Canada & Co. has bought the business of Ward-InterSpect Ltd. and will now operate as Brouwer InterSpect & Associates.Ward-InterSpect is headquartered in Toronto, with field-adjsuting offices in Toronto, Montreal, Edmonton and Calgary, strengthening Brouwer’s coast to coast operations, currently in seven provinces. Ward-InterSpect also brings new services including third-party administration and […]
By Canadian Underwriter | April 11, 2003
1 min read
Rating agency Moody’s Investor Services has lowered the outlook on its “Aa1” financial strength rating of Swiss Reinsurance Co. and subsidiaries from “stable” to “negative”. The rating agency says the negative outlook is in response to the reinsurer’s declining profitability as well as reduction in capital during 2002. Moody’s notes that its rating of “Aa1” […]
By Canadian Underwriter | April 9, 2003
In two separate actions, financial rating agency Moody’s Investors Service has downgraded Munich Reinsurance Co. to “Aa3” from “Aa1” while Standard & Poor’s has placed the Boston-based insurer Liberty Mutual Insurance Co. on credit watch with its current “A (plus)” rating under negative implications. In both cases, the rating agencies expressed concern with regard to […]
By Canadian Underwriter | April 7, 2003
2 min read
Recent flooding across much of Nova Scotia has left many people homeless and damage to public infrastructure running into tens of millions of dollars, according to adjusters Crawford Adjusters Canada. No official estimate of insured losses resulting from the flooding has been released yet. Although water levels are now in abatement, the flooding caused damage […]
In a strange turn of events, the Centre for Study of Insurance Operations (CSIO) today said president Klaas Westera is no longer with the organization. No other details or reasons were given for the departure.Westera leaves just as the CSIO is set to launch its Internet broker-insurer portal in Ontario, and in advance of the […]
By Canadian Underwriter | April 5, 2003
The potential sale of troubled Gerling Group to HDI (Haftpflichtverband der Deutschen Industrie V.a.G.) has been called off, just as the sale of Gerling’s reinsurance arm has been given the green light.In a statement, Gerling Group says that after several months of negotiations between HDI and majority shareholders Dr. Rolf Gerling and Deutsche Bank, Gerling […]
By Canadian Underwriter | April 4, 2003
The website for State Farm Insurance Co. took top spot in the first Canadian survey of p&c insurance company websites. The survey, conducted by Toronto-based UBER analyze tested the thoughts of consumers and brokers on 50 Canadian sites. Coming in behind State Farm are Allstate, TD Insurance, Royal & SunAlliance and Kanetix (a site that […]
By Canadian Underwriter | April 3, 2003
The U.S. operation of Toronto-based international claims services firm Lindsey Morden Group Inc., Cunningham Lindsey U.S. Inc., has agreed to purchase RSKCo Services.RSKCo is a owned by CNA Financial Corp. subsidiary Continental Casualty Co. Through the signed agreement to acquire, Cunningham Lindsey U.S. will get the claims management and related business of RISKCo that is […]
Insurers and reinsurers are becoming increasingly at odds over who should shoulder the burden on asbestos claims, says a new report from rating agency Standard & Poor’s (S&P). “Asbestos Driving a Wedge Between Insurers and Reinsurers” predicts the fighting will intensify in the coming months.”Disputes between insurers and reinsurers appear to be intensifying,” says Steve […]
By Canadian Underwriter | April 2, 2003
In a new report “Asbestos: Too Hot to Handle for European Insurers?”, rating agency Fitch says asbestos reserving by European insurers will remain a drag on earnings for years to come. Fitch does not expect asbestos to cause solvency issues by and large, as insurers have some years to over which to fund the expected […]
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