Industry
The federal regulator has posted 2002 insurer financial data filings early this year, and has added new information into the mix. 2002 results are currently found on the Office of the Superintendent of Financial Institutions (OSFI) website at www.osfi-bsif.gc.ca. This year, quarterly information for insurers is supplied on assets, liabilities, statement of income, minimum asset […]
By Canadian Underwriter | March 31, 2003
1 min read
Despite an attempt by German regulators to halt the sale of Gerling’s troubled reinsurance operations to a run-off consortium, the insurer has won a court ruling allowing the sale to proceed.Administrative Court in Frankfurt, Germany, ruled that the regulator’s objection to the sale of Gerling Reinsurance Group to Globale Management a consortium headed by Dr. […]
A bill to change New Brunswick’s auto insurance system has been tabled by Justice Minister Brad Green, offering more than 18 reforms to the current system. One move bound to be poorly received by insurers is removal of the province’s file-and-use rating system, to be replaced by regulation of increases above 3% by a new […]
Waterloo, Ontario-based The Economical Insurance Group posted improved results in 2002, despite it being the toughest year ever for the industry as a whole. “Amidst these difficult business conditions, I am pleased to announce that The Economical Insurance Group achieved, or exceeded, virtually all its financial goals for 2002,” says president and CEO Noel Walpole.The […]
By Canadian Underwriter | March 28, 2003
Despite premium growth of 15% last year, Swiss Re Group posted a net loss for the second year in a row, this time of CHF91 million (Cdn$96.44 million). For 2001, the group posted a loss of CHF165 million (Cdn$175 million), impacted by losses related to the terrorist attacks of September 11, 2001.The world’s second largest […]
By Canadian Underwriter | March 27, 2003
2 min read
A subcommittee of the U.S. House Committee on Financial Services is set to hold hearings into the role of credit rating agencies. The Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will commence hearings on April 2 entitled “Rating the Rating Agencies: the State of Transparency and Competition”.The hearings follow a Senate report in […]
By Canadian Underwriter | March 25, 2003
On the heels of a EUR1.2 billion (Cdn$1.9 billion) loss in 2002, Munich-based Allianz Group is set to raise EUR5 billion (Cdn$7.9 billion) in capital through a variety of means.In its 2002 yearend report, Allianz noted that the loss comes despite 10% growth in premiums, a result of the lackluster stock market, natural catastrophes, absestos […]
By Canadian Underwriter | March 24, 2003
Royal & sunAlliance Insurance Co. of Canada has signed an agreement to underwrite travel insurance products available through the Expert Travel Financial Security (ETFS) group. A Royal & SunAlliance statement says the agreement will make it the “leading provider of travel insurance products for the ETFS portfolio”. The ETFS portfolio is currently valued at about […]
By Canadian Underwriter | March 19, 2003
Rate increases are not enough to help a struggling U.S. homeowners’ insurance market, says a new report by Aon Re Worldwide.Although the industry has increased rates by 7.8% since last May/June, and tightened underwriting, homeowners’ insurance stills falls short of the cost of capital. The average rate increase over the last six months is 12.5%, […]
Toronto-based Fairfax Financial Holdings Ltd. has seen the financial strength of all but one of its subsidiaries affirmed, while its senior debt rating was lowered by A.M. Best. Only TIG Insurance Group’s financial strength ratings was dropped to B+ from B++. All ratings have a negative outlook, the result of the holding company’s constrained financial […]
By Canadian Underwriter | March 14, 2003
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