Industry
Bermuda-based ACE Ltd. says it will take a charge of US$354 million on fourth quarter 2002 earnings in order to bolster asbestos reserves.Reserves will be increased by US$2.178 billion gross, with US$1.86 billion offset by reinsurance. US$533 million of this comes from a reinsurance agreement with Berkshire Hathaway’s National Indemnity Co. Also figured in are […]
By Canadian Underwriter | January 28, 2003
2 min read
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average price for auto insurance at the end of 2002 was 15.8% higher than at the […]
By Canadian Underwriter | January 27, 2003
1 min read
A new report from Standard & Poor’s suggests that the settlement of a recent Enron lawsuit against surety insurers in the U.S. highlights problems within that line of business. Specifically, S&P says the settlement shows how “ill-prepared” some insurers are to handle surety claims.”This is an example of underwriters not fully understanding the consequences of […]
Judy Maddocks, the former CEO of Kemper Insurance Canada, has been appointed senior vice-president of insurance at the Insurance Corp. of British Columbia (ICBC). The appointment is effective from February 17 of this year.Maddocks replaces John Hancock who retired from ICBC at the end of last year. Maddocks will be responsible for underwriting, competitive insurance, […]
By Canadian Underwriter | January 24, 2003
U.S., Connecticut-based Travelers Property Casualty Corp. has disclosed a net loss of US$793.4 million for the fourth quarter of 2002 compared with net profit of US$303.3 million for the same period the year previous. Travelers’ loss for the full 2002 financial year amounted to US$27 million.The loss for the latest quarterly reporting period is largely […]
The U.S. p&c market can expect to see further ratings downgrades when fourth quarter 2002 results are released in the coming weeks, says Standard & Poor’s. In a presentation to investment and brokerage communities, S&P said that despite price hardening, troubling losses in certain lines and the continued malaise of the investment markets signal ongoing […]
By Canadian Underwriter | January 23, 2003
A majority of commercial accounts saw premium increases during the fourth quarter of 2002, according to U.S. brokers. In the Council of Insurance Agents and Brokers (CIAB) quarterly survey, more than 66% of small and mid-size accounts and 59% of large accounts saw increases of 10-30% during the last three months of the year.Premiums held […]
Broker consolidator Western Financial Group says it is ready to roll into the business of banking with the announcement that the federal regulator has given it an “Order to Commence and Carry on Business”. The order is the last hurdle in getting the new “Bank West” operation up and running, following the receipt of its […]
By Canadian Underwriter | January 22, 2003
Prem Watsa, the CEO of Fairfax Financial Holdings Ltd (TSX: FFH), has spoken out against recent volatility in the company’s share price which was sparked by the release of an investment research report that suggested that the group may be carrying heavy loss reserve deficiencies. “Fairfax has always been run with honesty and integrity and […]
By Canadian Underwriter | January 20, 2003
The Insurance Corp. of British Columbia (ICBC) says it will begin charging a $25 “no show” fee for drivers who do not show up for scheduled road tests, or provide adequate notice of cancellation. The fee comes into effect from the end of March this year. This move by the provincial crown insurer puts British […]
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