Industry
In his first speech as new chairman of Lloyd’s Lord Peter Levene says that the U.S. remains the largest market for Lloyd’s of London. In 2002, the U.S. market for Lloyd’s grew 15%, to US$8.2 billion, now accounting for as much as 40% of the London market.Levene adds that Lloyd’s is now the biggest surplus […]
By Canadian Underwriter | January 20, 2003
2 min read
Montreal-based The Guarantee Company of North America (GCNA) has completed the acquisition of Mid-State Surety Corp. of Grosse Point Farms, Michigan.GCNA is already Canada’s largest issuer of surety and fidelity bonds and hopes the acquisition will expand its U.S. markets.Mid-State specializes in contract surety business for small and mid-size companies and has eight U.S. offices.GCNA’s […]
1 min read
Rating and research firm Fitch Ratings says that in the U.S. at least, commercial lines is looking at a much more uncertain future than personal lines. Reinsurance prospects are also challenged, Fitch reports in “Review & Outlook: 2002/2003” for the p&c industry.Fitch’s outlook for commercial lines and reinsurance is “negative”, while personal lines is “stable”, […]
By Canadian Underwriter | January 17, 2003
Following on a mid-December share purchase, Optimum Group Inc. has once more increased its stake in troubled Optimum General Inc. (TSX: OGI.A). Through U.S. subsidiary Optimum Re, the group has purchased 275,000 class A subordinate voting shares. The transactions were made through private agreements with five parties at a per share price of $3.25, which […]
By Canadian Underwriter | January 15, 2003
Paris, France-based AXA says it will withdraw from certain segments of the U.S. reinsurance market. Namely, financial guarantee reinsurance by AXA Re Finance and all life and non-life reinsurance written by AXA Corporate Solutions in the U.S. This amounts to a total of about EUR741 million (Cdn$1.2 billion) in business (based on 2001 yearend figures).Paris […]
By Canadian Underwriter | January 14, 2003
The rating of Travelers Property Casualty Pool has been affirmed despite the company’s decision to strengthen reserves for it’s U.S. operation by US$2.55 billion. The move, which results in an after tax charge of US$1.3 billion on fourth-quarter 2002 results, was made after an extensive study of the company’s asbestos exposures. Following the announcement, rating […]
Rating agency A.M. Best says it will close its Toronto office and move all Canadian operations to its head office in Oldwick, New Jersey. The official closing date is June 30.The Toronto office has handled data collection and product activities, while ratings for Canadian p&c and life companies, including branch operations, have been handled in […]
By Canadian Underwriter | January 13, 2003
A new study suggests that the auto insurance market will be no kinder to insurers south of the border than it has been to Canadian companies. in “Caution Flag for Personal Automobile Insurance”, research firm Conning says that the poor returns of the past almost decade will not change in the coming years. Calling past […]
By Canadian Underwriter | January 10, 2003
Speakers at the recent Society for Insurance Research forum pointed to lack of underwriting excellence and reserve issues as among a host of problems dragging down the insurance and reinsurance industries.”I haven’t seen an insurer CEO smile in the past six months, and I talk to a lot of them,” says Myron Picoult advisor to […]
By Canadian Underwriter | January 3, 2003
Canadian financial services conglomerate Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of $1.50 each on multiple voting and subordinate voting shares for 2002.The dividend comes per Fairfax’s decision in 2000 that it would pay a modest annual dividend.
By Canadian Underwriter | January 2, 2003
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
