Industry
Hub International Ltd. (NYSE, TSX: HBG) has added to its Ontario business with the purchase of Ottawa-based O’Neil & Company Ltd. The acquisition was made through Hub Ontario’s Gifford Associates Insurance Brokers Ltd.O’Neil, which sells commercial and personal p&c products, has been in business since 1935. Its focus is the natural resources industry, specifically forestry […]
By Canadian Underwriter | October 3, 2002
1 min read
Zurich-based Winterthur Insurance Co. is the latest in a long line of insurers boosting its capital. Owner Credit Suisse is injecting CHF2.0 billion (Cdn$2.15 billion) into the company based on falling equity markets draining the insurer’s assets. This is on top of a CHF7.9 billion (Cdn$8.5 billion) boost in late June.The announcement follows on the […]
By Canadian Underwriter | October 2, 2002
Moody’s Investors Service expects that Lloyd’s of London will return to profitability for the 2002 financial year. However, Lloyd’s will likely show higher than expected losses for the market’s still to be reported 2001 and 2000 financial years, the agency says in a recently released report.Moody’s predicts that Lloyd’s will report a US$4 billion loss […]
By Canadian Underwriter | October 1, 2002
U.S. president George Bush has called on a special conference committee appointed by Congress to investigate and draft legislation enabling a single terrorism insurance bill to act swiftly. Bush is pushing for legislation by October 4, just prior to when Congress goes into recess.The conference committee was established to work out differences between two pieces […]
At last check, it was anticipated that the British Columbia government's plan for opening the auto insurance market would have been announced by now. Indeed, the original plan was for the "core review" of the state-owned Insurance Corp. of B.C. (ICBC) and all other crown corporations to have been completed by this spring. Where do we now stand?
September 30, 2002
3 min read
The free-flow of insurer red ink caused by Ontario auto insurance eventually had to be stopped. And, there now are positive signs of a market improvement through pending legislative product reform. However, the market has incurred its cost, with at least two company casualties while others have indicated a withdrawal of business. Many insurers have also set their capital allocation budgets for next year, which could add to the shortage of capacity within the marketplace. For brokers, there are tough challenges ahead.
4 min read
Are brokers having fun in their business anymore? Against the backdrop of a hard market post 9/11, dealing with disgruntled customers and restrictive carriers, stiff competition and a range of internal management issues, this may sound like a flippant question. But, in reality, it gets to the heart of the issue for principals.
5 min read
Like the voyaguers forging new territory, collision shop owners and insurers were looking for a road map to the future of the auto claims economy at the 5th CARSTAR Industry Conference held recently in Mont Tremblant, Quebec. The voyageurs used "Inukshuk", rock formations, to mark their path, but it may not be so easy for the two linked industries. With insurers facing rising claims costs and bodyshops facing a shrinking market, speakers urged greater communication as the key to both sides of the claims process achieving improved profitability.
Personal auto insurance – specifically the losses and subsequent pricing actions taken within the private sector markets has become a political “hot potato” almost countrywide. Brokers and consumer groups from the east coast through to the west are beginning to grumble with not just the dramatic upward price adjustments, but also the availability of capacity. […]
U.S. rating agencies Moody’s Investors Service and Fitch Ratings have issued negative outlook reports for the global reinsurance sector, citing limited medium to long-term earnings growth potential despite the substantial rate increases introduced by companies during the course of this year. A slowdown in growth may spur a new round of mergers and acquisitions within […]
2 min read
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