Industry
Royal & SunAlliance is introducing a new specialty operation, “knowledgeworks”, to focus on lines that require expert knowledge and underwriting skills. Billed as “an insurance think-tank” the new operation will largely be “invisible” to the broker and customer, writing business for insurer clients. The first product, yacht insurance, will soon be followed by additional lines, […]
July 31, 2002
1 min read
Following several years of disappointing underwriting experience, Lloyd’s of London has unveiled a restructuring plan which it hopes will “modernize the market” and create a more comparable financial performance environment with its competitors. Lloyd intends for the market to be operated as a “franchise of businesses” under the directorship of a “franchise board”. The Lloyd’s […]
Gerling Global Reinsurance Co. (GGR) will continue to operate in Canada despite the recent announcement made by the company’s Germany-based parent Gerling Versicherungs Beteiligungs A.G. that the group will be pulling out of the reinsurance business in the U.S., says John Kartechner president of the Canadian GGR. The media announcement, which indicated that Gerling will […]
2 min read
Troubled insurer Markham General has been ordered to wind up its business and is having its assets seized by the Financial Services Commission of Ontario (FSCO). Earlier this year the insurer cancelled all policies and ceased writing new business. At the time, Markham General statements indicated the company would be paying all outstanding claims, but […]
The Financial Services Commission of Ontario (FSCO) has named Bryan Davies as superintendent, replacing Philip Howell. Davies was most recently senior vice president of regulatory affairs for the Royal Bank of Canada, and prior to that chief administrative officer for the University of Toronto. He has also been deputy treasurer and deputy minister of economics […]
Sports and entertainment specialist managing general agent (MGA) K&K Insurance Group is back in business after having found a new underwriting partner. Following a series of poor underwriting results, the MGA’s former underwriter, TIG, withdrew its business. K&K is the biggest MGA in Canada for the leisure and entertainment industries. K&K’s new carrier, Sovereign General […]
Rating agency A.M. Best has affirmed the A+ (Excellent) rating of Winnipeg-based Wawanesa Mutual Insurance Company and its U.S. subsidiary, San Diego-based Wawanesa General. Outlook for the rating is stable.The rating reflects strong capitalization and operating performance, as well as Wawanesa’s “long-standing market position in the Canadian p&c industry”. Conservative reserving and consistent profitability are […]
By Canadian Underwriter | July 31, 2002
A market research study just released by the Insurance Bureau of Canada (IBC) of the Atlantic provinces suggests that the majority of personal auto insurance buyers believe that the provincial governments have a responsibility to deal with premium rate hikes. Public sentiment also favors a need for change to the auto insurance framework within the […]
By Canadian Underwriter | July 26, 2002
Rating agency Standard & Poor’s has reduced the financial rating of the St. Paul Cos. Group from "A-minus" to "B-plus", primarily due to a large settlement cost recently reported for asbestosis and environmental-related claims. The group was placed on "credit watch" by the rating agency on May 16 of this year. "The outlook on all […]
By Canadian Underwriter | July 25, 2002
Pool Reinsurance Co. Ltd., the United Kingdom’s government-backed insurance facility for terrorism-related risks, will in future offer a much broader range of cover on an "all risks" basis, reports the Association of British Insurers (ABI). The change in scope of cover will be effective almost immediately. The ABI says this latest development follows extensive discussions […]
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