Risk
U.S. president George Bush called on Congress to act swiftly in proclaiming a single terrorism insurance bill. This call came on the heels of the Senate’s unanimous approval of the Terrorism Insurance Act (S 2600) this past month. The Republican-led House approved a terrorism insurance bill in November which was stalled by the Democrats. With […]
June 30, 2002
2 min read
Industry
The Financial Services Commission of Ontario (FSCO) has named Anne Corbett as acting vice chair of FSCO and the Financial Services Tribunal. Corbett is a partner with law firm Borden Ladner Gervais LLP. Hub International Ltd. has appointed Joseph P. Flanagan as president and CEO of its Chicago-based Mack and Parker brokerage unit. Also, Richard […]
Auto
The Insurance Bureau of Canada (IBC) is urging the New Brunswick provincial government to introduce auto product reform as lack of standard insurance within the province reaches a critical stage. The IBC has provided a new submission to the provincial government’s “select committee” which was recently appointed to investigate the “auto insurance crisis” within the […]
In it submission to the New Brunswick select committee on auto insurance, the Facility Association is asking that it be subject to the same “file and use” rate system as the rest of the industry. Although 1997 legislation in New Brunswick allows the voluntary market flexibility to increase rates through the “file and use” system, […]
A new Toronto-based specialty lines operation from Royal & SunAlliance, “knowledgeworks”, is moving onto the scene with a primary offering of yacht coverage. Knowledgeworks spokesperson Jim McDonald says the new operation, with the tagline “an insurance think-tank”, wants to focus on specialty lines that require expert underwriting.Many of the customers are expected to be other […]
By Canadian Underwriter | June 28, 2002
1 min read
Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash. Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business since 1989, has annual revenue of about US$24 million and employs about 230 people. InSystems […]
By Canadian Underwriter | June 27, 2002
Following the sale of 6 million common shares last week, for net proceeds of US$77 million, broker consolidator Hub International (TSX, NYSE: HBG) has also netted US$11.8 million in an over-allotment offering.J.P. Morgan Securities, on behalf of a group of underwriters, exercised the option to acquire 900,000 common shares. Also among the group were Cochran, […]
Claims
Despite widespread rate hardening and improved underwriting results, the U.S. p&c industry saw its net income fall 7.3% for the first quarter 2002 largely as a result of declining investment returns, says the Insurance Services Office (ISO). Net income was $5.1 billion (all figures are in U.S. dollars) for the first quarter of this year, […]
By Canadian Underwriter | June 26, 2002
Rating agency A.M. Best has affirmed a B (fair) rating for Optimum General Inc. and its subsidiary operations. The rating agency points out that this is a negative outlook based on the insurer’s weakened capital reserve stemming from losses incurred in 2001 in primarily Ontario, the Atlantic provinces and Texas.Optimum’s management has initiated a profit […]
By Canadian Underwriter | June 25, 2002
Tillinghast Towers Perrin’s latest annual survey of the directors and officers (D&O) liability market within Canada and the U.S. indicates that insurance rates for this particular class of cover rose year-on-year by an average 29% for 2001. This compares with an 11% increase the year prior.The risk consultants attribute the jump in cost for D&O […]
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