News

Insurers creeping into terrorism coverage market

In the face of calls from U.S. President George Bush for a terrorism backstop plan to be approved by the Senate, insurers appear to be creeping back into the terrorism coverage market, albeit hesitantly.The latest is ACE USA, announcing it will offer commercial terrorism coverage in Canada and the U.S. The coverage is focused on […]

By Canadian Underwriter | April 12, 2002

2 min read

Lloyd’s 2001 losses top Cdn$7 billion

For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist attacks, the company’s loss tally for 2001 is Cdn$7.11 billion (3.11 billion British pounds).The September […]

By Canadian Underwriter | April 10, 2002

2 min read

Bush urges Senate action on terrorism insurance

As expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program to offer terrorism reinsurance to insurers, citing lost jobs and stalled construction projects resulting from […]

By Canadian Underwriter | April 9, 2002

2 min read

Fairfax increases Lindsey Morden stake

Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the 2.2 million outstanding multiple voting shares. Fairfax’s also holds 8.4 million of Lindsey Morden’s outstanding […]

By Canadian Underwriter | April 8, 2002

1 min read