Industry
Rating agency A.M. Best is continuing its "negative outlook" on Lloyd’s, despite affirming the insurance giant’s financial strength rating of A (excellent). The rating applies to business underwritten by all Lloyd’s syndicates and to policies underwritten since the 1993 year of account, but not to the obligations of Equitas Ltd. However, it is the potential […]
By Canadian Underwriter | June 29, 2001
2 min read
Winnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing position in the Canadian property and casualty market, says A.M. Best. The company is also […]
1 min read
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting requirement was supposed to take effect from the beginning of January this year. However, after […]
By Canadian Underwriter | June 28, 2001
An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was pinpointed to about 140 kilometers northwest of Haines Junction, according to the Geological Survey of […]
By Canadian Underwriter | June 27, 2001
Risk
The newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact of disasters and will include the federal government, provinces and territories, and private sector and […]
By Canadian Underwriter | June 26, 2001
Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did not become effective until April.At the time, Universal Star said the sale would allow the […]
By Canadian Underwriter | June 25, 2001
Home
Net income for the U.S. property and casualty industry in the first quarter of the year dropped 5.4% compared with the same quarter last year, according to the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). After-tax income fell from $5.9 billion in first quarter 2000 to $5.6 billion in […]
The U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton. Claims made against the tobacco companies include provisions under the U.S. Racketeering Influenced and Corrupt […]
By Canadian Underwriter | June 20, 2001
Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of this year indicated lead and benzene levels of up to seven times higher than accepted […]
Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating agency also assigned an "A" (excellent) rating to Barbados-based Victoria Reinsurance Ltd., which reinsures the […]
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