Risk

What’s new: In brief (January 18, 2005)

Alberta’s Agricultural Financial Services Corp. is giving out $2 million in premium rebates to about 7,400 farmers who purchased straight hail insurance in 2004. While 2004 was actually a high loss year for crops due to hail, past experience has been favorable, leading to the rebate. Farmers with a claim in 2004 will receive a […]

By Canadian Underwriter | January 18, 2005

1 min read

Risk

What’s new: In brief (January 17, 2005)

Toronto-based conglomerate Onex says it has sold its U.S. insurance brokerage operation, InsLogic. While the buyer was not disclosed, Onex says it received $22 million for the Tennessee-based provider of private-label brokerage services. InsLogic provides insurance services for auto manufacturers and others, including the Ford Motor Credit Co. Swiss Re has created a new guide […]

By Canadian Underwriter | January 17, 2005

1 min read

Risk

Industry leaders say “more to come” from insurance investigations

Insurance industry leaders expect the investigation into market practices will only expand in 2005, according to results of a survey conducted by the U.S. Insurance Information Institute (III).The III asked attendees at last week’s P/C Industry Joint Industry Forum in New York to comment on a variety of trends, with a startling 92% saying they […]

By Canadian Underwriter | January 16, 2005

1 min read

Risk

Market turn marked by discipline: Willis

In its annual “Marketplace Realities” report, broker Willis finds despite price softening in “virtually all market segments”, underwriting discipline remains intact.Despite the past year being marked by catastrophes, including the Atlantic hurricane season and December 26 Asian tsunami, market capacity has not been significantly impaired, the report notes. And “unlike previous turns in the market […]

By Canadian Underwriter | January 16, 2005

2 min read

Echelon parent merger complete, Co-operators stake further reduced

The amalgamation of EGI Financial Holdings Inc. (EGI), parent company of Echelon General Insurance Co., with Canadian Insurance Marketing Inc. CIMI) is now complete. With the merger, The Co-operators Group has also reduced its stake in EGI to 43% – Co-operators previously held 50% of EGI, while CIMI held the other 50%.In 2001, Co-operators sold […]

2 min read

Reinsurance pricing flat to down: Guy Carpenter

In its annual report on reinsurance renewals for January 1, broker Guy Carpenter says pricing is generally flat to slightly down for 2005. The report also notes that pricing seems to be more directly tied to risk modeling, leaving little room for negotiation of rates, although terms and conditions seem to be on the table […]

1 min read

What’s new: In brief (January 10, 2005)

A.M. Best has affirmed the “A” (excellent) rating of The Guarantee Co. of North America, and the “A-” rating of its U.S. subsidiary, with a stable outlook. The ratings reflect excellent capitalization, strong operating results and a prominent market profile, partially offset by the competitive conditions of the Canadian market as it begins to soften. […]

2 min read

ACE takes US$298 million reserve charge; U.S. insurance CEO resigns

It has been a busy two days for Bermuda-based ACE Ltd., which Thursday announced it would take a US$298 million reserve charge on fourth quarter earnings as a result of asbestos & environmental liabilities, and sell three run-off reinsurance operations. Just a day before, the head of its U.S. insurance operations resigned, and parent company […]

2 min read

Totten Group expands Western presence

Specialty insurance wholesaler Totten Group has sign a letter of intent with Alberta intermediary Davis Whitehead which will see Totten establish a presence in Western Canada.Whitehead, whose office writes primarily for Ecclesiastical Insurance Office, will continue to lead the new office, with his existing team continuing to service their current farm, inland marine and surplus […]

1 min read

Allianz Global Risks receives provincial licenses

Allianz Global Risks Canada has received its provincial licenses, following on reception of its federal license last fall.AGR Canada had been part of Allianz Insurance Co. of Canada prior to ING Canada’s acquisition of most of Allianz’s business in Canada. AGR Canada was not part of the transaction and now operates as a branch of […]

1 min read