Risk
Rent Shield Corp., which provides specialized insurance and reinsurance products, has signed a letter of intent to purchase Toronto-based Canadian Intermediaries Ltd. (CIL) for $5 million in stock and cash.Rent Shield chairman Stephen Stonhill is the majority shareholder in CIL, and says, “the acquisition of CIL should be an ideal vertial fit for the Rent […]
By Canadian Underwriter | December 22, 2003
1 min read
Notwithstanding asbestos and environmental liabilities, the U.S. commercial insurance market is facing a reserve shortfall of about US$60 billion, says rating agency Standard & Poor’s. This is despite reserve additions of US$22 billion in 2002 towards prior year losses.”As its pricing prowess ebbs, the U.S. commercial insurance industry is left with a gaping hole in […]
By Canadian Underwriter | December 16, 2003
2 min read
The Canadian property and casualty insurance industry saw its net profit for the third quarter of this year fall by 20% to $517 million compared with the previous quarter’s $644 million. The biggest single cost impact incurred by insurers during the latest quarterly reporting period resulted from claims arising from the B.C. fires (now regarded […]
By Canadian Underwriter | December 14, 2003
3 min read
In making its 2004 predictions for the insurance industry, Tillinghast-Towers Perrin says consolidation will be key trend in the coming year, with major players dominating the market.Taking off from the recent merger of St. Paul and Travelers, the firm predicts these major players will be surrounded by smaller niche players. “In both personal and commercial […]
By Canadian Underwriter | December 11, 2003
Rating agencies are taking a mixed view of the recent capital raising move by French reinsurer SCOR, despite it exceeding the original EUR 600 million mark.SCOR has announced a fully underwritten rights issue of EUR 750 million, higher than its original plan to raise EUR 600 million.Rating agency Standard & Poor’s has raised the reinsurer’s […]
By Canadian Underwriter | December 9, 2003
The Toronto Insurance Conference (TIC) hosted its annual “Black Tie Dinner” at Toronto’s Four Seasons Hotel recently. In attendance were company and vendor representatives, along with TIC member commercial brokers. Guest speaker for the event was Carla Collins, comedian and radio and television personality. ***************************************** Applied Systems Canada Inc. wrapped up its 15th anniversary celebration […]
November 30, 2003
"Cautious optimism" - would seem to generally sum up the points of view of primary insurer CEOs in looking ahead to 2004. While this year saw the first signs of a profit recovery within the Canadian property and casualty insurance industry - with the premium pool rising by almost a third to reach a staggering $30 billion - the past 12 months also dealt insurers several blows in the form of higher catastrophe losses, rising prior-year adverse reserve developments, a spilling of red ink from the Facility Association, and provincial political intervention on loss-making mandatory covers. The latter, which applies to mostly personal lines auto, remains the greatest concern of insurers as governments have been slow to react with necessary product loss reduction reforms whilst introducing politically-motivated rate freezes. With much riding on the future viability of the auto product, insurer CEOs partaking in CU's annual "strategic outlook" are hesitant to declare the industry "out of the woods" in terms of achieving a healthy and stable marketplace.
16 min read
When David Simpson took over leadership of the Facility Association (FA) in 2001, the auto insurance industry was on the cusp of difficult times - facing mounting losses and rate inadequacy. Over the past two years, that situation has come to a head, and its impact has been seen in rising volumes and mounting losses for FA, the industry's pool for high-risk drivers.
6 min read
When the market of "last resort" - the property and casualty insurance industry's Facility Association (FA) - begins to show exponential growth, something in the market is wrong...terribly wrong! The FA is presently growing at an alarming rate, with total business of about $1 billion, while losses for just this year have topped $500 million. Ultimately, insurers have to ask just where does the "buck stop".
8 min read
Some in the property and casualty insurance industry believe that “price stabilization” could translate into “soft market” as insurers head into a new year. U.S. industry results at this year’s half mark already showed a dramatic reduction in the growth between net written and net earned premiums – suggesting that business is being renewed at […]
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