Risk

No Crash, No Cash…

Following recent political events surrounding auto insurance in New Brunswick is a bit like getting hooked on one of the more inane soap-operas on television: each line delivered by a character is a clich, and the only reason to keep watching is to see just how stupid the story can get. In fact, seeing the […]

July 31, 2003

4 min read

Risk

S&P lowers rating on Swiss Re

Standard & Poor’s Rating Services (S&P) has lowered the financial strength rating on Swiss Reinsurance Co. and its operating subsidiaries to “AA” from “AA+”. The rating agency’s outlook on the reinsurer is stable.S&P says the rating downgrade resulted from Swiss Re’s “relative underperformance in its non-life underwriting profitability”. The rating agency has attached a higher […]

By Canadian Underwriter | July 30, 2003

1 min read

Risk

Global risks must be corporate focus: Aon

Releasing its annual “report card for the world”, broker Aon Corp. says there are new threats to corporations dealing in the global business world.Among these is the risk of war in the Korean Peninsula, a more serious threat than may be generally understood due to South Korea’s importance as a supplier of high-tech components, such […]

By Canadian Underwriter | July 28, 2003

1 min read

Risk

Associations drawing up enterprise risk framework

Several financial associations are working together on a framework for enterprise risk management (ERM). The Committee of Sponsoring Organizations of the Treadway Commission (COSO), which combines five accountancy and finance organizations, commissioned the framework from Pricewaterhouse Coopers early last year. Among the authors are members of PwC’s Canadian team.The framework looks at the expectations of […]

By Canadian Underwriter | July 24, 2003

1 min read

Lloyd’s gets “thumbs up” from A.M. Best

In affirming the “A-” (excellent) rating of Lloyd’s of London, rating agency A.M. Best says the outlook for the world’s oldest insurance market remains stable.Strong capitalization, stable investment returns and a new focus on risk management are all factors leading to the affirmation, says the rating agency.Noted is the strong relationship between Lloyd’s and its […]

2 min read

Ontario auto rates jump 8.5% in second quarter 2003

Ontario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to Bill-198, which insurers say should have a positive impact on rates moving forward.Overall, the average […]

1 min read

Canadian companies feel confident of fraud coverage

Despite almost half of Canadian companies reporting themselves a victim of economic crime, most feel they are well prepared to deal with the problem.In a study by Pricewaterhouse Coopers, 50% of Canadian companies say they have been a victim of economic crime in the past two years. However, 60% say they are confident in their […]

2 min read

Broker and insurance exchange set up oil & gas specialist

Calgary-based brokerage Jones Brown Inc. has joined with the Canadian Petroleum Insurance Exchange Ltd. (CPIXL) to set up a new oil & gas specialist operation. JB Oil & Gas Insurance Ltd. will offer insurance solutions and risk management aimed specifically at the energy industry.The CPIXL serves 242 members, underwriting coverage for the sector, and was […]

1 min read

Weak first-quarter 2003 leads to SCOR downgrade

Paris-based SCOR and its subsidiaries have lost their “A” rating from Standard & Poor’s (S&P) on the back of poor first-quarter 2003 results, says the rating agency. SCOR has dropped to BBB+ from A- in its financial strength and long-term counterparty credit ratings, and placed on “credit watch developing”.”The downgrade reflects SCOR’s disappointing absolute and […]

1 min read