Risk
Prior-year reserving and the stock market downturn have combined to drag SCOR Group into the red even deeper than predicted for 2002. The French insurer is posting a loss of EUR 455 million (Cdn$730 million), higher than the EUR 400 million (Cdn$640 million) forecast late in 2002, and worse than the loss of EUR 278 […]
By Canadian Underwriter | April 1, 2003
2 min read
The company’s semiannual meeting of our “broker liaison group” had gone well. These “BLG” gatherings were often referred to as the “bitching, lying and gloom sessions”, however, this one had moved along quite smoothly. Our president had first welcomed our roomful of leading brokers, and delivered a brief “state of the union” address including an […]
March 31, 2003
10 min read
Insurers and brokers have always emphasized the close working relationship that has afforded both segments of the property and casualty insurance industry to not only survive, but presumably to prosper. Just over two years ago – the year 2000 BHM (before the hard market) – insurers were falling over themselves to sign brokers on through […]
11 min read
In the late 1990s, CU published several articles on brownfields work being done by the National Round Table on the “Environment and the Economy” (NRTEE), which led to their “State of the Debate” report in 1998. Since then, a further government request came in the December 2001 federal budget for the NRTEE to produce a […]
5 min read
The Nova Scotia government is asking for public input on a discussion paper about possible reforms to the province’s auto insurance system. Environment and Labour Minister Ron Russell released the discussion paper this week, giving alternatives for possible tort reform, accident benefits changes, underwriting rules and changes to the Facility Association (FA). Some of the […]
Insurance and reinsurance companies are trying to get on the same page when it comes to exclusions, particularly for fire following nuclear incidents. According to sources, it’s a work in progress. Primary insurers are caught between a classic rock and a hard place when it comes to reinsurance treaty wordings, exclusions and provincial legislative requirements. […]
6 min read
In 1999, the Office of the Superintendent of Financial Institutions (OSFI) – Canada’s federal regulator of financial institutions – released its “Supervisory Framework” outlining an innovative approach to supervision. The framework is risk-based and enhances OSFI’s ability to intervene on a timely basis where it considers an institution’s practices to be imprudent or unsafe. The […]
With property and casualty insurers having begun solvency reporting to the Office of the Superintendent of Financial Services (OSFI) under the new minimum capital test (MCT) since the beginning of this year, the federal regulator used the recently held Insurance Bureau of Canada’s (IBC) annual Financial Affairs Symposium to outline the new rules and the […]
A jump in profits last year was not enough to spare Munich Re from rating agency Standard & Poor’s, which downgraded the world’s number one reinsurer.The downgrade follows release of Munich Re’s 2002 results, which saw the group bring in profits of EUR1.1 billion (Cdn$1.7 billion), nearly four-times that of 2001, when September 11 losses […]
By Canadian Underwriter | March 27, 2003
Rating agency Moody’s has upgraded the senior bank credit facility of Willis North America Inc., the world’s third largest brokerage, to Ba1 from Ba2. At the same time, the broker’s senior subordinated debt rating has been upped to Ba2 from Ba3, with the outlook positive on both ratings.Moody’s cites the “significantly improved financial fundamentals” of […]
By Canadian Underwriter | March 26, 2003
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