Risk

Traditional reinsurance sector still lives

Despite major financial upsets over the past two years, culminating in the devastating loss arising from the World Trade Center (WTC) terrorist attacks, the global reinsurance sector is emerging “alive and well”, says Ross McKenzie, CEO of Aon Re International. McKenzie presented a future outlook for the reinsurance marketplace at a recently held industry event […]

November 30, 2002

2 min read

Risk

A.M. Best puts Allianz group on negative review

Rating agency A.M. Best has placed the Allianz group’s “A++ (superior)” financial rating under review with negative implications. The negative review also applies to the holding company’s current debt rating of “AA+”. A.M. Best says the negative review was issued in order for the rating agency to evaluate the full impact of Allianz’s third quarter […]

By Canadian Underwriter | November 21, 2002

1 min read

Risk

Bush prepares to sign terrorism backstop into law

The U.S. government backstop for terrorism insurance will soon be a reality following a Senate vote in favor of the legislation late Tuesday night. In an 86-11 vote the Senate endorsed a compromise bill laid out by a joint Congressional committee to create a government reinsurance backstop for commercial lines terrorism coverage.The bill now goes […]

By Canadian Underwriter | November 20, 2002

2 min read

Risk

U.S. House passes terrorism insurance bill

The U.S. House of Representatives last night passed the compromise bill to provide a government backstop for terrorism insurance. In a voice vote, the House agreed to Bill H.R. 3210 the Terrorism Risk Protection Act. The Senate is expected to put its stamp on the bill today.Passage was expected after President George W. Bush’s continued […]

By Canadian Underwriter | November 15, 2002

1 min read

Two more additions to Hub network

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has been on a buying spree as of late, with a half dozen acquisitions since the beginning of September. The latest purchases add brokerages in Los Angeles and Massachusetts to the stable.Last week, Hub purchased the stock of L.A.-based Hooper, Hayes & Associates Inc. This includes the […]

1 min read

Facility seeks Atlantic rate increases

The industry’s pool for high risk drivers appeared before the Nova Scotia and New Brunswick utilities boards this week to request rate increases in those provinces.The Facility Association (FA) is seeking a 30% increase in Nova Scotia and a whopping 60% in New Brunswick, which would apply to under 2% of drivers in each province.FA […]

1 min read

Co-operators cuts new business in Alberta

The Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates from its Echelon subsidiary for higher risk drivers. Existing customers will still be offered Co-operators […]

1 min read

Reinsurance Broker Perspective: Drivers of 2003 Renewals

At this time last year, we were still stunned by the attack on the World Trade Center. The January 2002 renewals were mostly on hold while reinsurers worked out their response to the new world reality. And, when the treaties were finally negotiated, it was in a dramatically changed atmosphere that no one could recognize from past experience.

October 31, 2002

6 min read

RIMS Canada 2002 Conference: A Hard Market Face-Off

When risk managers gathered in Saskatoon recently for the 2002 RIMS Canada Conference, an air of tension could be felt. Rising pricing, shrinking capacity and new exclusions have caused a rift in insurer relations with their commercial buyers. It was during last year’s RIMS Canada Conference (formerly CRIMS), that the tragic events of September 11 […]

October 31, 2002

7 min read