Risk
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
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
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
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
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 […]
By Canadian Underwriter | November 12, 2002
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 […]
By Canadian Underwriter | November 6, 2002
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 […]
In the business of insurance, the ability to survive comes down to a simple matter of having the capital. But for many these days, it is easier said than done. What can reinsurers do to help?
October 31, 2002
7 min read
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.
6 min read
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 […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
