Canadian Underwriter Magazine recently asked Tom Hopkinson, the CEO of Guy Carpenter’s Canadian operations, to share his observations on the trends that affected treaty reinsurance year-end renewals, and his expectations for the upcoming season’s negotiations. According to Hopkinson, while reinsurance buyers face a tightening market, they can rest assured that reinsurers are by and large […]
June 30, 2001
4 min read
“We haven’t seen [adverse financial] conditions such as this in the last 50 years,” says the Insurance Bureau of Canada’s (IBC) chief economist Paul Kovacs. As one of the opening speakers at this year’s Canadian Insurance Congress, Kovacs points out to the CEO attendees, “the industry is in trouble. We’re seeing numbers [company results] that […]
June 30, 2001
11 min read
Following the great “premium chase” of recent years, Canada’s property and casualty insurers have finally woken up to a reality: “we have sinned”. This was the underlying conclusion reached and admitted to by presidents of some of the lead ranking companies represented at this year’s Canadian Insurance Congress. While the negative impact of inadequate pricing […]
June 30, 2001
3 min read
With the recent introduction of new insurance-related stocks on the American market, and the movement of Canadian stock companies onto exchanges south of the border, it would seem insurers are playing in the equities market spotlight. Speculation that the downfall of the technology sector could spur a return to more tried and true performers is coupled with recognition that hardening rates will bring a return to confidence in the insurance sector. But who among the Canadian players will come out on top? CU asks analysts and public company management what the key to stock market success will be.
June 30, 2001
9 min read
The Financial Services Commission of Ontario (FSCO) has levied a $75,000 fine and a “cease and desist order” against Robert L. Brown who, through an entity called Tri-Continental Exchange, is said to have sold bogus insurance policies within the province. Brown allegedly sold invalid insurance products through “barter companies” in Ontario. Subsequent to what FSCO […]
June 30, 2001
1 min read
Specialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an “alliance” with Texas-based auto insurer Reliant American Group Inc. to market the company’s underwriting products. “We see a lot of potential for the distribution of Reliant American’s commercial auto, garage liability and general liability products through our licensing and underwriting capabilities, with […]
June 30, 2001
1 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. CARSTAR Industry Conference. Calgary, AB. Call Lisa Mercanti-Ladd at 1-800-701-9452, ext. 234 for details. August 16 to 19. Canadian […]
June 30, 2001
1 min read
The newly-created Office of Critical Infrastructure Protection and Emergency Preparedness (OCIPEP) will lead consultations about to begin on developing a national disaster mitigation strategy. National Defence Minister Art Eggleton says the talks will center around reducing the risk and impact of disasters and will include the federal government, provinces and territories, and private sector and […]
By Canadian Underwriter | June 26, 2001
1 min read
A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into capital market insurance vehicles since 1996 with catastrophe bonds accounting for nearly half of this […]
By Canadian Underwriter | June 14, 2001
2 min read
Ohio, U.S.-based commercial brokerage group Assurex International has acquired risk management specialist CMW Insurance Services Ltd. located in Burnaby, British Columbia. Details of the transaction were not made public. CMW Insurance specializes in the risk areas of construction, property development, manufacturing, aviation, hospitality, high-tech and the retail industry. Its services include employee benefits, financial management, […]
By Canadian Underwriter | June 11, 2001
1 min read