Industry
Rating agency A.M. Best is continuing its "negative outlook" on Lloyd’s, despite affirming the insurance giant’s financial strength rating of A (excellent). The rating applies to business underwritten by all Lloyd’s syndicates and to policies underwritten since the 1993 year of account, but not to the obligations of Equitas Ltd. However, it is the potential […]
By Canadian Underwriter | June 29, 2001
2 min read
Winnipeg mutual insurer Wawanesa’s financial strength rating of A+ (superior) has been affirmed by rating agency A.M. Best. The rating also applies to U.S. subsidiary Wawanesa General.The rating reflects Wawanesa’s strong capitalization and operating performances, as well as its long-standing position in the Canadian property and casualty market, says A.M. Best. The company is also […]
1 min read
Property and casualty insurers have gained a temporary reprieve from the Office of the Superintendent of Financial Services (OSFI) on implementation of the regulator’s proposed reporting of discounted unpaid claims, according to the Insurance Bureau of Canada (IBC).The new reporting requirement was supposed to take effect from the beginning of January this year. However, after […]
By Canadian Underwriter | June 28, 2001
An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was pinpointed to about 140 kilometers northwest of Haines Junction, according to the Geological Survey of […]
By Canadian Underwriter | June 27, 2001
Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did not become effective until April.At the time, Universal Star said the sale would allow the […]
By Canadian Underwriter | June 25, 2001
Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating agency also assigned an "A" (excellent) rating to Barbados-based Victoria Reinsurance Ltd., which reinsures the […]
By Canadian Underwriter | June 20, 2001
U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure from the Japanese market early last year.The move is intended to allow the company to […]
Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated at about $235 million.The decision was based on fears that R&SA Life “may not have […]
By Canadian Underwriter | June 19, 2001
Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals in all classes of general insurance, CG&B should expand the brokerage’s product offerings with its […]
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase private enterprise in B.C. Specifically, Cooke refers to the new Liberal provincial government’s stated position […]
By Canadian Underwriter | June 18, 2001
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