Claims

Loss development leads to Desjardins p&c downgrade

The p&c subsidiaries of Desjardins Group have had their public data rating downgraded by rating agency A.M. Best. The subsidiaries of the Quebec-based insurer include Assurances Generales des Caisses Desjardins Inc., Personal General Insurance Inc. and The Personal Insurance Company.Assurances Generales and Personal General’s ratings were downgraded to B++ from A-, while The Personal’s rating […]

By Canadian Underwriter | June 12, 2003

1 min read

Claims

Loyalist posts profit in first quarter

Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in Loyalist Group Ltd (which runs its insurance arm). This compares with a net loss of […]

By Canadian Underwriter | June 10, 2003

1 min read

Claims

U.S. reinsurer profits up

U.S. reinsurers are reporting strong results in the first quarter of 2003, says the Reinsurance Association of America (RAA).In its underwriting report for 29 member insurers, the RAA says net written premiums were up to US$8.5 billion from US$6.7 billion reported in the first quarter last year.Overall, the combined ratio sat at 96.4%, down from […]

By Canadian Underwriter | June 10, 2003

1 min read

Claims

Rating agency affirms strength of Munich Re

Rating agency A.M. Best says it will maintain the “A-Double-Plus (Superior)” rating given to Munich Re and its operating subsidiaries, despite the 238 million loss reported by the group for the first quarter of this year. A.M. Best believes that the capitalization of Munich Re remains “superior” while the group has achieved material improvement in […]

By Canadian Underwriter | June 5, 2003

1 min read

Views (June 01, 2003)

The Insurance Bureau of Canada (IBC) and Institute for Catastrophic Loss Reduction (ICLR) are doing their part to build safer communities. The IBC recently launched a program to honor “disaster-prepared” communities, while the ICLR unveiled the country’s first “disaster-resistant” home, both as part of National Emergency Preparedness Week. ***************************** Industrial Alliance Auto and Home Insurance […]

May 31, 2003

1 min read

Co-operators first-quarter loss doubles

Co-operators General Insurance Company (TSX: CCS.PR.A) saw its after-tax net loss more than double in the first quarter ending March 31, 2003 to $5.9 million, after a loss of $2.2 million in the first quarter 2002. On a per-share basis, the loss is $0.36 versus $0.18 in the first quarter last year.This came despite rising […]

1 min read

Latest U.S. storm insured losses pegged at US$1.55 billion

A series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims, according to company loss data collected by the Insurance Services Office Inc. (ISO). Collectively, the […]

1 min read

Rough start to 2003 for Optimum General

Despite plans for a turnaround, 2003 has not gotten off to a smooth start for Montreal-based Optimum General Inc. (TSX: OGI.A). The company is reporting a net loss of $291,000, or $0.02 per share, for the first quarter ending March 31, 2003. This compares with net income of $290,000, or $0.03 per share, during the […]

1 min read

III pegs tornado damage at US$325 million

Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the events among the top five costliest tornadoes ever.Wind damage is largely covered by standard business, […]

1 min read

Insurers ponder damage from U.S. tornadoes

While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and are being declared a catastrophe by the Insurance Services Office (ISO). This means that a […]

1 min read