Industry
The nation's top broker representatives met in Regina recently for the Insurance Brokers Association of Canada (IBAC) AGM, to set a course for the future for the independent broker profession. Coming off of almost three years of market turmoil, IBAC's goals moving forward include repairing the industry's public image, furthering its political objectives and helping brokers make the leap into "cyberspace" via the insurer-broker Internet portal.
September 30, 2004
4 min read
U.S. reinsurers saw net income for the first six months of this year drop slightly to US$2.56 billion compared with the US$2.59 billion reported for the same period the year prior, according to financial data compiled by the Reinsurance Association of America (RAA). While the association’s results point to a decline in profitability of the […]
2 min read
Despite moves by several companies to bolster reserves over the past three years, the property and casualty insurance industry remains under-reserved to the tune of US$67 billion, according to rating agency A.M. Best. In a special report, the rater says reserve adequacy remains a key issue in ratings, with adverse reserve development the number-one cause […]
Rate softening has begun to creep into the professional liability market, despite continued claims costs pressures, speakers at the recently held “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC) say. The seminar focused on E&O coverage, but expanded into the broader area of professional liability (PL), particularly coverages available for brokers, where […]
Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has added its third U.S. brokerage to its network, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd., located in Norfolk, Virginia. The acquisition is valued at around $9.03 […]
1 min read
Canadian Broker Network recently added two new members: Smith Petrie & Scott Insurance Brokers of Ottawa, and Moore-McLean Corporate Insurance Ltd. of Toronto. The network now includes nine independent commercial brokers and is actively seeking members in Altantic Canada and B.C. The Innovation Group (TiG) has named Tony Novielli as vice president of business development […]
As everyone in the industry is well aware, there has been no shortage of government and public attention on auto insurance during the past year in Atlantic Canada. Now that this attention has brought about product reform in every province, some governments, unfortunately, are beginning to set their sights on other lines of insurance.
5 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
U.S. insurers posted an impressive US$9 billion underwriting profit for the first six months of 2004 compared with a loss of US$2.7 billion reported for the same period the year prior, according to industry data compiled by rating agency A.M. Best. Insurers lifted net income for the first six months of this year by more […]
Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing just under 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course issuer bid because it believes that in appropriate circumstances its subordinate voting shares represent an […]
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