Industry
The Ontario Liberal government has released a discussion paper outlining its plans for a new auto insurance system which would include “customized coverages” for accident benefits (AB).The Ministry of Finance has posted the discussion paper on its website and is asking for feedback by September 10 on the proposal. The basic plan would see policyholders […]
By Canadian Underwriter | August 9, 2004
2 min read
The Canadian Council of Motor Transport Administrators (CCMTA) has released its guidelines for salvage air bags, according to a press release from John Norris of the Hamilton District Autobody Repair Association (HARA).The release notes that some public insurers in Western Canada have been using the air bags, which while salvage, have never been deployed, and […]
1 min read
Mississauga-based Kingsway Financial Services (NYSE, TSX: KFS) saw net income rise for the second quarter ending June 30, 2004 by 22% to $33.3 million, compared to $27.3 million for the same period a year earlier. This translates to earnings per share of $0.59, up 7% from a year earlier, with 14% more shares outstanding.Investment income […]
By Canadian Underwriter | August 8, 2004
The first release of the MSA Benchmark Report on Canadian p&c insurers highlights the struggles being experienced by auto writers compared to commercial insurance carriers.The report’s author, MSA Research Inc.president Joel Baker, says that despite a return on equity of 9.2% for auto writer, when B.C.’s government insurer is excluded, this drops significantly to 7.2% […]
The Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve the pressure on auto insurers and their customers in the province.Bill-30 was signed into law earlier this week, despite opposition from insurers who say the bill does nothing to reduce the claims burden at the same time […]
By Canadian Underwriter | August 5, 2004
Several states have agreed to scrap a joint credit scoring study they had been pursuing in favor of an agreement with insurers who will provide data to the federal study on the same issue.Thirteen states led by Missouri had originally taken up their own study, despite one already in the works by the Federal Trade […]
By Canadian Underwriter | August 4, 2004
Despite notice from several insurers that they would withdraw from the province of Newfoundland’s auto insurance market due to the passage of Bill-30, the auto reform measures have been proclaimed.The bill was proclaimed on August 1, although this was not announced until August 2. The reforms will see rates frozen for another year, and government […]
By Canadian Underwriter | August 3, 2004
Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38.0 million ($1.74 per share) for the second quarter ending June 30, 2044, on the back of 5% improvement in the company’s combined ratio. Co-operators posted a combined ratio of 92.8% for the quarter, compared to 97.8% a year previous, when net income […]
Chicago-based broker Hub International (TSX: HBG) saw improvement in its results coming from a variety of sources for the second quarter ending June 30, 2004 growth was experienced both organically and through acquisition, while both Canadian and U.S. operations performed well.Net earnings were up 15% for the second quarter of this year, to US$11.6 million […]
By Canadian Underwriter | August 2, 2004
Following in the footsteps of parent Fairfax Financial Holding, Odyssey Re Holdings Corp. (NYSE: ORH) saw earnings drop as a result of a massive slide in realized gains in the second quarter ending June 30, 2004.Net income was down to US$59.1 million (US$0.92 per share) for the period compared to US$112.7 million (US$1.74 per share) […]
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