Industry
Trading will cease in shares of Vector Intermediaries as the company faces up to an insurmountable financial crisis.In a press release, the broker consolidator says it has sold the assets of Bow Valley Insurance Services Ltd. and Saskatoon Agencies Inc., but will still face a shortfall in meeting obligations to its debtors. Subordinated lenders have […]
By Canadian Underwriter | June 3, 2004
2 min read
Everest Re has seen its “A+” (superior) rating affirmed by A.M. Best and extended to Everest International Reinsurance Ltd. The rater notes Everest Re’s strong earnings and capital position, with a 2003 ROE of 18.1% and total capital in excess of US$4.3 billion. Offsetting factors include the reinsurer’s heavy exposure to California workers’ comp. The […]
1 min read
In the face of a difficult operating environment, the Canadian p&c industry is beginning to show signs of a turn around, says Standard & Poor’s director Donald Chu.Chu made the comments as part of a presentation to the Canadian Insurance Accountants Association (CIAA) recently.Between 1990 and 2002, the industry’s combined ratio hovered above the 100% […]
Insurers are unconcerned by the delay of voting on class action reform by the U.S. senate. Senate majority leader Bill Frist of Tennessee had tried to force cloture on the bill, the “Class Action Fairness Act”, but agreed to delay dealing with class action so that the senate could work on a defense authorization bill. […]
Bucking the trend of recent years, U.S. homeowners’ insurance rates are expected to rise by just 2.8% in 2004, according to the Insurance Information Institute (III). This represents the smallest increase in five years, the III notes, with 2003 seeing a 7.4% hike in rates. In fact, this year average rates should be US$608, up […]
By Canadian Underwriter | June 2, 2004
One year into the new federal solvency test the minimum capital test (MCT) the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC).IBC says the industry’s test score is 215%, well over the regulatory target of 150%. This means capital available exceeds capital required […]
In its most recent quarterly “Perspective” report, the Insurance Bureau of Canada notes auto insurance premiums have dropped significantly in all private market provinces from their 2003 peaks, with the exception of Newfoundland.Topping the list is PEI, where premiums are down 20.6% since last August, followed by Nova Scotia, where rates dropped an average 18% […]
By Canadian Underwriter | June 1, 2004
Federally-regulated insurers posted net income of $589.6 million in the first quarter of 2004, according to data from the Office of the Superintendent of Financial Institutions (OSFI).This result tops the $137.0 million in income insurers reported in the first quarter last year, and comes on the back of both investment and underwriting gains.Net written premiums […]
The Canadian property and casualty insurance industry increased net profit for the first quarter of this year by more than 4.3 times to $589.6 million compared with the $136.9 million reported for the same period in 2003, according to financial data collected by the Office of the Superintendent of Financial Services (OSFI). First quarter industry […]
May 31, 2004
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.
3 min read
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