Industry
Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance legislation tabled last week by the Government of Newfoundland and Labrador. I have written to […]
By Canadian Underwriter | May 31, 2004
2 min read
Northbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding shares in the company, as well as $36.9 million in assumed assets and liabilities. The […]
By Canadian Underwriter | May 27, 2004
About one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of such data. Police note that vehicles stolen for other reasons joy-riding, transportation or to commit […]
1 min read
Toronto-based Fairfax Financial Holdings is increasing the syndicated secured revolving letter of credit facility it entered into late last year by US$150 million.The facility, which now stands at US$450 million, was entered into last December to provide letters of credit for reinsurance contracts written by Fairfax’s nSpire Re for the benefit of the company’s other […]
By Canadian Underwriter | May 26, 2004
Rating agency Moody’s Investors Service has withdrawn its ratings on Symons International Group Inc. and its subsidiaries. The rater notes that interest payments on the company’s trust preferred securities have been in deferral since February, 2000. Those securities had been dropped to a “C” rating by Moody’s.At this point, all of the subsidiaries of Symons […]
By Canadian Underwriter | May 25, 2004
A new study by A.M. Best gives ample evidence to the perils of mismanaged reserves for p&c insurers. The study, which covers U.S. insurers from 1969-2004, shows that most impairments when an insurer has their ability to write business limited by regulators due to financial difficulty were the result of reserving issues.In 37.2% of cases […]
Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit of 1.9 billion pounds for 2003, up from 834 million pounds in 2002. This comes […]
By Canadian Underwriter | May 24, 2004
Inefficient business processes are costing insurers as much as US$10 per policy in waste, says a new report by Exigen Group. In the U.S., so-called “corporate cholesterol” amounts to more than US$2 billion, with insurers spending up to 30% more on processing claims, policies and customer inquiries than is necessary.”Inefficient processes are like cholesterol in […]
Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior. Return on equity in the first quarter was 14.7% for the insurance operation. Gross written […]
By Canadian Underwriter | May 19, 2004
Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May 19, 2005, will be cancelled.”The directors of the corporation are of the view that if […]
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