Industry
Manitoba Public Insurance (MPI) says it is on track for strong results in 2003, with net income coming in at $39.2 million for the first-half ending August 31. This is up from $26.1 million reported during the same period last year.Investment income helped the cause, up to $48 million for the six-month period. And earned […]
By Canadian Underwriter | October 6, 2003
1 min read
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The company says “the net proceeds of the offering will be used to provide additional capital […]
By Canadian Underwriter | October 2, 2003
The financial results of Canadian and U.S. insurers for the first half of this year suggest that the two marketplaces are converging in a positive direction after several years of runaway claims costs. For both U.S. and Canadian companies, the second quarter of this year marked the first drop in the combined ratio to below […]
September 30, 2003
4 min read
I tell you, all hell is going to break loose, Dave!” The face of Tony, our company’s human resources manager, reflected the displeasure he was feeling. He was normally a pretty laidback sort of fellow – but not right now. “People are going to say this damn staff survey is my idea! But, like all […]
10 min read
The independent adjusting profession is experiencing a period of transition, driven by market demands and legislative considerations. Notably, insurers are under increasing pressure to reduce claims and expense costs, which has added to the challenges before adjusters. And, while new claims handling technology offers cost reduction to both parties through better service and information, true efficiency will only come through cooperation.
5 min read
Taking over the presidency of the largest provincial independent brokerage association in the country shortly after what could be called a historic "landslide election" resulting in a new government for Ontario could be a daunting challenge for most people. That, however, is just the beginning of what may appear to the casual observer to be "overwhelming odds" as independent brokers continue to deal with the harsh realities of a "hard market" where insurance availability and pricing have become contentious political issues across Canada. For Doug Grahlman, who will take the helm of the Insurance Brokers Association of Ontario (IBAO) at the association's annual convention to be held this month, the top priority on his agenda for the year ahead is "communication" - at both the government and consumer levels.
6 min read
U.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). As […]
3 min read
Fairfax Financial Holdings Ltd. (TSX: FFH) has renewed efforts to acquire its own issued subordinate voting shares in a bid to boost shareholder value in the company’s listed equity. Fairfax says that, pending regulatory approval, it will purchase about one million subordinate voting shares that have been issued by the company from between September 22 […]
In the current environment – where provincial auto insurance systems are being changed on a near-daily basis in response to political whim and consumer ire, commercial and personal lines coverage remains scarce while rates continue to climb – brokers could be forgiven for wearing negativity on their sleeves. In contrast, however, the atmosphere at this […]
While the sharp rate increases introduced by insurers across nearly all lines of business in Atlantic Canada - with personal auto insurance having attracted the brunt of price hikes - are beginning to show positive signs of returned underwriting profitability for the region, the "public relations" cost incurred in the process may well prove that too much was done by the industry over too short a time. The political attention ignited by auto insurance pricing has presented a very real threat of government-run insurance systems being introduced in the region - the impact of which could be dire for insurers and brokers alike.
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
