Industry
Insurers bounced back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance Bureau of Canada (IBC) preliminary industry data. As a result, the industry’s ROE clocked in […]
June 30, 2003
2 min read
The Canadian branches of U.S.-based The Home Insurance Co. have been placed in liquidation by the Ontario Superior Court of Justice. The move follows a wind-up order issued for the U.S parent company on June 13 of this year, which occurred after the company had been placed in March under rehabilitation control of the Commissioner […]
By Canadian Underwriter | June 27, 2003
Hot on the heels of the New Brunswick government’s decision to limit “pain and suffering” awards to auto collision victims, the Dominion of Canada General Insurance Co. says it has authorized brokers in The Huestis Group to do business with the company in northern New Brunswick. The move comes as a direct result of the […]
1 min read
The 20% year-on-year jump in net earnings of U.S. insurers to US$6.4 billion for the first quarter of this year translates to a return on equity (ROE) of 8.8%, notes the Insurance Information Institute’s (III) chief economist Robert Hartwig. This follows the industry’s dismal ROE of 1% for the 2002 financial year and the record-low […]
By Canadian Underwriter | June 25, 2003
U.S. property and casualty insurers increased net taxed income for the first quarter of this year by more than 20% to US$6.4 billion compared with the US$5.3 billion reported for the same period a year ago, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). […]
By Canadian Underwriter | June 23, 2003
Rating agency Standard & Poor’s has lowered its long-term counter-party credit and financial strength ratings for Aviva Canada Inc. to “A” from “A+”. The rating agency says the insurer and its Canadian operating subsidiaries will remain on “credit watch” with negative implications.”The rating actions follow Standard & Poor’s review of Pilot’s [Pilot Insurance Co., the […]
By Canadian Underwriter | June 22, 2003
Reinsurer Alea Europe Ltd. is closing its Canadian branch and will stop writing reinsurance here as of August 1.”This decision was taken because of the branch’s diminishing premium volume and the continuing inadequate level of profit available for Canadian reinsurance business,” states an Alea release.Alea Europe Ltd. CEO Gilles Meyer says the move was not […]
By Canadian Underwriter | June 20, 2003
Atlantic provinces may see a harmonized approach to auto insurance finally come to pass as a result of intense public attention being paid to increasing rates. But a public auto insurance system is also on the table.The Atlantic premiers met today in Charlottetown to address the issue of rising costs and came away with a […]
By Canadian Underwriter | June 18, 2003
Kingsway Financial Services Inc. (TSX: KFS) will issue about 6.1 million common shares to a group of underwriters led by Scotia Capital Inc. at a price of $16.70 a share, a company statement says. The underwriters also have the option to acquire a further 610,000 shares. The offering will close around July 3 of this […]
By Canadian Underwriter | June 17, 2003
A new study suggests reserves in U.S. commercial lines could be deficient by as much as US$20 billion. The report, by investment bank Cochran, Caronia Securities LLC, says reserves for 1997 to 2001 could be deficient by US$13-$20 billion. This is equivalent to 10-15% of total commercial lines surplus, and also about the same as […]
By Canadian Underwriter | June 16, 2003
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