Industry
Many insurance carriers have asked themselves the following question: Is our subrogation department the best profit center it can be? The response has been a resounding "no!" for most carriers.
May 31, 2003
5 min read
In today's fiercely competitive economic and information technology (IT) environment, insurance companies are starting to look at software deployment very differently from before. Insurers are increasingly turning to outsourced IT solutions for improved performance, productivity and profit.
Storms, including tornadoes that ripped through several Midwest U.S. states the first week of May will be among the country’s worst cat storm losses ever, causing an estimated US$1.55 billion in insured damage, says the U.S. Insurance Services Office (ISO). The previously held record for damages as a result of thunder/wind storms is US$2.2 billion, […]
1 min read
The Gerling Canada Insurance Co. is set to be sold for an undisclosed amount to a group of Toronto-based financial and private equity investors organized by Newport Partners. Gerling Canada declined to comment on the pending sale, stating that it is a “private matter”. Rating agency A.M. Best placed the Gerling’s Canadian company’s “A- (excellent)” […]
2 min read
The ongoing bleeding in the auto markets across nearly all provinces of Canada, coupled with the devastating impact of the investment environment on insurers' income statement and balance-sheets, served as core issues of discussion at this year's Canadian Insurance Congress. With the auto loss damage having spread from companies income returns to cause capital deterioration - which recently saw a senior management shakeout at a leading personal lines carrier - speakers and attendees at the congress meeting speculated to whether this may just be the start of a long line of casualties and ultimate consolidation of the Canadian property and casualty insurance industry as insurers try to find direction.
10 min read
While industry watchers eagerly await the release of insurers’ preliminary financial data for the first quarter of this year, the “bad taste” of last year’s dismal numbers continue to linger – with approximately 80% of insurance companies having now submitted their yearend returns to the Insurance Bureau of Canada (IBC), the adverse loss development for […]
4 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain Insurance, increased net income for the first quarter of this year to $11.1 million, or $2.89 per share, versus the $9.4 million in net income, or $2.44 per share, disclosed for the same period the year prior. This […]
Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to a 48% increase in diluted earnings of 49 a share against the 33 a share […]
As insurers await Bill-198 regulations, substantial problems remain within Ontario’s auto insurance system, says Mark Yakabuski the Ontario regional vice president of the Insurance Bureau of Canada (IBC). He recently spoke at the annual meeting of the Canadian Insurance Accountants Association (CIAA). While the legislation helps abate some of the costs associated with the healthcare […]
The future outlook for Fairfax Financial Holdings Ltd. (TSX: FFH) increased substantially with the almost 14 times increase in the company’s net earnings for the first quarter of this year to $154.6 million (equal to $10.60 a share) compared with the $11.3 million (46 a share) reported for the same period last year. The financial […]
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