Industry
Liberty Health, the Canadian life-health operation of Liberty Mutual Group subsidiary Liberty International, is being sold to Maritime Life, a Canadian company owned by John Hancock Financial Services Inc. The move is part of Liberty International’s move to focus on p&c insurance, the company says in a press release. While Liberty Health has been an […]
By Canadian Underwriter | March 14, 2003
1 min read
The sale of Vector Insurance Network (Ontario) Ltd. by Vector Intermediaries Inc. will not go through as previously announced, the company now says.Vector had signed a letter of intent to sell with Huestis Group for all shares of its Ontario unit, for a price of $4.6 million, back in December.Now Vector says the sale was […]
By Canadian Underwriter | March 13, 2003
The sins of the past continued to haunt U.S. insurers as insolvency levels remained high in 2002, says a new report from A.M. Best. Last year, 38 U.S. p&c insurers were either placed under regulatory supervision or into liquidation. There were 30 insolvencies in each of 2000 and 2001.”Several years of inadequate pricing, escalating loss […]
By Canadian Underwriter | March 12, 2003
Insurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the title as worst year on record, despite price increases and improved underwriting results.Based on regulatory […]
By Canadian Underwriter | March 11, 2003
3 min read
Moody’s Investors Services is forecasting a profit of 3 billion pounds (Cdn$7 billion) for the Lloyd’s of London market in the 2002-2003 years of account. This comes on the heels of a forecasted 4.5 billion pounds (Cdn$10.5 billion) in losses for 2000-2001. Moody’s expects profit of 1.6 billion pounds (Cdn$3.75 billion) in 2002, and, assuming […]
By Canadian Underwriter | March 10, 2003
2 min read
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) posted record financial results for the year ending December 31, 2002. The company brought in total revenue of $3.66 million, a 146% increase over revenue of $1.49 million in 2001. However, the company posted a net loss for last year of $4.99 million, […]
A consumer group has thrown the latest attack in the battle over how to deal with New Brunswick’s auto insurance system. In a press release, the Consumers Coalition Against No-Fault Insurance says that it fears the government is going to “cave in” to insurer demands which it says would create a “no-fault” system in effect.The […]
By Canadian Underwriter | March 7, 2003
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) reports a 194% increase in net earnings for the year ending December 31, 2002. Last year, earnings grew to US$29.4 million from US$10 million in 2001. Diluted earnings per share grew 112% to US$1.05 from US$0.50 the year prior.The company brought in US$2.6 million from the sale […]
By Canadian Underwriter | March 6, 2003
The State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to US$31.8 billion by the end of December 2002. State Farm group currently holds an “Aaa” […]
By Canadian Underwriter | March 5, 2003
B.C.’s public insurer is singing a different tune for 2002, having posted net income of $45 million compared to a net loss of $251 million in 2001.The money, which amounts to less than 2% of annual premiums, will go into the reserves of the Insurance Corp. of B.C. (ICBC), says president, CEO and chair Nick […]
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