Industry
The loss ratio for U.S. reinsurers rose by 6% year-on-year to 85.7% for the six months ended June of this, according to the Reinsurance Association of America (RAA). The RAA’s latest quarterly survey, which is based on the financial returns of 30 companies, pegs the industry’s combined ratio for the first six months of this […]
By Canadian Underwriter | September 6, 2001
1 min read
Specialty insurer Kingsway Financial Services is expanding its U.S. presence through a partnership with The Vision Insurance Group. Kingsway will underwrite non-standard auto policies for Vision in Virginia, Indiana, Arkansas, Ohio and Kentucky, through Kingsway subsidiary Lincoln General.Vision, a privately owned, Tennessee-based company, produced over US$70 million in revenue last year.Kingsway president and CEO Bill […]
By Canadian Underwriter | September 5, 2001
The Ontario Court of Appeals has turned down the appeals of Lloyd’s investors, or Names, in that province who were seeking to avoid paying monies sought by the U.K. insurance market. Justices Laskin, Goudge and Feldman unanimously agreed to uphold lower court rulings allowing Lloyd’s to enforce British judgements against the Names.Justice Feldman called the […]
The Insurance Bureau of Canada (IBC) has endorsed recommendations in the Report on Domestic Oil Tank Spills submitted to the Newfoundland government, which calls for regulations on the proper installation and maintenance of oil tanks.”We agree the recommendations will guard against oil tank spills in the first place and will avert environmental and health concerns […]
Zurich Financial Services Group is changing its Canadian identity to Zurich North America Canada. The operations are now included in Zurich’s North America Corporate Business Division, although they will continue to offer personal life and p&c insurance products, as well a corporate p&c products.The name change is part of broader reorganization of Zurich’s operations which […]
By Canadian Underwriter | September 4, 2001
The recent purchase of Edmonton, Alberta adjusting firm Leonard, Hirst & Miller (LH&M) has provided Crawford Adjusters Canada with a firm foothold in the west. Crawford CEO Glenn Gibson says the “fit” of LH&M’s professional expertise was a main attraction. “We looked primarily at the quality of the staff…this was the key driver from our […]
August 31, 2001
Following the disappointing financial returns Canadian property and casualty insurers produced for the first quarter of this year – a time which a year ago many in the industry had projected would see a recovery in earnings – the latest financial results up to the end of the first half of this year point to […]
3 min read
In a strange twist, Canadian-based Fairfax Financial Holdings continues its downward slide as its reinsurance subsidiary, Odyssey Re, experiences phenomenal growth. In releasing second-quarter 2001 results, Fairfax acknowledges that the company’s profits fell 45%, down to $46 million as compared with $83.6 million for the same quarter last year. The slump saw earnings per share […]
Specialty auto insurer Kingsway Financial Services (TSE: KFS) continues to see growth in premiums and earnings mid-way through 2001. In a press release, Kingsway CEO Bill Star notes that the company is reporting record profits, earnings per share and premium levels for the second quarter of the year, and in year-to-date totals. Net income increased […]
Kingsway Financial Services CEO Bill Star (center) rings the opening bell at the New York Stock Exchange on July 11, celebrating the company’s first day of listing on the exchange. Star is joined, at his immediate right, by Kingsway CFO Shaun Jackson. With the listing, Kingsway becomes the first Canadian property and casualty insurer to […]
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