Claims
In releasing public data ratings on 44 Canadian p&c companies, eight faced downgrades, while only two saw their ratings go up, states New Jersey-based A.M. Best.Public data ratings are based on more limited information than interactive ratings, but does take into account publicly available data on operating performance and balance-sheet strength. It also uses comparisons […]
By Canadian Underwriter | June 17, 2003
1 min read
The p&c subsidiaries of Desjardins Group have had their public data rating downgraded by rating agency A.M. Best. The subsidiaries of the Quebec-based insurer include Assurances Generales des Caisses Desjardins Inc., Personal General Insurance Inc. and The Personal Insurance Company.Assurances Generales and Personal General’s ratings were downgraded to B++ from A-, while The Personal’s rating […]
By Canadian Underwriter | June 12, 2003
Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in Loyalist Group Ltd (which runs its insurance arm). This compares with a net loss of […]
By Canadian Underwriter | June 10, 2003
U.S. reinsurers are reporting strong results in the first quarter of 2003, says the Reinsurance Association of America (RAA).In its underwriting report for 29 member insurers, the RAA says net written premiums were up to US$8.5 billion from US$6.7 billion reported in the first quarter last year.Overall, the combined ratio sat at 96.4%, down from […]
Rating agency A.M. Best says it will maintain the “A-Double-Plus (Superior)” rating given to Munich Re and its operating subsidiaries, despite the 238 million loss reported by the group for the first quarter of this year. A.M. Best believes that the capitalization of Munich Re remains “superior” while the group has achieved material improvement in […]
By Canadian Underwriter | June 5, 2003
The Insurance Bureau of Canada (IBC) and Institute for Catastrophic Loss Reduction (ICLR) are doing their part to build safer communities. The IBC recently launched a program to honor “disaster-prepared” communities, while the ICLR unveiled the country’s first “disaster-resistant” home, both as part of National Emergency Preparedness Week. ***************************** Industrial Alliance Auto and Home Insurance […]
May 31, 2003
Co-operators General Insurance Company (TSX: CCS.PR.A) saw its after-tax net loss more than double in the first quarter ending March 31, 2003 to $5.9 million, after a loss of $2.2 million in the first quarter 2002. On a per-share basis, the loss is $0.36 versus $0.18 in the first quarter last year.This came despite rising […]
By Canadian Underwriter | May 23, 2003
A series of storms which ripped through 18 states within the U.S. between May 2-11th of this year – which saw more than 400 tornado touchdowns – will cost insurers at least US$1.55 billion in auto, residential and commercial claims, according to company loss data collected by the Insurance Services Office Inc. (ISO). Collectively, the […]
By Canadian Underwriter | May 20, 2003
Despite plans for a turnaround, 2003 has not gotten off to a smooth start for Montreal-based Optimum General Inc. (TSX: OGI.A). The company is reporting a net loss of $291,000, or $0.02 per share, for the first quarter ending March 31, 2003. This compares with net income of $290,000, or $0.03 per share, during the […]
By Canadian Underwriter | May 16, 2003
Although the storms are not yet over, early estimates from insurers have led the Insurance Information Institute (III) to peg insured losses from tornadoes that hit the midwest U.S. this week at more than US$325 million.This figure would put the events among the top five costliest tornadoes ever.Wind damage is largely covered by standard business, […]
By Canadian Underwriter | May 12, 2003
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