Industry
RSA Canada reported net written premium of Cdn$851 million for the first half of 2008, up 21% over the same period of last year. The company also reported an underwriting profit of Cdn$52 million, compared to Cdn$62 million over the fist six months of 2007, a company release says. Combined operating ratio for the first […]
By Canadian Underwriter | August 7, 2008
1 min read
Marsh & McLennan Companies Inc. (MMC) reported a profit of US$65 million for 2008 Q2, a decrease from 2007 Q2’s US$177 million.For the first six months of the year, MMC’s net loss was US$145 million, reflecting a goodwill impairment charge of US$540 million, compared with last year’s profit of US$445 million, an MMC statement says.Investment […]
By Canadian Underwriter | August 6, 2008
If an insurer provides continuous coverage by means of issuing a series of one-year policies, then this amounts to a single “system of successive insurance coverage” for the purpose of determining the application of an extension of coverage provision, the Ontario Court of Appeal has decided.In Boland v. Allianz Insurance Company of Canada, an extension […]
By Canadian Underwriter | August 5, 2008
2 min read
**CORRECTION** This item corrects information previously published on Aug. 5, in which the company’s six-month profit figures were mixed up with the gross written premium figures. Canadian Underwriter apologizes for the error. The Co-Operators General Insurance Company reported a 2008 Q2 profit of Cdn$40.6 million, compared to a net income of Cdn$48.9 million in 2007 […]
Fairfax Financial Holdings Limited (TSX: FFH) reported profits of US$27.6 million for 2008 Q2, marking an 84% drop from the US$168.1 million reported in 2007 Q2.The results include the US$84.2-million impact of a reinsurance commutation initiated by Crum & Foster, the firm’s U.S. insurance operations. They also include the US$112.8 million worth of “other than […]
By Canadian Underwriter | August 1, 2008
Aon Corporation (NYSE: AOC)’s 2008 Q2 profit increased 372%, to US$1.1 billion, compared to US$240 million over the same period last year.”Our second-quarter results reflect a 25% increase in adjusted earnings per share from continuing operations, highlighted by 2% organic revenue growth and a 30-basis-point increase in adjusted pretax margin from our brokerage segment, despite […]
Canada’s independent broker channel can expect to see continued erosion into their market share by direct writers over the next few years, Joel Baker, president and CEO of MSA Research, told a Standard & Poor’s industry overview panel. Baker observed direct-linked agencies and companies held 37% of the auto insurance market share in 2002 — […]
July 31, 2008
Canadian Market
Canada’s insurance market has Cdn$11 billion in excess capacity, enough to underwrite another replica of Canada, which could fuel a soft market well into 2012. Joel Baker, president of MSA Research, made the observation as a panelist at the Standard & Poor’s June 24 panel discussion, “Canadian P&C Insurance Sector– What The Future May Bring.” […]
Don Forgeron, the new vice president of IBC's Ontario region, has navigated the industry through auto reforms in the Atlantic provinces in the mid-2000s. Now he will use that experience to help steer through reforms to the Ontario auto product.
By Vanessa Mariga, Associate Editor | July 31, 2008
5 min read
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