Industry
Cat bond risk capital at the end of 2007 reached US$13.8 billion, a 63% increase over the previously record-setting, 2006-year-end total of US$8.5 billion, according to a Guy Carpenter & Company LLC report.Cat bond risk capital now accounts for 8% of property limits worldwide and 12% on a U.S.-only basis. Issuance accelerated rapidly over last […]
By Canadian Underwriter | February 28, 2008
1 min read
Royal & SunAlliance Canada has reported its 2007 net income was Cdn$183.6 million.(The company’s net income above was calculated according to Canadian GAAP rules; elsewhere, figures are based on accounting rules in the United Kingdom.).Royal & SunAlliance reported net written premiums of Cdn$1.5 billion (702.7 million), up 8.7% over the prior year. Its underwriting profit […]
By Canadian Underwriter | February 27, 2008
An unsuitable product might lead consumers to pay for insurance they do not need, pay for coverage for claims for which they are not eligible, or obtain a claims result that they did not expect, according to a consultation document issued by Canadian insurance regulators. The paper, ‘Incidental Selling of Insurance,’ was recently released by […]
For the second year in a row, A.M. Best Co. is maintaining a stable outlook for the global reinsurance sector. This affirmation reflects generally strong balance sheets, continued improvements in enterprise risk management (ERM) and general earnings momentum through 2007, A.M. Best reports in a release. Only a modest amount of anticipated rating or outlook […]
Northbridge Financial Corporation (TSX: NB) has appointed Craig Pinnock as its new chief financial officer, effective Mar. 31.Pinnock will succeed current CFO John Varnell, who is retiring. Pinnock, a chartered accountant, has served in progressively senior finance roles within the Liberty Mutual Group for more than eight years, a Northbridge statement says.Most recently he was […]
An Alberta judge has dismissed the application for a temporary stay of a decision that eliminated Alberta’s Cdn$4,000 cap on minor auto injuries, pending an appeal of Morrow v. Zhang and Pedersen v. Thournout.In his decision not to grant a stay, Whittmann had to consider whether the consequences of not granting a stay caused “irreparable […]
By Canadian Underwriter | February 26, 2008
2 min read
The outlook is stable for the 2008 U.S. commercial market despite a soft period cycle, according to A.M. Best Co.’s assessment of the market. “Commercial lines carriers have bolstered their positions after robust earnings in recent years by investing in price monitoring tools, predictive modelling, distribution channels and claims systems,” A.M. Best Co. notes in […]
The Office of the Superintendent of Financial Institutions (OSFI) has introduced a new supplemental filing to isolate underwriting performance from adjustments to actuarial liabilities.Such liabilities might be caused by market swings and resultant changes in the fair value of the underlying financial assets.”The adoption of the Financial Instruments Accounting Standard in 2007 coincided with increased […]
A.M. Best Co. has maintained a stable outlook for the personal lines segment in 2008, despite the moderate deterioration of results in 2007.The deterioration in 2007 results reflects increasing loss-costs trends as well as competitive market conditions, an A.M. Best statement says. “A.M. Best anticipates these trends will continue in 2008, with additional modest declines […]
Studies show that 20% of Canadians have been victims of identity theft, ING Insurance reports in a release. And it may be costing Canadian consumers, banks and businesses more than $2 billion annually, the company reports. Recent studies show that 59 per cent of Canadians believe public education is the most important tool in fighting […]
By Canadian Underwriter | February 25, 2008
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