Industry
Fairfax Financial Holdings Limited (TSX:FFH.SV) (NYSE:FFH) had net earnings of US$172.1 million during the first quarter of 2006, compared to US$35.2 million in 2005, the company has announced. “Despite some softening in market conditions, the combined ratio of the company’s insurance and reinsurance operations improved to 96.0% (from 96.9% in 2005),” Fairfax announced in a […]
By Canadian Underwriter | May 1, 2006
1 min read
The Loyalist Insurance Group Limited (TSX Venture Exchange symbol: LOY), which operates in three Ontario locations as well as Charlotte, North Carolina, has reported decreasing revenues for the year ending 2005 from $2.43 million in 2004 to $2.011 million in 2005.The Loyalist Insurance Group Limited is a financial services holding company, involved through a subsidiary, […]
2 min read
The Qubec automobile insurance industry posted further growth in 2005, reporting an overall operating income totalling 16.8% of earned premiums – up slightly from the 16.6% generated in 2004. Losses in 2005 (3.0%) grew at a slower pace than earned premiums (3.2%), according to the Autorite des marches financiers (AMF). At the same time, the […]
April 30, 2006
Insurance not an 'unassailable' part of banking: Alberta Appeal Court
Insurance Bureau of Canada data shows a decline in homeowner’s premiums in New Brunswick between 2004 and 2005. In 2005, the average premium was $340, whereas in 2004 it was $358. Homeowner’s pricing is looked at in terms of premium per $1,000 of coverage, the IBC noted in a recent press release, issued in response […]
Auto claim frequencies have increased, ending their free-fall, and the race to cut claims costs is about to begin Stone Point Capital LLC recently placed a binding offer through the new company Paris Re Holdings Ltd. to acquire AXA Re from AXA SA. AXA received the offer of US$14.2 million from Stone Capital for the entire share capital of AXA Re. Other lead investors in the deal, facilitated through the Stone Capital sponsored acquisition company Paris Re, include Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, ABN Amro and New Mountain Capital. Under the terms of the agreement, Paris Re will absorb AXA Re by 2007. Paris Re will also take on all risks associated to AXA Re's 2006 claims. AXA would continue to manage all underwriting and claims for 2006 and prior years. Furthermore, AXA would guarantee the reserves pertaining to losses incurred on or before Dec. 31, 2005. Paris Re says it plans to maintain the leadership of AXA Re's Hans Peter Gerhardt and to keep the existing employees in moving forward. AXA has agreed to a period of exclusivity with Stone Point Capital, and intends to respond to this binding offer following consultation with the relevant workers' councils.
By David Gambrill | April 30, 2006
10 min read
Chubb Insurance Company of Canada CEO Ellen Moore receives the McGill Management Achievement Award for corporate excellence and community involvement
6 min read
Insurers must be vigilant to ensure litigation, claims costs and fraud don't undermine the current stability of the auto market
By John Greb, Vice President, Claims, Allstate Insurance Company of Canada | April 30, 2006
4 min read
Direct writings flatline last year, COR increases 1.9%
By Joel Baker, President, MSA Research Inc. | April 30, 2006
5 min read
Insurance industry supports accreditation of the car repair industry
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