Industry
The Loyalist Insurance Group Limited is reporting a net earnings loss of $56,359 in 2004, as compared to net earnings gain of $184,829 reported in 2003.The company also reported a decline of revenues by almost half from $3.67 million in 2003 to $1.81 million in 2004.The Loyalist Insurance Group Limited is a financial services holding […]
By Canadian Underwriter | February 7, 2006
2 min read
This year’s treaty renewals in property and casualty reinsurance are generally satisfactory as the hard market has been sustained, according to Hannover Re. “Although not all our expectations were realised, we were still able to top the already very high rate level in some areas,” Wilhelm Zeller, CEO of Hannover Re, says. “The treaty renewals […]
3 min read
The BC Utilities Commission (BCUC) has approved ICBC’s application for an interim rate increase of 6.5% on basic insurance, effective March 15. The interim rate will remain in place until the BCUC renders its final decision on 2006 basic rates, expected in late May of this year. If the BCUC approves a final rate lower […]
By Canadian Underwriter | February 6, 2006
The market for D&O liability coverage has continued to soften, while claims frequency and severity have continued to increase, according to a 2005 survey conducted by the Tillinghast business of Towers Perrin.The Tillinghast survey included 2,645 U.S. and 49 Canadian participants. The survey uses a standardized premium index that takes into account policy limit, corporate […]
1 min read
RIFCO INC. (TSX.V: RFC) has signed an agreement with CARSTAR Automotive Canada (CARSTAR) to offer repair loans through more than 110 stores across Canada.Doug Decksheimer, RIFCO’s vice president of marketing, said “RIFCO is proud to announce a strategic alliance with CARSTAR to offer its convenient financing program.”The rollout of the CARSTAR program is already underway […]
By Canadian Underwriter | February 3, 2006
CGI Group Inc.’s plan to acquire the Calgary, AB-based information technology services company Pangaea Systems Inc. is expected to be finalized when the transaction closes by the end of February 2006.Pangaea is a privately-held company that specializes in systems development with particular focus on the development of Internet-based solutions and related services. Founded in 1993, […]
By Canadian Underwriter | February 2, 2006
ICBC and its employees broke a record for contributing funds towards the United Way, raising $641,000 in 2005.The total is almost $100,000 more than the ICBC’s 2005 campaign goal and a record amount for the corporation.Almost 30% of managers, executive and unionized employees made a contribution this past year. More than 100 new people donated […]
By Canadian Underwriter | February 1, 2006
Last year’s unprecedented catastrophe losses had an uneven impact on pricing and capacity for 2006 reinsurance renewals, according to Benfield’s recently published renewal report, ‘Reinsurance Market and Renewals Review – Swings and Roundabouts.’ Benfield’s 82-page report indicates that hurricanes occurring in 2005 caused dramatic increases in U.S. reinsurance rates, particularly in the property catastrophe business […]
January 31, 2006
Upon recent monitoring of the terms and conditions regarding the global property catastrophe insurance renewals for Jan. 1, 2006, Standard & Poor’s Ratings Services says it is concerned that improvements in pricing and coverage terms might not be as significant as previously anticipated. “Material improvements in pricing and coverage provisions in lines of business most […]
January renewals in the U.S. and Europe are telling a “tale of two markets,” according to Grahame Millwater, the chairman and CEO of Willis Re. In its Jan. 23, 2006 newsletter, A.M. Best notes “a few months after the record-breaking losses suffered from last year’s hurricanes, speculation has been rife in the property/casualty markets about […]
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