Industry
On the back of a strong underwriting performance, U.S. property and casualty insurers lifted net income for 2004 by 29% to US$38.7 billion compared with the US$30 billion reported the previous year. This saw the industry notch up a return on equity (ROE) of 10.5% for last versus the 9.5% return made over 2003, according […]
April 30, 2005
2 min read
After several months of uncertainty for Quebec’s independent brokerage community, the province’s insurance regulator, the Autorite des Marches Financiers (AMF), has issued its findings from an investigation into intermediary remuneration arrangements and market conduct. Unfortunately for the brokerage community, the AMF’s report concludes that there are inherent conflicts of interest in the current system and […]
With the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006 to meet a certain level of standard when it comes to contract certainty. The FSA […]
By Canadian Underwriter | April 28, 2005
E-L Financial (TSX: ELF), parent company of the Dominion of Canada General Insurance Co., posted net income for the first quarter of 2005 of $65.3 million, or $15.93 per share, up from $61.8 million, or $15.38 per share in first-quarter 2004.Much of the gain comes from the general insurance segment, where net income for the […]
1 min read
Chicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share reported in first-quarter 2004.Revenue was up 53% over the same period to US$121.7 million from […]
By Canadian Underwriter | April 27, 2005
AIG will be audited for “years of alleged improper booking” of workers’ compensation premiums, New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills announced Tuesday.Authorities say a consultant will be appointed by the insurance department to look into the booking of workers’ compensation premiums as general liability premiums, a practice the company has […]
By Canadian Underwriter | April 26, 2005
Hannover Re saw its insurer financial strength rating upgraded to “A3” from “Baa1” by Moody’s Investor Service on the back of continued strong results. Despite the company’s “aggressive financial profile”, it has shown discipline in underwriting and strong market acceptance which have led to improved solvency and shareholders’ equity. The subordinated debt rating of Hannover […]
The Consumers Association of Canada (CAC) is hailing a report by Quebec’s insurance regulator, but brokers in the province have a different view.The report, released by the Autorite des Marches Financiers (AMF), says broker practices in the damage insurance sector have hurt consumers because there are inherent conflicts of interest. The report found that brokers […]
Ontario’s insurance regulator had its hands full last week, issuing several “cease and desist orders”.The first came on Wednesday, when insurers Security National and TD General both Meloche Monnex companies – were cited for charging rates for coverages of categories of auto insurance which had not been approved by the Financial Services Commission of Ontario […]
By Canadian Underwriter | April 25, 2005
Lombard General Insurance Co. of Canada will replace Kingsway as underwriter for Pethealth’s “PetCare” insurance program.Lombard has signed an agreement with Oakville, Ontario-based Pethealth’s PetCare Insurance Brokers to underwrite 50% of the program, which offers coverage health care coverage for pets. The other half of the program is underwritten by ING Novex Insurance Co. of […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
