Industry
Despite the unprecedented hurricane losses of 2004, the Bermuda market managed strong returns last year, according to the latest “Bermuda Quarterly” issued by broker Benfield Group.Analyzing results of the top Bermuda underwriters, Benfield says the group eked out a respectable 13.3% return on equity for 2004, although this was a decline on the 19.1% recorded […]
By Canadian Underwriter | March 31, 2005
2 min read
Despite strong financial results and an overall growth in surplus for U.S. property & casualty insurers in 2004, the rate of growth has dropped off the pace set in 2003, notes a new report by Standard & Poor’s. The rater says surplus grew about 15% in 2004 by early estimates, compared to 20% growth in […]
1 min read
In March, Canadian Underwriter asked online readers: “Do you expect to see contingent commissions disappear altogether from the insurance industry?” 268 total responses were tallied with more than 74% saying they do not expect to see contingent commissions to disappear. Just over 21% say contingent commissions will become a thing of the past, while 4.5% […]
The Insurance Bureau of Canada (IBC) is asking insurers to help it craft a response to a consultation paper on financial institutions produced by the federal government.As part of its recent federal budget, the government started the process of addressing a legislative framework for financial services, with the five-year sunset on Canada’s financial services legislation […]
By Canadian Underwriter | March 30, 2005
TD Meloche Monnex announced Wednesday it would reimburse some Ontario auto insurance clients for a rating error dating back to 1999.About 155,000 policyholders will receive an average reimbursement for the five-year period of $68, which includes both premium, sales tax and compound annual interest. Some customers were under-billed as a result of the error, but […]
The retirement of AIG CEO and chairman Maurice “Hank” Greenberg at the end of this week will be a complete on. Despite an earlier statement that Greenberg would remain as non-executive chairman of the company while stepping down as president and CEO, AIG says it has received a letter from Greenberg stating he will not […]
By Canadian Underwriter | March 29, 2005
In a rare move, Berkshire Hathaway has issued a statement responding to recent media stories concerning its chairman Warren Buffet. The parent company of National Indemnity and Gen Re specifically seeks to dispel reports Buffett was in the know on certain transactions which have fallen under regulatory scrutiny. In the statement, the company says Buffett […]
With lingering concerns over the long-term prospects for the p&c industry, rating agency A.M. Best says it will be in no rush to issue upgrades.The rating agency notes the record profitability experienced by the U.S. and Canadian industry in 2004, and notes that company management are eager to see upgrades of their financial strength ratings, […]
The Alberta government says insurers are voluntarily filing reduced rates for private passenger auto insurance, making it unnecessary for reductions to be mandated.Insurers representing about 50% of the market have already filed for reductions of between 4%-7% with the province’s Auto Insurance Rate Board (AIRB). Those reductions will take effect between April 1 and July […]
By Canadian Underwriter | March 28, 2005
A review of 2004 yearend financial results reported by U.S. p&c insurers indicates last year was likely the “peak” of underwriting results in the current cycle, according to a new report by Fitch Ratings.The rating agency notes many insurers produced combined ratios in the 80% and 90% range, and posted stronger underwriting results and improved […]
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