Industry
Overall, the January 2005 reinsurance renewal season was “much less dramatic” than might have been expected given the significant catastrophe losses seen by the industry in recent years, notes a new report by Fitch Ratings.The rating agency notes that despite terrorist attacks, hurricanes and typhoons, and the dramatic swings of the hard market, most reinsurers […]
By Canadian Underwriter | March 23, 2005
1 min read
While 2004 showed only a small increase in the expense ratio of U.S. p&c insurers, this result came as a surprise to rating agency Standard & Poor’s.S&P says history suggests periods of declining loss ratios are often followed by an uptick in spending (while conversely, rising loss ratios lead to spending cuts).Between 1997 and 1999, […]
By Canadian Underwriter | March 22, 2005
New reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province.Bill 34, the Insurance Amendment Act, 2005 was introduced by Peace River MLA Frank Oberle on Monday.We are following through on a commitment made last summer to allow BC’s ICBC (the Insurance Corp. of B.C.), Saskatchewan’s SGI […]
Brokerage Heath Lambert Group says it will now charge a 1% (of premium) flat rate for work carried out on behalf of insurers. The “broker insurer services commission” (BISC) is a response to the industry’s ongoing controversy over broker compensation, and Heath Lambert says the flat rate should be more transparent, fair and simple to […]
By Canadian Underwriter | March 21, 2005
Financial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the latest reporting period versus the 11c a share reported for 2003.Western Financial increased 2004 revenue […]
By Canadian Underwriter | March 20, 2005
Rating agency Standard & Poor’s has reaffirmed the financial strength ratings of Kingsway Financial Services Inc. and the group’s U.S. operational holding company, Kingsway America Inc.A significant factor cited by the rating agency for its affirmed position of the Kingsway group is the strong position the company holds in the trucking, non-standard auto, and motor-cycle […]
By Canadian Underwriter | March 17, 2005
Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms of the deal have not been revealed, the announcement includes the formation of a new […]
By Canadian Underwriter | March 16, 2005
Data published by the Office of the Superintendent of Financial Institutions (OSFI) puts the property & casualty insurance industry’s net income at $2.51 billion for 2004, up from $1.29 billion in 2003.The OSFI data represents the combined filings of all federally-regulated p&c insurance companies (as compared with the recently released industry data from the Insurance […]
By Canadian Underwriter | March 15, 2005
Rating agencies have taken a dim view to confirmation late Monday that AIG CEO and chair Maurice “Hank” Greenberg will retire. But it was not only news of the 79-year-old industry veteran’s exodus which caught rater’s attention AIG also announced it would delay filing of its 2004 results (i.e., its 10-K filing), and that CFO […]
2 min read
Lloyd’s of London has reached a financial settlement with insurers of its new Central Fund which will see the London market paid a total of GBP152 million.Lloyd’s and the six insurers began arbitration in early 2003 following a dispute over the claims under a five-year insurance policy to support the fund. In January of this […]
By Canadian Underwriter | March 14, 2005
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