Industry
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
September 30, 2004
4 min read
U.S. insurers posted an impressive US$9 billion underwriting profit for the first six months of 2004 compared with a loss of US$2.7 billion reported for the same period the year prior, according to industry data compiled by rating agency A.M. Best. Insurers lifted net income for the first six months of this year by more […]
2 min read
Fairfax Financial Holdings (TSX: FFH) says it will buy back up to 950,000 of its subordinate voting shares, representing just under 10% of its public float of over 13 million outstanding subordinate voting shares. “Fairfax is making this normal course issuer bid because it believes that in appropriate circumstances its subordinate voting shares represent an […]
1 min read
An attempt by Blockbuster Inc. customers to launch a class action suit against the video store chain over its fees has been blocked by the Quebec courts.Blockbuster announced this week that after a two-week hearing, the Quebec Superior Court had not only dismissed the lawsuit, but would order the plaintiffs to pay Blockbuster’s legal fees. […]
By Canadian Underwriter | September 30, 2004
Aon Corp. is seeking a new CEO with news of the departure of CEO Patrick Ryan. While Ryan will remain as CEO until a successor is found, he also plans to maintain his role as chair of the board even after he leaves the CEO role. President and COO Michael O’Halleran has decided not to […]
A.M. Best was bullish on Winnipeg-based Wawanesa Mutual Insurance Co., affirming its “A+” (superior) rating, and that of its U.S. subsidiaries, Wawanesa General Insurance Co. and Wawanesa Mutual (U.S. branch), with both ratings carrying stable outlooks.In its report, A.M. Best notes the “superior level of capitalization” and “historically strong operating performance” of Wawanesa Mutual and […]
The Insurance Institute of Canada (IIC) is working with LOMA, an international financial services education group, to offer a new designation.The program is a p&c concentration in LOMA’s “associate, customer service” (ACS), and integrates the IIC’s “chartered insurance professional” (CIP) curriculum with LOMA’s “foundations of customer service” course. The ACS program with a concentration in […]
By Canadian Underwriter | September 29, 2004
The burning issue of reinsurance recoverables appears to have moderated somewhat in 2003, notes a new report by Fitch Ratings.The report, which takes in results from 1998-2003, finds the industry’s exposure to reinsurance grew much less in 2003 than in the previous five years. Overall, the industry’s retention ratio rose 0.2% last year, to 78.8%, […]
Insurance executives are becoming less and less optimistic of the industry’s ability to be profitable in the face of increased competition, according to a new survey by KPMG LLP. The survey, conducted at KMPG’s annual insurance conference in New York, found no respondents rated the industry’s chances of increasing margins in the next one to […]
Former Insurance Brokers Association of Canada (IBAC) president Brian Gilbert was the recipient of the “Jean-Charles d’Auteuil Memorial Award of Merit” at the association’s recent agm in Regina. IBAC Chair Ken Orr presented the honor to Gilbert in recognition of his long-time service to brokers. Gilbert started on the board of the Insurance Brokers Association […]
By Canadian Underwriter | September 28, 2004
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