Industry
For the second year in a row, hail in Texas in March has cost The Allstate Corp. millions of dollars in claims and claims expenses. Northbrook, Ill.-based Allstate released May 2 its financial results for the first three months of 2017, reporting a combined ratio on property-liability of 93.6% in the most recent quarter, a […]
By Canadian Underwriter | May 10, 2017
3 min read
Toronto-based commercial P&C insurer Northbridge Financial Corporation announced on Tuesday that it will enter the surety market in Canada by purchasing the surety underwriting business of Fenchurch General Insurance Company. Starting June 1, businesses across Canada will have access to an “extensive selection of contract and commercial bonding solutions,” Northbridge said in a release. “Our […]
2 min read
The Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.” The OCC, a business organization that represents 60,000 firms from across the province, officially endorsed […]
By Canadian Underwriter | May 9, 2017
Munich Re has reported an increased operating result for the first quarter of 2017, from 726 million euros in Q1 2016 to 952 million euros in the most recent quarter. The reinsurance field of business contributed 466 million euros to the consolidated result, with the operating result up by 164 million euros to 683 million […]
4 min read
Saskatchewan has a new law allowing for the sale of up to 49% of crown corporations, but the provincial government will continue to have a monopoly on compulsory auto insurance, a spokesperson for Saskatchewan Government Insurance told Canadian Underwriter Friday. “The Auto Fund … will continue to operate as a government-owned monopoly,” the spokesperson for […]
By Canadian Underwriter | May 7, 2017
A change in the measure used to calculate lump sum awards in bodily injury cases in Britain had an impact on PartnerRe Ltd.’s financial results, which the Hamilton, Bermuda insurer released Wednesday. PartnerRe, which has a Toronto branch office, reported a non-life combined ratio of 96.4% in the three months ending March 31, up 2.1 […]
By Canadian Underwriter | May 5, 2017
BrokerLink has welcomed four brokerages – two in Ontario; two in Alberta – to the fold in a move that expands the company’s reach while providing the four brokerages and their employees greater access to resources and opportunities. The brokerages in question are Ontario-based Reddick & MacDonald Ltd. and Banks Insurance Services Inc., and Alberta-based […]
REGINA – The Saskatchewan government has confirmed 11 private companies have expressed interest in buying a portion of Saskatchewan Government Insurance. But Premier Brad Wall says meetings recently attended in Toronto by SGI Minister Joe Hargrave were not related to the future of the Crown-owned insurer. Wall says the meetings were in Hargrave’s role as […]
By The Canadian Press | May 4, 2017
1 min read
Mississauga, Ont.-based Canadian P&C insurer Echelon Financial Holdings Inc. has reported a Canadian combined operating ratio of 94% for the three months ending March 31, down from 100% in Q1 2016 and driven by strong results in both personal and commercial lines. Echelon recorded net income attributable to shareholders on continued operations of $7.5 million […]
By Canadian Underwriter | May 4, 2017
Intact Financial Corp. said Tuesday it is “confident” that the Ontario government will “implement material changes” in auto insurance, while reporting a combined ratio of 98.2% during the first three months of year, up 5.7 points from 92.5% during the first quarter of 2016. Despite a 6.2-point deterioration in its personal auto combined ratio, Toronto-based […]
By Canadian Underwriter | May 3, 2017
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