Industry
Economical Mutual Insurance Company has announced that it will acquire Petsecure, the largest pet insurer in Canada. Economical announced on Wednesday its intention to acquire Desjardins Group’s pet insurance business, Western Financial Insurance Company (WFIC) and its flagship brand Petsecure. WFIC is Canada’s largest pet insurance company with net written premiums in 2015 exceeding $50 […]
By Canadian Underwriter | May 18, 2016
2 min read
Despite an increase in direct premiums written, Desjardins General Insurance Group (DGIG) saw net income for the first quarter of 2016 drop to about $31.5 million compared to the prior-year quarter. At $31.5 million, net income for 2016 Q1 was 57.3% lower than the $73.7 million recorded in 2015 Q1, notes a statement from DGIG, […]
By Angela Stelmakowich | May 16, 2016
If things unfold as intended, Ontario’s auto insurance reforms should help reduce transaction costs that have long been an issue for the entire system, James Cameron, president of Cameron & Associates, suggested during an industry event Tuesday. “The goal of the changes is to reduce the cost of auto insurance,” Cameron told Canadian Underwriter of […]
By Angela Stelmakowich | May 11, 2016
Insurance adjusters will likely need to be re-educated and retrained on new medical terminology when the latest batch of Ontario auto insurance reforms – which include a revised definition catastrophic impairment – comes into force June 1, Laurie Walker, president of Walker Consulting & Auditing, said Tuesday. “I think there’s going to be a definite […]
3 min read
Economical Insurance has reported a combined ratio of 101.1% in the first quarter of 2016 ending March 31, down 4.6 percentage points from the Q1 2015 combined ratio of 105.7%. Waterloo, Ont.-based Economical Insurance’s gross written premiums were up by 1.1% over the first quarter of 2015, from $422.1 million to $426.7 million in the […]
By Canadian Underwriter | May 10, 2016
The property and casualty industry in the United States marked a third consecutive year of underwriting profitability, with US$6.2 billion in underwriting income in 2015, according to an A.M. Best Company special report released on Friday. However, the lower level of underwriting income and an 11.2% decline in net investment income drove pre-tax operating and […]
By Canadian Underwriter | May 9, 2016
Berkshire Hathaway Inc. has reported US$11.124 billion in insurance premiums earned in the first quarter of 2016 ending March 31, up from US$9.540 billion in the first quarter of 2015. Omaha, Neb.-based Berkshire Hathaway released its financial results on Friday. Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities […]
Global reinsurance sector profits will fall below 2015 levels this year due to increasing pressure in underwriting and investment results as well as diminishing opportunities to deploy capital, according to a new report from Fitch Ratings. While the reinsurance sector will remain profitable overall, it will be at lower levels, the credit ratings and research […]
By Canadian Underwriter | May 6, 2016
Customer satisfaction with auto insurance in Canada has increased for the first time in five years, according to the J.D. Power 2016 Canadian Auto Insurance Satisfaction Study, released earlier this week. The study, now in its ninth year, measures customer satisfaction with primary auto insurers in Canada on a 1,000-point scale. Satisfaction is measured across […]
Challenges in Echelon Financial Holdings Inc.’s International business overshadowed solid Canadian profits, contributing to the company reporting a net loss in 2016 Q1 compared to the prior-year quarter. Net loss for the three months ended Mar. 31, 2016 amounted to $4.5 million, down 244% from the net income of $3.2 million in the same quarter […]
By Canadian Underwriter | May 5, 2016
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