Industry
Manitoba Public Insurance (MPI) and Manitoba Health will launch a strategy to reduce wait times for an appointment with the province’s Driver Assessment Management Program (DAMP).DAMP is the sole means of assessing drivers who sustain cognitive and/or physical injuries that may affect their ability to drive. As demand for these assessments increases, wait times can […]
By Canadian Underwriter | July 12, 2011
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According to Swiss Re’s latest ‘World insurance in 2010′ sigma study, world non-life insurance premium volume increased by 2.1% in 2010 due to improved capital and solvency in the insurance industry.At the same time, underwriting results deteriorated, signaling a potential turn in the underwriting cycle, the sigma study notes.sigma noted the increase in premium growth […]
By Canadian Underwriter | July 11, 2011
Expectations of an active U.S. hurricane season, combined with greater insurer discipline, increase the potential for a changing market dynamic through the balance of 2011, Marsh said in its 2011 Q2 Insurance Market Update.Despite the heavy catastrophe losses sustained by the global insurance market in 2011 Q1 and Q2, the international insurance market remains well […]
Jones DesLauriers Insurance Management Inc. (JDIMI), one of Canada’s largest independent brokerages, has finalized its succession plan with the announcement of a new executive team.Founding partners Robert (Bob) Jones and Rick DesLauriers have divested some of their ownership to allow perpetuation of the company as a privately held, independent firm. Jones has moved from president […]
The U.S. property and casualty industry’s net income after taxes plunged almost 30% in 2011 Q1, falling from a net gain of $12.7 billion in 2010 Q1 to $9 billion in the first quarter of this year, A.M. Best reports.A.M. Best cites an underwriting loss of $3.6 billion for the deterioration in results. The underwriting […]
By Canadian Underwriter | July 8, 2011
FirstOnSite has expanded its Ontario management team with three new appointments.Steve Gregg is now district manager of the GTA. In this role, he will oversee the operations and service delivery of several FirstOnSite locations across Southern Ontario.Jim Mandeville is now branch manager of Toronto East. Mandeville will draw on his eight years of experience in […]
The Shipowners’ Club reported a combined ratio of 85% at trading year ending (Feb. 20, 2011), marking a strong improvement from 2010’s combined ratio of 101.5%.The club saw a 13% increase in gross earned premium, up to $196.8 million at trading year ending February 2011. The club’s overall surplus increased to $52.9 million from $39.5 […]
A fire in Sidney, B.C. has destroyed the office building of the B.C. Yacht Insurance Brokers.The fire started in The Blue Peter Pub & Restaurant on the waterfront in Sidney, as reported in the Vancouver Sun, and spread to destroy the insurance brokerage, which was located on the second floor of the same building. No […]
Everest Re Group is anticipating net catastrophe losses of $80 million in 2011 Q2, stemming from wildfires in Alberta and severe weather that affected the United States during April and May.The preliminary 2011 Q2 loss estimate includes updated loss provisions for 2011 Q1 losses.The reinsurer anticipates losses related to the most recent New Zealand earthquake […]
By Canadian Underwriter | July 7, 2011
A.M. Best has upgraded the financial strength ratings of Optimum General Insurance Group from B+ (Good) to B++ (Good).The group’s issuer credit rating was also upgraded from “bbb-” to “bbb.” The Optimum General Insurance Group includes Optimum Insurance Company Inc., Optimum Farm Insurance Inc. and Optimum West Insurance Company.All companies are domiciled in Quebec, except […]
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