Industry
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) has reported net earnings of $856.8 million in 2009, marking a decrease from the $1.4 billion reported in 2008.Its combined ratio for last year was 99.8%, marking an improvement from 2008’s consolidated combined ratio of 110.1%.Net investment gains decreased to $945 million for the year, down from […]
By Canadian Underwriter | March 9, 2010
1 min read
Intact Insurance is congratulating the winners of the 37th annual Canadian Sport Awards, which honour athletic excellence and leadership.The company was a premier sponsor of Speed Skating Canada, and is sending additional congratulations to members of the national team. Christine Nesbitt, who won gold in Vancouver, has been named the female athlete of the year. […]
Thirty-nine Canadian P&C insurers canvassed in The 2009 SCOR Report reported a collective underwriting profit of $213 million in 2009, up from a collective underwriting loss of $196.3 million in 2008.Although the 2009 underwriting result represented a significant improvement over last year, it was still far below the $1.07-billion underwriting profit the same companies registered […]
The Insurance Brokers Association of Ontario (IBAO) intends to host more than 50 road show events to educate brokers about the amended automobile insurance regulations. “We are very pleased with the amendments,” stated IBAO CEO Randy Carroll. “Ontario brokers are committed to informing and protecting their consumers. “IBAO is also dedicated to the broker community […]
By Canadian Underwriter | March 8, 2010
2 min read
The Canadian Association of Direct Response Insurers (CADRI) has appealed to New Brunswick’s premier and minister of justice and consumer affairs to oppose the province’s proposed ban on the use of credit by home and auto insurers.The provincial government tabled Bill 43 in February. It proposes to ban of the use of credit scoring in […]
Governments should limit the systemic risks posed by organizations deemed “too big to fail” through increased regulatory oversight, argues the Conference Board of Canada (CBC).Lessons from the Recession and Financial Crisis: “Too Big to Fail” Means Too Big is part of the CBC’s ongoing series on lessons from the recession and financial crisis.Organizations considered too […]
Canada’s federal budget would allow credit unions to become national, thus allowing them to grow and compete with banks — but will it also allow them to compete with insurers?In its budget documents, the Department of Finance Canada says it intends to introduce “a legislative framework to enable credit unions to incorporate and continue federally, […]
By Canadian Underwriter | March 5, 2010
Canadian Western Bank Group, which owns Canadian Direct Insurance Incorporated (Canadian Direct), a subsidiary that provides personal auto and home insurance to customers in B.C. and Alberta, reported a record quarterly profit in 2010 Q1.Canadian Direct Insurance Incorporated (Canadian Direct) started the year with record net income of $3.3 million, up $2.5 million compared to […]
There were approximately 20% fewer claims reported during the 2010 Winter Games than during the same time period in 2009, according to the ICBC.The observation is based on preliminary numbers.”We put a plan in place to deal with an anticipated increase in claims, but thanks to everyone’s smart choices we actually saw a decrease in […]
American International Group Inc. (AIG) is planning to sell the rest of its 9.1-million remaining shares in Transatlantic Holdings Inc. (TRH).American Home Assurance Company (AHAC), an AIG subsidiary, currently holds the TRH stock.AHAC’s current ownership in TRH represents approximately 13.8% of TRH’s common shares issued and outstanding.AHAC intends to commence such an offering on or […]
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