Industry
Eleven insurance companies in the Quebec City and Lévis region are continuing to grow, create new jobs and gain market share, according to the Insurance and Financial Services Development Centre.The 11 insurance companies from the Québec Chaudière-Appalaches region represent both the life and property and casualty sectors.”Together, the companies make up one of the most […]
By Canadian Underwriter | September 28, 2009
2 min read
The U.S. surplus lines industry generated a profit in 2008 that outpaced the entire property and casualty industry, and yet its 2008 results represented a decrease of almost 67% from the previous year, reports A.M. Best Company Inc.In a special report on U.S. surplus lines — an insurance marketplace that insures unique or hard-to-place risks […]
1 min read
The net income of U.S. private property and casualty insurers fell 59.3% in the first half of 2009, according to the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). Net income fell from US$14.1 billion in the first half of 2008 to US$5.8 billion in the first half of 2009, […]
Despite challenging times as a result of the economic downturn, overall impressions of the Office of the Superintendent of Financial Institutions (OSFI) are positive in most areas, a report commissioned by the superintendent found.In late 2008, OSFI commissioned the Strategic Counsel, an independent research firm, to conduct confidential consultation with property and casualty insurance institutions […]
By Canadian Underwriter | September 25, 2009
Department of Finance Canada has introduced several new measures to streamline the application of the Goods and Services Tax (GST), including allowing insurance companies and other financial institutions to use their own proposed methods to allocate input tax credits (ITCs) under certain circumstances.The GST applies not only to domestic purchases but also to imports of […]
Keal Technology and Advantage Financing have announced a partnership that will provide insurance brokers single-entry integration from Keal’s sigXP broker management system to Advantage Financing’s Web site to finance premiums.”With increasing competition in the insurance distribution market, brokers require evolving tools to retain clients and grow their business,” Keal says in a release. “Financing premiums […]
Lloyd’s of London posted a pre-tax profit of £1.32 billion (Cdn$2.3 billion) in the first half of 2009, compared to £949-million (Cdn$1.66 billion) profit for the same period of 2008.The result reflects continuing underwriting discipline and a relatively low level of catastrophe claims, the company said in a statement.Lloyd’s first-half combined ratio of 91.6% (89% […]
By Canadian Underwriter | September 24, 2009
Douglas A. Coll has been appointed chief commercial officer of Aon Consulting Canada. Coll started in the newly created role on Sept. 8 in Toronto. The chief commercial officer is focused on generating revenue growth, according to an Aon release. Coll will lead sales and business development across Canada, working closely with business development colleagues […]
A.M. Best Co. has assigned a debt rating of “bbb+” to the new issuance of $350 million worth of 7.125%, 10-year senior unsecured notes of Markel Corporation, due 2019. The assigned outlook is stable, A.M. Best reports.Proceeds from the current offering will be used for general corporate purposes, including acquisitions, the ratings agency notes. “It […]
Net earnings improved for many companies within the U.S. property and casualty industry despite declining investment losses, but deteriorating accident-year underwriting results and lower investment income pressured operating profits, reports Fitch.Fitch’s Property/Casualty Insurers’ Mid-Year 2009 Results Review compiled mid-year GAAP 2009 financial results for Fitch Ratings’ universe of publicly traded (re)insurers. The industry’s underwriting results […]
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