Industry
Zurich in Canada has appointed Bob Fellows as senior vice president of distribution, marketing and communications for Zurich’s business in Canada.Fellows has 30 years of experience working in the Canadian insurance industry.In his distribution role, he will be responsible for driving Canada’s distribution strategy; in particular, he will be called upon to accelerate the progress […]
By Canadian Underwriter | September 11, 2009
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It’s quite likely that Canada’s personal accident loss and LAE (loss adjustment expense) ratio will reach 120% by the end of 2009, said Charles Huber, senior financial analyst with AM Best Company.Huber addressed delegates of the AM Best Company’s 2009 Insurance Market Briefing — Canada in Toronto on Sept. 10 during a panel on the […]
By Canadian Underwriter | September 10, 2009
When it comes to capitalization of the Canadian reinsurance market, the “pendulum is really swinging,” said Robert DeRose, vice president of AM Best Company’s U.S. Reinsurance and Bermuda Market.DeRose spoke at the AM Best Company’s 2009 Insurance Market Briefing — Canada on Sept. 10 in Toronto.At the beginning of 2009, Canada’s reinsurance market was very […]
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Global reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10% in 2007. The 8% rate increase in 2009 was largely a result of the financial […]
Manitoba-based brokerages Horizon Insurance and Ryan Gateway Insurance Brokers have announced a merger of operations.A release describes the merger as “the coming together of the oldest and the largest local insurance brokers in Manitoba.” Ryan Gateway Insurance Brokers has provided service to 25,000 clients since it was founded in Winnipeg in 1903.Horizon will have 18 […]
By Canadian Underwriter | September 9, 2009
Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal is expected to be completed during 2009 Q4, according to a Kingsway release.Purchasing the insurer […]
Western Financial Group has agreed to acquire all issued and outstanding shares of Winnipeg-based Hayhurst Elias Dudek (HED) Inc. and its subsidiaries, including Securican General Insurance Company.The transaction has been approved by all applicable regulatory bodies and is scheduled to close on or before Sept. 30, 2009. Western Financial Group currently owns 49% of HED […]
Post-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social and economic issues.In a recent report, Catastrophes and Performance in Property Insurance, economists Patricia H. […]
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) has received commitments for the purchase of US$1 billion of its subordinate voting shares, which will be used to fund the proposed acquisition of all of the outstanding shares of common stock of Odyssey Re Holdings (ORH) Corp. The offering is expected to close on or about […]
By Canadian Underwriter | September 8, 2009
A.M. Best Co. is maintaining a stable outlook in 2009 for the global reinsurance sector.“Through first half 2009, the majority of reinsurers posted favourable operating results, primarily due to moderate catastrophe activity and improved capital market conditions as the stock market rallied,” an AM Best release says. “This has led to a recovery of sorts […]
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