Industry
The Economical Insurance Group, and Pembridge Insurance Company have committed to maintaining their investment as full partners of the Insurance Brokers Association of Canada (IBAC)’s Broker Identity Program. Gore Mutual has invested as a full partner, as well. The cornerstone of the program is the BIP symbol, known as “the BIPPER,” which is designed to […]
By Canadian Underwriter | August 13, 2009
1 min read
Saskatchewan’s Financial Services Commission is seeking comment on its proposal to enact a restricted licensing system for the purpose of regulating the selling of incidental insurance products.Saskatchewan’s insurance regulator is proposing to allow the General and Life Insurance Councils of Saskatchewan to issue restricted licenses, authorizing licensees and/or their employees to act as agents to […]
2 min read
Intact Financial Corporation has reported a net income of Cdn$74.2 million for 2009 Q2, as compared to a net income of Cdn$112 million for 2008 Q2.The insurer’s combined ratio increased slightly quarter-over-quarter, from 95.6% in 2008 Q2 to 95.7% in 2009 Q2.The strength of the company’s underwriting performance was offset by lower investment income, […]
By Canadian Underwriter | August 12, 2009
ICBC’s reported profit for the first six months of 2009 is Cdn$277 million, up from Cdn$255 million for the same period in 2008. “The increase is the result of continued encouraging trends on claims, while ICBC is also managing its overall costs well,” B.C.’s public auto insurer reported. “Claims and related costs at ICBC dropped […]
An insurer’s reserves “should almost never be ordered produced” in statutory accident benefits claims made under Ontario’s SABS legislation, an arbitrator for the Financial Services Commission of Ontario (FSCO) has found.Reserves are estimated amounts assigned by an insurer to account for the total possible future payout of a person’s claims arising from an accident.In Security […]
By Canadian Underwriter | August 11, 2009
Swiss Re has reported a net loss of CHF381 million (roughly the same amount in Canadian currency) for 2009 Q2 as compared to a profit of CHF564 million for 2008 Q2. Property and casualty operating income increased to CHF1 billion in 2009 Q2 as compared to CHF900 million in 2008 Q2. The combined ratio improved […]
By Canadian Underwriter | August 10, 2009
American International Group Inc. (AIG) reported a net income of US$1.8 billion in 2009 Q2, its first quarterly profit since the third quarter of 2007.Commenting on the second quarter results, AIG chairman and CEO Edward M. Liddy said the results reflected “stabilization in certain of our businesses.”Liddy said improved market conditions, a decline in other […]
Kingsway Financial Services Inc. (TSX/NYSE: KFS) reported a net loss of US$38.4 million in 2009 Q2, compared with a US$6.3-million profit in 2008 Q2.The result reflects a company in the middle of a major transformation strategy — including a previously announced withdrawal from the Canadian cross-border trucking business and the placing of its U.S. subsidiary […]
By Canadian Underwriter | August 7, 2009
An insurance claimant and his or her legal representative need to meet a minimal threshold of due diligence before they approach the Ontario Motor Vehicle Accident Claims Fund as a “first insurer,” a FSCO arbitrator has found.The Motor Vehicle Accident Claims Fund acts as an insurer of last resort, paying a claim when no other […]
By Canadian Underwriter | August 6, 2009
RSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in the first half of 2008.Net written premiums for the first six months of 2009 increased […]
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