Industry
Assured Automotive hosted a Toronto Harbour Charity Cruise with donations going to the MS Society of Canada. On June 25, 300 guests boarded the River Gambler — a boat known for its large, 2,000- square-foot dance floor. Guests were treated to an inspirational speech from Pinball Clemons and the evening was filled with good food […]
July 31, 2009
1 min read
Fairfax Financial Holding’s has reported a surge in its Q2 profit, increasing from US$27.6 million in 2008 Q2 to US$275.4 million in 2009 Q2.The company’s combined ratio for the quarter improved from 2008 Q2’s 105.8% to 98.4% in 2009 Q2.On a consolidated basis, the company turned an underwriting profit of US$17.3 million in the quarter, […]
By Canadian Underwriter | July 31, 2009
Aon has reported a net income of US$149 million for 2009 Q2, compared to US$1.1 billion for 2008 Q2.Total revenue decreased 4% to $1.9 billion due to a 9% decline resulting from foreign currency translation and a 69% decline in investment income. This was partially offset by a 7% increase from acquisitions, primarily due to […]
Commodity price risk is ranked Number 1 on a list of greatest risks faced by the food system, agribusiness and beverage industry, according to the 2009 U.S. Food System, Agribusiness and Beverage Industry Report. The report, issued by Aon Corporation, is based on data from Aon’s Global Risk Insight Platform, 2009 Global Risk Management Survey, […]
By Canadian Underwriter | July 30, 2009
Lambert Morvan has been appointed chief agent for Canada and senior vice president of Odyssey Re. Morvan has served in senior management and actuarial positions within the Fairfax group of companies, most recently with Northbridge Financial Corporation. He has more than 12 years experience in the Canadian insurance and reinsurance market. SCM-Risk Management Services has announced […]
Despite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)’s 2009 Q2 Benchmark Survey.The survey was produced by Advisen Ltd. It is based on policy renewal prices as reported by North American corporate risk managers.The survey found commercial […]
By Canadian Underwriter | July 29, 2009
2 min read
Basic auto insurance rates in Alberta will decrease by 5%, according to the Automobile Insurance Rate Board (AIRB). The rate reduction follows public hearings in which the Insurance Bureau of Canada called for a 6.4% rate increase. According to the AIRB, the decrease is mainly a reflection of the Alberta Court of Appeal’s decision to […]
AIU Holdings — the property and casualty special purpose vehicle created by AIG Inc — has been rebranded under the new name Chartis. Kristian P. Moor will serve as its president and CEO, a Chartis release says. He previously served as executive vice president of AIG and president and CEO of AIG Property Casualty Group, […]
By Canadian Underwriter | July 28, 2009
The weather in 2009 Q1 was not as bad as it was during the same period last year, but the underwriting results of Canadian property and casualty industry took a beating nonetheless, according to the 2009 Q1 MSA/Baron Outlook Report.According to MSA, the industry’s net income was Cdn$322.3 million in 2009 Q1, down 45.3% from […]
Nine catastrophe bonds were issued for the first half of 2009, generating risk capital of US$1.38 billion, according to Cat Bond Update: Second Quarter 2009, issued by GC Securities. This is compared to 11 transactions in the first half of 2008, resulting in US$2.4 billion issued, according to the report posted at GCCapitalIdeas.com. Six catastrophe […]
By Canadian Underwriter | July 27, 2009
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