Industry
Co-Operators General Insurance Company reported a net loss of $6.4 million in 2009 Q1, compared to a net income of $5.9 million in 2008 Q1.Its minimum capital test score dropped to 200% in Q1 from 255% in 2008 Q1. Still, the company notes this is “well above the regulatory minimum requirement of 150%.”The insurer’s combined […]
By Canadian Underwriter | May 5, 2009
1 min read
Canadian Independent Adjusters’ Association — Ontario Region is hosting an education seminar on May 13, 2009. The half-day seminar will focus on two relevant issues facing adjusters today: ladder safety and transportation road safety. There are requirements under the Ontario Health & Safety Act surrounding ladder safety that adjusters need to be aware of. Additionally, […]
Aon has reported a net income of US$280 million for 2009 Q1 as compared to US$218 million for 2008 Q1. Total revenue decreased 3% to US$1.9 billion due to a 10% decline in investment income, partially offset by a 7% increase from acquisitions net of dispositions and organic revenue growth in commissions and fees of […]
By Canadian Underwriter | May 4, 2009
Crawford & Company has reported net income for 2009 Q1 was US$3.1 million, as compared to US$9.1 million in the same quarter in 2008.Revenues, net income and diluted earnings per share in 2009 Q1 were negatively impacted by a number of items including increased defined benefit pension expense, the impact of foreign currency changes and […]
The auto insurance reforms suggested by the Financial Services Commission of Ontario (FSCO) are essentially a wash, Barb Addie, a principal at Baron Actuaries, argued.Addie’s article, Ontario Auto – Control-Alt-Delete?, is featured in the MSA/Baron Outlook Report: Q4-2008.In it, she notes that the overall Ontario auto direct loss ratio reached 84% and its average expense […]
2 min read
The grim results of 2008 are not enough to usher in a robust hard commercial market, according to Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q4-2008, Baker outlines the reasons for his assessment.“Unlike personal writers, there are wide variations in results across the commercial writer spectrum with some companies […]
Capital constraints amongst global insurers are likely to affect market conditions in 2009, as shareholders’ funds for 24 surveyed reinsurers declined 18% — down to US$127 billion — during 2008, according to a recent Aon Benfield report.“The problem at the start of the year (2008) had been to service excess capital, with many seeing dividends […]
By Canadian Underwriter | May 1, 2009
ACE Limited has reported a net income of US$567 million for 2009 Q1, as compared to US$377 million for 2008 Q1. The company’s net investment income increased 3% to US$502 million in the quarter, an ACE release says.Net loss reserves increased US$103 million, excluding foreign exchange revaluation, it adds.Annualized return on average equity was 18.4%, […]
Fairfax Financial Holdings Ltd. (TSX and NYSE: FFH) reported a net loss of US$60.4 million in 2009 Q1, compared to a profit of US$631.8 million in 2008 Q1.The company attributes the year-over-year decline in earnings to the “significant net investment gains of US$1.07 billion in 2008 Q1 compared to net losses on investments in 2009 […]
ONTARIO AUTO RATES INCREASE IN 2009 Q1 BY ABOUT 1% Auto rate applications approved by the Financial Services Commission of Ontario (FSCO) for 2009 Q1 averaged +0.95% based on the entire market. In 2009 Q1, the average rate change was +3.09% for the 30.91% of the market that had approved changes when weighted by market […]
April 30, 2009
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