Industry
Standard & Poor’s (S&P’s) lowered its long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX: KFS) three notches to ‘B’ from ‘BB.’The company’s subsidiaries also received downgrades for their debt ratings to ‘B’ from ‘BB.’ “The downgrade follows Kingsway’s Feb. 9 announcement that it expects to report a significant fourth-quarter […]
By Canadian Underwriter | February 11, 2009
1 min read
Three 2009 models of large pickups provide side crash protection that is “wimpy at best,” despite their respective sizes, heights and weights, reports the Insurance Institute for Highway Safety (IIHS). The Nissan Titan, Chevrolet Silverado 1500 and Dodge Ram 1500 performed worse than many other cars the IIHS evaluated, said David Zuby, IIHS senior vice […]
Crawford & Company has reported a 2008 Q4 net income of US$8.3 million, more than 150% over the US$3.3 million in 2007 Q4. Net income in 2008 Q4 included a US$25.5 million non-taxable gain on the sale of the company’s Holland subsidiary and restructuring costs in some of its operations which totalled US$2.2 million, after […]
By Canadian Underwriter | February 10, 2009
Crawford & Company (Canada) Inc. donated $50,000 to Women in Insurance Cancer Crusade (WICC) on behalf of its employees. The latest donation, provided during a celebration breakfast at the Fairmont Royal York Hotel on Feb. 10, brings Crawford’s five-year total to $250,000. “Five years ago, when we first launched our charitable initiative, Crawford Cares, and […]
2 min read
Cunningham Lindsey has entered into a definitive agreement to purchase GAB Robins’ international businesses (excluding its UK operations) and its U.S. forensic engineering firm EFI Global. GAB Robins’ international businesses include operations in France, the Netherlands, Belgium, Ireland, South Africa, Australia, New Zealand, Malaysia, Taiwan, Hong Kong and China. The transaction is expected to close […]
AXIS Capital Holdings Limited reported a 2008 Q4 net income of $131 million, compared with a net income of $306 million in 2007 Q4.Net income for the full year of 2008 was $351 million, marking a decrease from 2007’s profit of $1.1 billion.The company’s combined ratio for the quarter was 67.6%, marking a 3.2 decrease […]
*** CORRECTION This item contains corrected dollar amounts for an item that was originally posted on Feb. 9. Also, group results (with the exception of RBC) reflected a 12-month period, not a 10-month period, as previously reported. According to The Scor Report 2008, seven Canadian primary property and casualty insurers showed signs of increasing net […]
Kingsway Financial Services Inc. announced it expects to report a 2008 Q4 loss of US$324 million.As a result, the company says it expects to divest its non-core business lines, streamline operating units and cut roughly 750 jobs.Net realized losses from Kingsway’s securities portfolios have contributed to the quarterly loss. These losses will result in a […]
By Canadian Underwriter | February 9, 2009
The Hartford Casualty Insurance Company has filed a motion in a U.S. District Court against the Peanut Corp. of America (PCA) seeking declaratory judgement on whether or not it will have to pay the claims arising from a nation-wide salmonella outbreak.The motion for declaratory judgement was filed in the U.S. Western District Court for Western […]
By Canadian Underwriter | February 6, 2009
Aon Corporation (NYSE: AOC) saw its 2008 Q4 net income decrease 95%, down to US$10 million, compared to US$207 million for the prior-year quarter.The company said the drop was “primarily due to an expected [US]$116 million after-tax loss on the disposition of the remaining property and casualty insurance businesses that are now included in discontinued […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
