Industry
The Travelers Companies Inc. (Travelers) reported a profit of US$801 million for 2008 Q4, marking a decrease from 2007 Q4 profit of US$1.063 billion.The company reported a combined ratio of 85.9% and a return on equity of 12.8% for the quarter. Net written premiums totalled US$5.385 billion for 2008 Q4, compared to US$5.366 billion over […]
By Canadian Underwriter | January 27, 2009
2 min read
Canadian 2008 Q3 casualty statistics show a slight decrease in Personal Injury Protection (PIP) claims — i.e. no-fault claims for medical expenses and payments for wage losses — and yet the severity of such claims was the highest recorded in a year, according to statistics published in the 2009 Q1 Mitchell Industry Trends Report. Similarly, […]
By Canadian Underwriter | January 26, 2009
1 min read
Roger R. James Insurance Brokers Ltd. and KRG Insurance Brokers Inc. have merged to become one of Canada’s largest independent brokers.The financial terms of the merger were not disclosed. Established in 1976, RRJ Insurance Group is a multi-line office with a current client base in excess of 6,000.KRG was founded in 1980 to provide all […]
The financial crisis that began in 2008 resulted from a system-wide failure to embrace appropriate enterprise risk management (ERM) behaviours, said Joseph Restoule, Risk and Insurance Management Society (RIMS) president.Restoule introduced a RIMS report, The 2008 Financial Crisis; a Wake-up Call for Enterprise Risk Management, during a conference call on Jan. 26, 2009. The report […]
The Group of North American Insurance Enterprises (GNAIE), an organization of major life and property/casualty insurers and reinsurers, has endorsed the Group of Thirty’s recommendations on fair value accounting.The Group of Thirty, established in 1978, is a private, non-profit, international body composed of senior representatives of the private and public sectors and academia.In a report […]
By Canadian Underwriter | January 23, 2009
The significance of insurance-linked securities will likely increase over time, despite the global credit crisis, suggests The Geneva Association in its most recent Insurance Economics report.Now that AIG has become a systemic risk in its role as a major financial services provider, and not as an insurer, the sustainability of the convergence of capital and […]
Nearly fifteen years after a fire damaged an insured’s home, the Court of Queen’s Bench of Manitoba has dismissed the claim for delay.In Martin et al v. The Portage La Prairie Mutual Insurance Company, Wayne and Diane Martin owned a home insured by Portage La Prairie that contained a “large quantity of personal property.” A […]
US commercial property and casualty market premiums showed definite signs of levelling off in 2008 Q4 across small, medium and large accounts and for most major lines of commercial business, according to The Council of Insurance Agents & Brokers (CIAB)’s Commercial P/C Market Index Survey. The survey included 120 responses from agents and brokers. “We […]
By Canadian Underwriter | January 22, 2009
A.M. Best Co. has downgraded the issuer credit ratings (ICR) of Kingsway Financial Services Inc. (to “b” from “bb-”) and Kingsway General Insurance Company (to “bb” from “bbb-”).The financial strength rating of Kingsway General Insurance Company was also downgraded from B+ (good) to B (fair).“The downgrading of KFSI’s rating is a direct reflection of the […]
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