Industry
Canada’s federal solvency regulator is requiring federally-regulated insurance companies to anticipate in their annual actuarial reports exactly how nation-wide court challenges to auto injury caps will affect their bottom lines.In a Nov. 3 memorandum to the nation’s insurers, the Office of the Superintendent of Financial Institutions (OSFI) noted the successful Charter challenge against Alberta’s Cdn$4,000 […]
By Canadian Underwriter | November 11, 2008
1 min read
Insurance companies are taking an ill-advised risk by tying their fates to maintaining specific credit rating levels, Standard & Poor’s says in a recent report, ‘Evaluating Liquidity Triggers in Insurance Enterprises.'”When an insurer agrees to pay a higher rate of interest on certain debt issues if its rating goes down, it would in most cases […]
2 min read
Compu-quote has teamed-up with E2Value to release a new insurance-to-value (ITV) tool, ezITV.Compu-Quote previously worked with MSB to provide brokers with the insurance-to-value (ITV) tool RCT EvaluRater. But recently MSB announced that, as of Dec. 31, 2008, it would discontinue supplying its engine component to Compu-Quote.Since 2002, the Insurance Brokers Association of Ontario (IBAO) has […]
The Allstate Corporation has posted a Q3 net loss of US$923 million, compared to a profit of US$978 million in the same period of last year.Its property-liability combined ratio was 112.7% for the quarter, marking an increase from 2007 Q3’s 91.0%.Catastrophe losses for the quarter totalled US$1.8 billion (including losses from Hurricanes Ike and Gustav) […]
ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada ranked in a tie for 57th place in the survey, which included Kingsway Financial Services […]
By Canadian Underwriter | November 10, 2008
American International Group, Inc. has reported a net loss of US$24.47 billion for 2008 Q3, compared to a net income of US$3.09 billion in 2007 Q3. AIG’s results in the third quarter were negatively affected by financial dislocation in global markets, as well as catastrophic losses and charges related to ongoing restructuring related activities, according […]
The U.S. government has significantly restructured its financial support to American International Group (AIG), making it somewhat easier for the company to pay off a credit facility that prevented the insurer from going bankrupt in September 2008.As part of the new terms, the U.S. Treasury announced that it will purchase US$40 billion of newly issued […]
The abuse of process doctrine — which says it is an abuse of the court process to re-litigate negligence that has already been established during a previous criminal trial — does in fact have application in a civil trial, the Ontario Court of Appeal has ruled.The Appeal Court thus dismissed an appeal by Economical Mutual […]
Sylvie Paquette has been appointed president and COO of Desjardins General Insurance Group effective immediately. The appointment comes after Jude Martineau announced his retirement after a 14-year stint as the head of Dejardins Group’s general insurance subsidiaries. As president and COO, Paquette will sit on Desjardins Group’s Strategic Management Committee. She has been with the […]
By Canadian Underwriter | November 7, 2008
Arch Capital Group Ltd has reported net income available to common shareholders was US$26.4 million for 2008 Q3, as compared to US$199.7 million for the same period in 2007. For the nine months ended Sept. 30, 2008, net income available to common shareholders was US$408.1 million as compared to US$597.7 million for the first nine […]
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