Industry
Munich Re Group posted a net income of 12 million (about Cdn$18 million) for 2008 Q3, a sharp decline from the 2007 Q3 profit of 1.2 billion (about Cdn$1.8 billion).The group reported a 66% decrease in investment income from 1.9 billion (about Cdn$2.9 billion) in 2007 Q3 to 674 million (about CDn$1.02 billion) in 2008 […]
By Canadian Underwriter | November 7, 2008
1 min read
Willis Group Holdings Limited (NYSE: WSH) reported a net income of US$36 million, compared with US$67 million a year ago.The results were impacted by financing and integration costs totalling US$10 million, associated with the acquisition of Hilb Rogal & Hobbs Company (HRH) which closed on Oct. 1, 2008, a release says.Organic growth in commissions and […]
Alberta’s auto insurance industry is accumulating an estimated Cdn$400 million per year in unfunded liability as a result of a provincial court decision late last year that struck down the province’s Cdn$4,000 cap on minor injury claims.Barbara Sulzenko-Laurie, the vice president of policy for the Insurance Bureau of Canada (IBC), made the observation in remarks […]
By Canadian Underwriter | November 6, 2008
2 min read
The Alberta Automobile Insurance Rate Board (AIRB) has been asked by the Alberta Department of Finance to look at ways to unbundle insurers’ auto insurance rating factors, but the board’s work has been hijacked by the provincial court case concerning the auto injury cap. AIRB chair Alfred Savage gave an update on possible changes to […]
Advisen forecasts a US$9.6-billion impact on liability insurance loss ratios as a result of the global credit crisis.Of that total, it predicts a US$3.7-billion impact on errors and omissions (E&O) insured losses and US$5.9 billion in director and officer (D&O) insured losses.The financial institution segment of the 2007-09 aggregate E&O loss ratio will likely gain […]
Aon Corporation has reported a net income of US$117 million for 2008 Q3, compared to US$204 million for the same period in 2007. This includes the impact of businesses moved to discontinued operations, Aon reports in a release. Net income from continuing operations increased to US$153 million, compared to US$130 million for 2007 Q3. Total […]
Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) reported a net loss of US$17.4 million in 2008 Q3, a 174% drop from 2007 Q3’s profit of US$23.6 million.The combined ratio was 113.6% in Q3 compared to 102.1% in the same quarter last year.Canadian operations reported a combined ratio of 103.4% and U.S. operations a combined […]
By Canadian Underwriter | November 5, 2008
EGI Financial Holdings Inc. (TSX: EFH) reported a net income of Cdn$3.026 million in 2008 Q3, marking a 32.2% decrease from the Cdn$4.462 million reported in the same period of last year.Underwriting income fell 57.2% quarter over quarter from Cdn$3.536 million in 2007, to Cdn$1.514 million, a company statement says.The combined ratio for Q3 of […]
Marsh & McLennan Companies, Inc. (MMC) reported a 2008 Q3 net loss of US$8 million, noting its revenue growth was 2% on an underlying basis before the impact of acquisitions and dispositions.Marsh’s 2007 Q3 result was substantially higher, a profit of US$1.9 billion, but a year-over-year comparison of quarterly results is affected by MMC’s 2007 […]
Standard & Poor (S&P)’s has affirmed the A+ financial ratings of ING Canada’s primary operating subsidiaries, with a stable outlook. S&P’s has withdrawn the ratings at the request of ING Canada, according to an ING Canada release. Gilles Gratton, vice president of corporate communications at ING Canada, says the company withdrew from S&P’s as part […]
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