Industry
Fairfax Financial Holdings Limited (TSX: FFH and FFH.U) has acquired Zenith National Insurance Corp (NYSE: ZNT) for approximately $1.4 billion, a premium of 34.5% to Zenith’s book value as at Dec. 31, 2009.Zenith is a California-based commercial insurer that specializes in workers compensation. Under the merger agreement, Zenith will continue to operate from its Woodland […]
By Canadian Underwriter | February 18, 2010
1 min read
The Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $52.8 million.The insurer’s combined ratio dropped from 106.4% in 2008 to 103.1% last year.Its return on equity also improved year-over-year from 4.8% in 2008 to 6.5% in 2009.The minimum capital test score increased […]
After the market crash that was 2008, financial results published in the SCOR Report 2009 suggests nine Canadian property and casualty insurers appear to be very much on the rebound in 2009.The SCOR Report 2009 shows both the individual and collective performances of nine Canadian P&C insurers: Allstate Insurance Company of Canada, BCAA Insurance Corporation, […]
By Canadian Underwriter | February 17, 2010
Designed to meet the latest federal standards, frontal airbags appear to have reduced protection of belted drivers, according to a new study by the Insurance Institute for Highway Safety. “The newest airbags appear to provide suboptimal protection for drivers who buckle up compared with the airbags that preceded them,” Adrian Lund, president of the IIHS […]
Claims
The Autorité des marches financiers (AMF) laid a total of 855 charges in 2009 under the Securities Act and under An Act Respecting the Distribution of Financial Products and Services.The regulator obtained $81.6 million in sanctions, including administrative penalties imposed in connection with the settlement reached in the asset-backed commercial paper matter in December 2009, […]
2 min read
Intact Financial Corporation (TSX: IFC) reported a net income of $126.7 million in 2009, a 1.2% decrease from 2008’s net income of $128.2 million.The firm’s combined ratio increased year-over-year, from 97.1% in 2008 to 98.7% in 2009.“The combined ratio in business insurance deteriorated during the quarter due to a number of large fire losses and […]
People with injuries who do not originally disclose their full incomes to tax authorities are nevertheless entitled to re-file their incomes and have that new number be included in their insurers’ recalculation of their income replacement benefits (IRBs).The Financial Services Commission of Ontario (FSCO) came to this conclusion in the matter of Jose Escobar Uribe […]
By Canadian Underwriter | February 16, 2010
When a cross-country skier wanders from a marked trail onto “expansive and otherwise untamed property,” a conservation authority has a less onerous duty of care, the Ontario Court of Appeal has ruled. In Schneider v. St. Clair Region Conservation Authority, Joanne Schneider had taken her family cross-country skiing in a public park in January 2005. […]
Nova Scotia’s $2,500 cap on minor injuries was never necessary and should be removed retroactively, Richard Halpern, an Ontario personal injury lawyer, wrote in a submission to Nova Scotia’s superintendent of insurance.In January, the province’s superintendent of insurance released a discussion paper that questioned the effectiveness and legitimacy of Nova Scotia’s cap on minor injuries. […]
Marsh won the insurance contract with the Vancouver Organizing Committee (VANOC) and placed a significant portion of the event program into the Lloyd’s market. Sums insured can range from thousands to hundreds of millions of dollars, depending on the risk, according to a Lloyd’s release. “You could be the organizer, you could be the Games […]
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