Industry
Insurance Bureau of Canada (IBC) has hired Ralph Palumbo as vice president for Ontario.Also, Jim Rivait, vice president for Alberta and the North, has left IBC to pursue other opportunities. The bureau has created a new senior vice president policy and research position.Palumbo is a former government relations consultant, government relations director and adjudicator and […]
By Canadian Underwriter | November 9, 2009
1 min read
SCOR recorded a net income of EUR 278 million (Cdn$440.3 million) in the first nine months of 2009, stable from EUR 280 million (Cdn$443.6 million) in last year’s published figures for the first nine months.The reinsurer’s profit remained stable “despite a significant drop (27%) in investment income driven mainly by a cautious asset management strategy,” […]
American International Group, Inc. (AIG) reported a 2009 Q3 profit of US$455 million, compared with a net loss of US$24.5 billion in 2008 Q3.“Our results reflect continued stabilization in performance and market trends,” AIG president and CEO Robert H. Benmosche said. “Pricing in our commercial property casualty business has been stable. “Management continues to monitor […]
By Canadian Underwriter | November 6, 2009
2 min read
Kingsway Financial Services Inc. believes it has turned a corner despite reporting a 2009 Q3 net loss of US$118.1 million.The 2009 Q3 loss represents a loss of US$128.8 million from run-off and discontinued businesses, including a loss of US$95.5 million from Lincoln General Insurance Company. “It’s important to put these results in context since the […]
Hannover Re’s non-life reinsurance group reported a net underwriting profit of EUR98.1 million (about Cdn$156.7 million) in 2009 Q3, marking an improvement from 2008 Q3’s net underwriting loss of EUR131.2 million (about Cdn$209.2 million).The non-life group reported a net income of EUR331.3 million (about Cdn$529.1 million) in the quarter, up from the loss of EUR178 […]
The financial strength ratings (FSR) and issuer credit ratings (ICR) of the domestic and international property/casualty and life/health subsidiaries of Berkshire Hathaway Inc. are under review with negative implications by A.M. Best Co. “These ratings actions follow the recent announcement that Berkshire Hathaway Inc. intends to acquire for $100 per share in cash and common […]
The Registered Insurance Brokers of Ontario (RIBO), the self-regulating body for Ontario brokers, opened 113 new complaint files in 2008-09, comparable to the 92 new files it opened in 2007-08.Of those new complaint files opened in 2008-09, more came from members of the public and member brokers than in the previous year.For example, members of […]
By Canadian Underwriter | November 5, 2009
Canada’s property and casualty industry has been lagging in the establishment of the Chief Risk Officer position, and the processes that accompany it, Julie Dickson, the superintendent of financial institutions, said.Dickson spoke at OSFI’s first risk management seminar for the p&c industry on Nov. 5 in Toronto.“While the p&c industry has perhaps been ahead of […]
Bermuda and the Cayman Islands are still the top two places to domicile insurance captives, but the United States is supplying some stiff competition — to the point where some say Bermuda is losing its status as a growth centre for captives.In an article, “Competing Domiciles Dial Up Heat,” U.S./Canada BestWeek on Nov. 2 observes […]
Zurich Financial Services has posted a discrete Q3 net income of US$909 million, a 490% increase over 2008 Q3. The company reported a net income of US$2.2 billion for the first nine months of 2009. Net earned premiums and policy fees for the General Insurance Group was US$7.45 billion in the third quarter, compared to […]
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