Industry
Aon has reported a net income of US$280 million for 2009 Q1 as compared to US$218 million for 2008 Q1. Total revenue decreased 3% to US$1.9 billion due to a 10% decline in investment income, partially offset by a 7% increase from acquisitions net of dispositions and organic revenue growth in commissions and fees of […]
By Canadian Underwriter | May 4, 2009
1 min read
Crawford & Company has reported net income for 2009 Q1 was US$3.1 million, as compared to US$9.1 million in the same quarter in 2008.Revenues, net income and diluted earnings per share in 2009 Q1 were negatively impacted by a number of items including increased defined benefit pension expense, the impact of foreign currency changes and […]
The auto insurance reforms suggested by the Financial Services Commission of Ontario (FSCO) are essentially a wash, Barb Addie, a principal at Baron Actuaries, argued.Addie’s article, Ontario Auto – Control-Alt-Delete?, is featured in the MSA/Baron Outlook Report: Q4-2008.In it, she notes that the overall Ontario auto direct loss ratio reached 84% and its average expense […]
2 min read
The grim results of 2008 are not enough to usher in a robust hard commercial market, according to Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q4-2008, Baker outlines the reasons for his assessment.“Unlike personal writers, there are wide variations in results across the commercial writer spectrum with some companies […]
Capital constraints amongst global insurers are likely to affect market conditions in 2009, as shareholders’ funds for 24 surveyed reinsurers declined 18% — down to US$127 billion — during 2008, according to a recent Aon Benfield report.“The problem at the start of the year (2008) had been to service excess capital, with many seeing dividends […]
By Canadian Underwriter | May 1, 2009
Claims
A wildfire in Halifax that forced 1,200 residents to evacuate their homes and destroyed or damaged at least 15 homes is under control, according to CBC.ca. Insurance Bureau of Canada (IBC) is urging homeowners and tenants affected by the fire in the Spryfield area to contact their insurance providers, as insurance policies may contain coverage […]
ACE Limited has reported a net income of US$567 million for 2009 Q1, as compared to US$377 million for 2008 Q1. The company’s net investment income increased 3% to US$502 million in the quarter, an ACE release says.Net loss reserves increased US$103 million, excluding foreign exchange revaluation, it adds.Annualized return on average equity was 18.4%, […]
Fairfax Financial Holdings Ltd. (TSX and NYSE: FFH) reported a net loss of US$60.4 million in 2009 Q1, compared to a profit of US$631.8 million in 2008 Q1.The company attributes the year-over-year decline in earnings to the “significant net investment gains of US$1.07 billion in 2008 Q1 compared to net losses on investments in 2009 […]
Risk
A national forum would provide an opportunity for the entire insurance industry to speak in the voice of a collective whole, rather than as individual actors in a production lacking overall choreography.
By David Gambrill, Editor | April 30, 2009
3 min read
ONTARIO JURY SETS FUTURE CARE COSTS BAR AT CDN$13.9 MILLION The Court of Appeal for Ontario has upheld a jury award in an automobile brain injury case of roughly Cdn$17 million — including a record Cdn$13.9 million for future cost of care. In Marcoccia v. Ford Credit Canada Ltd., Ford Credit appealed a number of […]
April 30, 2009
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