Industry
London market insurers reported an average premium reduction of 8% on renewal business for the commercial sector’s D&O liability over the last three months, according to Willis Group Holdings. The D&O market is expected to continue softening in the second quarter of 2009, with insurers predicting reductions in excess of 6%, the company said in […]
By Canadian Underwriter | April 28, 2009
2 min read
The Saskatchewan Financial Services Commission (SFSC) is cautioning consumers about an online credit agency purporting to offer loan proceeds upon the receipt of a signed acknowledgement and the remittance of a portion of an insurance policy premium to secure the loan amount.Kenworth Solutions is allegedly operating out of Regina, Saskatchewan, the SFSC says in a […]
1 min read
Supreme Collision has committed to being a National Sponsor at the Platinum Level of the Women in Insurance Cancer Crusade (WICC). This is the first time a collision repair centre has committed to being a major WICC sponsor, according to Jean Faulkner, WICC Ontario board co-chair. “As an organization we have always supported a variety […]
By Canadian Underwriter | April 27, 2009
PartnerRe Ltd. (NYSE:PRE) has reported a net income of US$141.5 million in 2009 Q1, up from its 2008 Q1 income of US$129 million.Commenting on the 2009 Q1 results, PartnerRe president and CEO Patrick Thiele said, “PartnerRe posted solid results for the first quarter 2009, with a 16.9% operating return on beginning equity and 2.5% growth […]
U.S., Bermuda and large international reinsurance companies lost about 15% of their capacity in 2008 as measured by shareholders’ equity, says a recent A.M. Best special report, Reinsurers Keep Their Balance Despite 15% Drop in Shareholders’ Equity.The report found the U.S. and Bermuda markets absorbed about US$20 billion associated with Hurricane Ike damages. Nevertheless, the […]
SSQ Financial Group reported a net income of Cdn$25.8 million in 2008, providing a return on equity of 11.3% compared to 13.6% in 2007.The volume of business of its general insurance increased to Cdn$128.4 million from Cdn$123.6 million in 2007, marking a 3.9% increase.Annualized written premiums in its general insurance unit increased by 13.7% despite […]
The Chubb Corporation [NYSE: CB] reported its net income dropped from US$664 million in 2008 Q1 to US$341 million in 2009 Q1.Net written premiums for 2009 Q1 decreased 7% to US$2.7 billion.”Excluding the effect of currency fluctuation, premiums were down 2%,” the company said in a press release. “Premiums declined 5% in the U.S. and […]
By Canadian Underwriter | April 24, 2009
Kingsway Financial Services Inc. (TSX:KFS, NYSE:KFS) has appointed Colin Simpson as president and CEO, effective immediately.Simpson was previously the chief operating officer and executive in charge of the company’s transformation program. At its annual general meeting of shareholders, Kingsway elected the following people as directors: Bill Andrus, Robert Cassels, Peter Copestake, Walter E. Farnam, Terry […]
Independent adjusters attending a claims scene should be writing up two reports instead of one larger report, thus increasing the chances of covering the report under litigation privilege, according to Richard Lindsay, partner with Lindsay Kenney LLP. The “dominant purpose” test is used to determine whether a documentation falls under litigation privilege, Lindsay told delegates […]
The economic slowdown is the Number 1 most pressing risk facing business leaders, according to Aon’s 2009 Global Risk Management Survey. “The 2009 Aon survey indicates that virtually no company, industry or country is immune to today’s unprecedented period of economic unrest,” the survey says. “While reputation risk has fallen from its top position in […]
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