Claims
Fitch Ratings has revised its outlook on the Bermuda reinsurance market from ‘Stable’ to ‘Negative.’“The revision in the rating outlook primarily reflected expectations of additional unrealized mark-to-market losses and impairment losses related to financial market conditions, reduced access to capital and corresponding reductions in financial flexibility, and the adverse effects on current earnings of soft […]
By Canadian Underwriter | February 13, 2009
2 min read
Industry
Once ING Canada morphs into a publicly-traded entity (and adopts a new name, as expected), it remains an open question whether the new entity will become the hunter or the hunted when it comes to potential merger and acquisitions activity in the future.ING Groep, formerly the parent company of the soon-to-be-Canadian insurer, is selling its […]
The judge of the Supreme Court of Nova Scotia who dismissed the challenge to the province’s minor injury cap has issued a second part to his written decision.In the second part of his decision, he finds that even if the province’s auto cap legislation did stereotype or discriminate against the injured — a moot point, […]
*** CLARIFICATION Canada’s national fire prevention strategy and FireSmart are two separate programs. This clarifies information that was originally posted on Feb. 12. Canada has a national strategy for fire prevention that “is among the most progressive in the world,” yet it lacks long-term investment, the Institute for Catastrophic Loss Reduction reports.The Canadian Wildland Fire […]
Despite a decrease in the distance motorists are driving, there is not a decrease in the number of accidents being reported, Rick Tuuri, president of Audatex told delegates at the Canadian Collision Industry Forum in Toronto.“The average collision happens within five miles of your house, so even though people are driving a measurable percentage less, […]
By Canadian Underwriter | February 12, 2009
Jacques Aigrain has announced his resignation as CEO of Swiss Re, effective Feb. 18, 2009.The reinsurer’s board of directors has appointed Stefan Lippe, currently Deputy Chief Executive Officer and COO, as his successor. In early February, Swiss Re announced an expected net loss of CHF 1 billion (roughly the same in Canadian dollars) for 2008. […]
1 min read
Willis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a 2008 Q4 profit of US$62 million, compared with $95 million in 2007 Q4.For the entire year of 2008, Willis had a net income of US$303 million, down from US$409 million a year ago.The company indicated its results were “significantly affected by the acquisition […]
XL Capital Ltd reported a net loss of $2.63 billion for 2008, marking a drop from 2007’s $205.4 million net income. The company’s insurance segment in 2008 Q4 accounted for gross premium written of $1.1 billion for property and casualty operations (down from $1.3 billion in 2007 Q4) and the reinsurance segment accounted for $104.5 […]
By Canadian Underwriter | February 11, 2009
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has issued a reminder to the province’s insurers that the use of credit scoring for the purpose of auto insurance quoting and underwriting is prohibited by law.It is also considering revisions to the OAF 1, in which a consumer gives consent to an insurer to […]
3 min read
Standard & Poor’s (S&P’s) lowered its long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX: KFS) three notches to ‘B’ from ‘BB.’The company’s subsidiaries also received downgrades for their debt ratings to ‘B’ from ‘BB.’ “The downgrade follows Kingsway’s Feb. 9 announcement that it expects to report a significant fourth-quarter […]
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