Industry
The Allstate Corporation has posted a Q3 net loss of US$923 million, compared to a profit of US$978 million in the same period of last year.Its property-liability combined ratio was 112.7% for the quarter, marking an increase from 2007 Q3’s 91.0%.Catastrophe losses for the quarter totalled US$1.8 billion (including losses from Hurricanes Ike and Gustav) […]
By Canadian Underwriter | November 11, 2008
1 min read
ING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada ranked in a tie for 57th place in the survey, which included Kingsway Financial Services […]
By Canadian Underwriter | November 10, 2008
2 min read
American International Group, Inc. has reported a net loss of US$24.47 billion for 2008 Q3, compared to a net income of US$3.09 billion in 2007 Q3. AIG’s results in the third quarter were negatively affected by financial dislocation in global markets, as well as catastrophic losses and charges related to ongoing restructuring related activities, according […]
The U.S. government has significantly restructured its financial support to American International Group (AIG), making it somewhat easier for the company to pay off a credit facility that prevented the insurer from going bankrupt in September 2008.As part of the new terms, the U.S. Treasury announced that it will purchase US$40 billion of newly issued […]
The abuse of process doctrine — which says it is an abuse of the court process to re-litigate negligence that has already been established during a previous criminal trial — does in fact have application in a civil trial, the Ontario Court of Appeal has ruled.The Appeal Court thus dismissed an appeal by Economical Mutual […]
Sylvie Paquette has been appointed president and COO of Desjardins General Insurance Group effective immediately. The appointment comes after Jude Martineau announced his retirement after a 14-year stint as the head of Dejardins Group’s general insurance subsidiaries. As president and COO, Paquette will sit on Desjardins Group’s Strategic Management Committee. She has been with the […]
By Canadian Underwriter | November 7, 2008
Arch Capital Group Ltd has reported net income available to common shareholders was US$26.4 million for 2008 Q3, as compared to US$199.7 million for the same period in 2007. For the nine months ended Sept. 30, 2008, net income available to common shareholders was US$408.1 million as compared to US$597.7 million for the first nine […]
Munich Re Group posted a net income of 12 million (about Cdn$18 million) for 2008 Q3, a sharp decline from the 2007 Q3 profit of 1.2 billion (about Cdn$1.8 billion).The group reported a 66% decrease in investment income from 1.9 billion (about Cdn$2.9 billion) in 2007 Q3 to 674 million (about CDn$1.02 billion) in 2008 […]
Willis Group Holdings Limited (NYSE: WSH) reported a net income of US$36 million, compared with US$67 million a year ago.The results were impacted by financing and integration costs totalling US$10 million, associated with the acquisition of Hilb Rogal & Hobbs Company (HRH) which closed on Oct. 1, 2008, a release says.Organic growth in commissions and […]
Alberta’s auto insurance industry is accumulating an estimated Cdn$400 million per year in unfunded liability as a result of a provincial court decision late last year that struck down the province’s Cdn$4,000 cap on minor injury claims.Barbara Sulzenko-Laurie, the vice president of policy for the Insurance Bureau of Canada (IBC), made the observation in remarks […]
By Canadian Underwriter | November 6, 2008
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