Industry
The Alberta Automobile Insurance Rate Board (AIRB) has been asked by the Alberta Department of Finance to look at ways to unbundle insurers’ auto insurance rating factors, but the board’s work has been hijacked by the provincial court case concerning the auto injury cap. AIRB chair Alfred Savage gave an update on possible changes to […]
By Canadian Underwriter | November 6, 2008
2 min read
Advisen forecasts a US$9.6-billion impact on liability insurance loss ratios as a result of the global credit crisis.Of that total, it predicts a US$3.7-billion impact on errors and omissions (E&O) insured losses and US$5.9 billion in director and officer (D&O) insured losses.The financial institution segment of the 2007-09 aggregate E&O loss ratio will likely gain […]
Aon Corporation has reported a net income of US$117 million for 2008 Q3, compared to US$204 million for the same period in 2007. This includes the impact of businesses moved to discontinued operations, Aon reports in a release. Net income from continuing operations increased to US$153 million, compared to US$130 million for 2007 Q3. Total […]
1 min read
Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) reported a net loss of US$17.4 million in 2008 Q3, a 174% drop from 2007 Q3’s profit of US$23.6 million.The combined ratio was 113.6% in Q3 compared to 102.1% in the same quarter last year.Canadian operations reported a combined ratio of 103.4% and U.S. operations a combined […]
By Canadian Underwriter | November 5, 2008
EGI Financial Holdings Inc. (TSX: EFH) reported a net income of Cdn$3.026 million in 2008 Q3, marking a 32.2% decrease from the Cdn$4.462 million reported in the same period of last year.Underwriting income fell 57.2% quarter over quarter from Cdn$3.536 million in 2007, to Cdn$1.514 million, a company statement says.The combined ratio for Q3 of […]
Marsh & McLennan Companies, Inc. (MMC) reported a 2008 Q3 net loss of US$8 million, noting its revenue growth was 2% on an underlying basis before the impact of acquisitions and dispositions.Marsh’s 2007 Q3 result was substantially higher, a profit of US$1.9 billion, but a year-over-year comparison of quarterly results is affected by MMC’s 2007 […]
Standard & Poor (S&P)’s has affirmed the A+ financial ratings of ING Canada’s primary operating subsidiaries, with a stable outlook. S&P’s has withdrawn the ratings at the request of ING Canada, according to an ING Canada release. Gilles Gratton, vice president of corporate communications at ING Canada, says the company withdrew from S&P’s as part […]
Swiss Re reported a net loss of CHF 304 million (about Cdn$301 million) for 2008 Q3. The company reported a profit of CHF1.469 billion (about Cdn$1.183 billion) in the same period of last year. Earnings for the first nine months of the year were CHF 884 million (about Cdn$876 million), compared to a profit of […]
By Canadian Underwriter | November 4, 2008
An Ontario Superior Court judge has issued a strong rebuke to the insurance industry for failing to resolve coverage disputes between insurers quickly, thereby causing a public fund to pay statutory benefits to victims during the time it takes to resolve the dispute.Ontario Superior Court Justice Romain W.M. Pitt made his remarks in Lombard Canada […]
CNA Financial Corporation (NYSE: CNA) has reported a net loss of US$331 million for 2008 Q3, a drop from last year’s Q3 profit of US$174 million.The company’s consolidated combined operating ratio was 114.1% for the quarter, up from 2007 Q3’s 110.5%. Broken down by segments, its standard lines reported a combined ratio of 129.3% (compared […]
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