Industry
XL Insurance has launched an aviation insurance team for the Canadian market. Tony Trost, Canadian aviation manager, who will report to Rod Mearing, XL Insurance’s international aviation manager, will lead the team. Before joining XL Insurance, Trost served as senior vice president of the Canadian aviation practice with Marsh Canada Limited. “With Tony’s team in […]
By Canadian Underwriter | August 12, 2008
1 min read
Asset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains, Guy Carpenter & Company LLC published in its recent report, Bag Profits Early: Investment Gains under Pressure.”With net income declining steeply from the first half of 2007 to the first half of […]
The Automobile Insurance Rate Board (AIRB) has announced it is allowing a 5% increase in premiums for mandatory auto insurance in Alberta as a result of its annual insurance rate review. As a result of the rate change, on average, Alberta drivers could pay an additional Cdn$30 per year for their mandatory insurance coverage.The AIRB […]
By Canadian Underwriter | August 11, 2008
2 min read
Claims
Based on current and projected climate signals, Tropical Storm Risk (TSR) has increased its outlook for Atlantic hurricane activity in 2008. TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2008 will be 90% above the long-term norm, as compared to the 35% above-norm predictions issued on July 4, 2008, according to a Benfield […]
Swiss Re has reported a 2008 Q2 net income of CHF600 million (Cdn$592.7 million) for the second quarter of 2008.Return on equity was equivalent to an annualized rate of 8.5% for the quarter and 8.4% for the half year.In the property casualty segment specifically, Swiss Re generated a combined ratio of 92.3%. Its operating income […]
By Canadian Underwriter | August 8, 2008
EGI Financial Holdings Inc. (TSX: EFH) reported a profit of Cdn$2.7 million for Q2, marking a 38.1% decrease over the same period last year (Cdn$4.3 million).The combined ratio for 2008 Q2 jumped nearly 20% when compared to last year, increasing from 84.8% in 2007 to 101.3% this year.The company’s underwriting income dropped 110% quarter-over-quarter, from […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported net income of US$6.3 million in 2008 Q2, marking what the company called “a significant improvement” over the net loss of US$34.4 million reported in the first quarter of 2008.Still, the result was below the net income of $41.7 million reported in the second quarter of 2007. […]
By Canadian Underwriter | August 7, 2008
RSA Canada reported net written premium of Cdn$851 million for the first half of 2008, up 21% over the same period of last year. The company also reported an underwriting profit of Cdn$52 million, compared to Cdn$62 million over the fist six months of 2007, a company release says. Combined operating ratio for the first […]
Munich Re Group has recorded a profit of EUR1.4 billion (Cdn$2.2 billion) in the first six months of 2008, down from its profit of EUR2.1 billion (Cdn$3.4 billion) during the first half of 2007.”Despite marked reductions in share prices and the fall in the dollar, the profit for 2008 should be well above EUR2 billion […]
By Canadian Underwriter | August 6, 2008
Marsh & McLennan Companies Inc. (MMC) reported a profit of US$65 million for 2008 Q2, a decrease from 2007 Q2’s US$177 million.For the first six months of the year, MMC’s net loss was US$145 million, reflecting a goodwill impairment charge of US$540 million, compared with last year’s profit of US$445 million, an MMC statement says.Investment […]
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