Industry
Co-operators General Insurance Company has reported a 2007 Q4 consolidated net income of Cdn$60.8 million, up from the Cdn$18.5 million it reported in 2006 Q4.”The improvement was due to favourable automobile claims development, higher investment returns and tax recoveries,” the company announced in a release.Net income for the entire year of 2007 amounted to Cdn$148.2 […]
By Canadian Underwriter | February 19, 2008
2 min read
Kingsway Financial Services Inc. (TSE:KFS) reported a net loss of US$103.5 million for 2007 Q4 and a net loss of US$18.5 million for the year, marking a decrease of 716% and 115% over the same periods of 2006, respectively. The combined ratio was 130.2% in the quarter (109.3% for the year), with Canadian operations reporting […]
By Canadian Underwriter | February 15, 2008
1 min read
A.M. Best has issued a rating methodology for Takaful insurers that incorporates a two-stage risk-based capital approach.One of the key characteristics of a Takaful insurance operation is the existence of two separate funds: the Takaful (or policyholders’) fund, and the operator’s (shareholders’) fund. With this in mind, the starting point for assessing the financial strength […]
A.M. Best Co. has placed the financial strength rating (FSR) of A++ (Superior) of the domestic life and retirement services subsidiaries of American International Group (AIG) (New York) [NYSE: AIG] under review with negative implications. In addition, A.M. Best has placed the FSRs of A+ (Superior) of most of AIG’s domestic property and casualty subsidiaries […]
Marsh & McLennan Companies Inc. (MMC) has decided to eliminate its current three-class structure of its board of directors, subject to shareholder approval. As a result of the Board’s declassification, all directors would become subject to annual election as their existing three-year terms expire.MMC says it will include in its 2008 proxy statement a company-proposed […]
The Canadian Bar Association (CBA) has voiced its disappointment with the Alberta government’s decision to appeal the recent court decision abolishing the $4,000 cap on minor automobile injuries.”This cap denies the right of Albertans to access justice,” said Tom W. Achtymichuk of the CBA. “We strongly believe that it is every Albertan’s right to access […]
By Canadian Underwriter | February 14, 2008
The Canadian Securities Administrators (CSA) is requesting comment on its paper discussing issues surrounding proposed amendments to securities rules on acceptable accounting principles for financial reporting.The Accounting Standards Board (AcSB) proposes to move financial reporting for all Canadian publicly accountable enterprises to International Financial Reporting Standards (IFRS) by Jan. 1, 2011, a CSA release says.As […]
Driver fatigue kills more than 400 Canadians ever year, a Highway Safety Roundtable reports. One in five drivers surveyed in Drowsy Driving, a 2004 Traffic Injury Research Foundation survey of 1,209 Canadians, reported nodding off at least once in the last 12 months, the report points out. At this time, only collisions where the driver […]
The Insurance Corporation of British Columbia (ICBC) has launched an investigation into the sale of all vehicles repaired at the company’s research facility in Burnaby over the last 10 years.The investigation focuses on whether the previous damage history of vehicles repaired and sold from ICBC’s Material Damage Research and Training (MDR&T) facility were properly documented […]
Ontario needs a dedicated insurance prosecutor, the Insurance Bureau of Canada (IBC) says.This would help to ensure that cases move faster to trial, reducing the number of arguments of delay in the Court system, according to Rick Dubin, the vice president of investigative services for the IBC.Another alternative would be to set up an office […]
By Canadian Underwriter | February 13, 2008
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