Industry
The Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This equates to earnings of 53 a share for the latest reporting period versus 85 a […]
May 31, 2005
2 min read
Claims
Royal & SunAlliance Canada produced an underwriting profit of $14 million for the first quarter of this year, signaling a significant turnaround in overall profitability from 2004’s first quarter underwriting gain of $1 million. The insurer saw its underwriting on personal lines recover from a $1 million loss a year ago to its current $10 […]
1 min read
Risk
Despite the higher profitability achieved by Canadian property and casualty insurers for 2004, the industry is unlikely to maintain this earnings momentum through this year and into 2006, according to the recently released fourth quarter 2004 “MSA/Baron Outlook Report”. The report expects that developing pricing weakness in commercial lines, combined with the auto rate rollbacks […]
The Property and Casualty Insurance Compensation Corporation (PACICC) recently elected Kevin McNeil as chair of the board of directors. McNeil is president and CEO of the Gore Mutual Insurance Company and a board member of Gore Mutual Insurance Company, Gore Mutual Foundation, Consumers Council of Canada, the Insurance Bureau of Canada (IBC) and executive vice-chair […]
Once spinning their wheels with standalone technology products, many insurance companies are now actively pursuing integrated, end-to-end solutions that allow for full management of the claim lifecycle. Modern technology, coupled with a tight focus on business processes and employee training, is giving insurers a chance to accelerate the speed of claims handling and ramp up service standards. The question today, however, is who is staying ahead of the claims curve?
By Craig Harris | May 31, 2005
10 min read
More than 100 industry veterans were present for the 46th Annual Reception of the Quarter Century Club, held May 3, 2005 at the Hilton International, Toronto. Emcee John Cherrie welcomed members as he presided over the “roast” of the popular and admired John Sharoun. Sharoun, offering over 30 years of insurance industry experience, is currently […]
3 min read
K ingsway Financial Services Inc. (TSX: KFS) brought home an annualized return on equity (ROE) of 22.6% for the first quarter of 2005, showing a 5.7 percentage point gain on its 16.9% return achieved for the same period last year. The specialty risk insurer’s net earnings for the first quarter of this year rose by […]
The intense regulatory scrutiny and plummeting consumer confidence that has dogged the property and casualty insurance industry since the onset of the most recent hard market were brought on by the collective actions of insurers, says Ellen Moore, president of Chubb Insurance Co. of Canada. “Companies focused on getting business on the books and underwriting […]
Canadian property and casualty insurers lifted net income for the first quarter of this year by 16% to $683.5 million compared with the $589.6 million reported for the same period in 2004, according to industry financial data collected by the Office of the Superintendent of Financial Services (OSFI). The OSFI data indicates that insurers’ net […]
Peel Regional Police participation in Canada’s Road Safety Week traffic campaign resulted in the issuance of 2,100 provincial offence notices (traffic tickets), 109 license suspensions, and 19 criminal of impaired driving related offences. The national campaign, which ended on May 23, focused on traffic safety and the elimination of aggressive driving behaviors by motorists. Enforcement […]
By Canadian Underwriter | May 31, 2005
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