Industry
Approximately 400 insureds who purchased home, auto or commercial insurance from York Commonwealth Direct Insurance Co. do not have coverage at the moment, says a Registered Insurance Brokers of Ontario (RIBO) statement. The broker self-regulating body says it has begun contacting the parties in question to inform them of their current situation, and that York […]
By Canadian Underwriter | May 10, 2005
1 min read
Reinsurance brokerage group Guy Carpenter & Co. Inc. says it will now offer disclosure on compensation arrangements applying to the placement of facultative business globally. The brokerage introduced its "Global Disclosure Doctrine" in December of last year, which outlines the company’s remuneration arrangements on reinsurance treaty placements.Despite the increased complexity involved with facultative reinsurance-type business, […]
By Canadian Underwriter | May 9, 2005
Claims
In a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s oil sands plant located in northern Alberta could result in some companies reserves falling below […]
2 min read
The Ontario Securities Commission (OSC) has suspended trading of shares of Ontario-based The Loyalist Insurance Group Ltd. (TSX: LOY), which is listed on TSX’s venture exchange. The cease trade order was issued on grounds that Loyalist failed to file its audited annual statements for 2004 within the required filing period.Loyalist recently concluded a private debt […]
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 […]
By Canadian Underwriter | May 8, 2005
3 min read
Rating agency A.M. Best has downgraded the financial strength ratings of most of American International Group Inc.’s (AIG) operating subsidiaries based on the recent announcement by the group that it will restating four years of its financial reports. An AIG investigation into its accounts also revealed an estimated inflated value on the balance-sheet of about […]
Glenn Gibson, CEO of Crawford Adjusters Canada, has been appointed chair of the international technical advisory board of Crawford & Co. (NYSE: CRDA). Gibson replaces Mike Reeves as the new board chairman. While the board posting is effective from May 9 of this year, Gibson will continue as CEO of the company’s Canadian operation.
Property and casualty insurance and financial services provider Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) lifted net earnings for the first quarter of this year by 14% to $42.4 million compared with the $37.2 million disclosed for the same period in 2004. This equates to diluted earnings of $1.06 a share for the […]
By Canadian Underwriter | May 5, 2005
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 […]
Kingsway 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 52% […]
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