Industry
While 2004 was the best year of the hard market cycle in terms of company financial returns, the year ahead will likely see deteriorating results as lower pricing and rising claims costs eat at the industry’s bottom-line, predicts George Cooke, president of the Dominion of Canada General Insurance Co. Speaking at an Insurance Brokers of […]
April 30, 2005
2 min read
Risk
The Property and Casualty Insurance Compensation Corp. (PACICC) says member insurers have agreed to increase their maximum permissible assessment to the guaranty fund in order to better prepare for future insolvencies. At the recently held annual general meeting (AGM), PACICC deputy chairman Kevin McNeil, CEO of Gore Mutual Insurance Co., told members that a survey […]
On the back of a strong underwriting performance, U.S. property and casualty insurers lifted net income for 2004 by 29% to US$38.7 billion compared with the US$30 billion reported the previous year. This saw the industry notch up a return on equity (ROE) of 10.5% for last versus the 9.5% return made over 2003, according […]
After several months of uncertainty for Quebec’s independent brokerage community, the province’s insurance regulator, the Autorite des Marches Financiers (AMF), has issued its findings from an investigation into intermediary remuneration arrangements and market conduct. Unfortunately for the brokerage community, the AMF’s report concludes that there are inherent conflicts of interest in the current system and […]
With the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006 to meet a certain level of standard when it comes to contract certainty. The FSA […]
By Canadian Underwriter | April 28, 2005
Claims
Almost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but 2004 is a different story. Of firms with total insured values over US$1 billion, 53% […]
With the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling US$51 million with authorities in New York and Minnesota over the use of contingent commissions, […]
E-L Financial (TSX: ELF), parent company of the Dominion of Canada General Insurance Co., posted net income for the first quarter of 2005 of $65.3 million, or $15.93 per share, up from $61.8 million, or $15.38 per share in first-quarter 2004.Much of the gain comes from the general insurance segment, where net income for the […]
1 min read
Chicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share reported in first-quarter 2004.Revenue was up 53% over the same period to US$121.7 million from […]
By Canadian Underwriter | April 27, 2005
Despite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this week’s CIP Society Symposium in Toronto, where he pointed out the that industry’s long-term return […]
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