Risk
The future looks very different for U.S. personal lines insurance versus its commercial lines counterpart, according to the yearend review and outlook by Standard & Poor’s. The rating agency says that while the outlook for personal lines is stable, with earnings prospects favorable for the first half of 2005, earnings have likely already peaked in […]
December 31, 2004
1 min read
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Fitch Ratings says despite major moves by p&c insurers to shore up reserves over the past few years, the industry remains severely under-reserved for prior-year losses. Fitch estimates US insurers ended 2003 under-reserved by US$43.5-$61.5 billion, or 12-17% of surplus. And this impact can be felt across company results, the rating agency notes. “Chronic reserve […]
2 min read
Claims
Just two days after the Toronto Stock Exchange issued a temporary cease trade order on Ontario’s The Loyalist Insurance Group Ltd. citing the company’s failure to meet reporting requirements, the company has released results for the nine months ended September 30, 2004. The results, which have not yet been certified by an external auditor, show […]
Pafco Insurance Co., writer of non-standard auto insurance, has received interim approval to start writing policies in Nova Scotia. The move is part of Pembridge’s plan to spin-off Pafco as a separate company to write high-risk policies and depopulate the Facility Association (FA), the industry’s pool for high-risk drives who cannot obtain coverage from private […]
Industry
Alberta-based broker network Western Financial Group says it has filed a prospectus with Canadian securities regulators to offer subscription receipts. The offering would apply to all provinces. The receipts will entitle holders to purchase one common share of Western stock (TSX: WES) upon completion of the company’s previously announced acquisition of Federated Life Insurance Co. […]
The flurry of initial public offering activity amongst non-standard auto insurance carriers shows just how far this sector has rebounded following disastrous results from 1999-2001, notes a new report by A.M. Best. In a special “Then and Now” report on non-standard auto, the rating agency points to four successful IPOs by U.S. carriers – Infinity […]
Auto
The Insurance Corp. of B.C. says two residents of the province have pleaded guilty to charges stemming from providing false information to the public auto insurer in two separate incidents. In the first case, Ahmad Reza Ahmadj of New Westminster, B.C. pled guilty to giving false information following a hit-and run accident in September, 2003. […]
Igal Mayer has been appointed board chairman of the Insurance Bureau of Canada (IBC) for a two-year term. The Aviva Canada CEO is a chartered accountant, honorary CIP and graduate of the University of Toronto. Crawford Adjusters Canada has named John Sharoun as COO, to assist CEO Glenn Gibson in implementing the firm’s three-year strategy. […]
Crawford Adjusters’ Jeff Bowman presents the “Virginia Crawford Distinguished Service Award” to Dawn Boyle, who accepted the award on behalf of her late husband, Jeff. Jeff Boyle was branch manager for Crawford’s claims management services operation in Victoria, BC, until losing his battle with cancer last June. Along with his eight years of service to […]
With the world in general now getting back to the serious business of “business” after the yearend festivities, those in the property and casualty insurance industry are no doubt feeling a lot more optimistic than past years with regard to market conditions for 2005. With both the Canadian and U.S. p&c insurance industries having recently […]
By Sean van Zyl, Managing Editor | December 31, 2004
4 min read
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