Industry
Standard & Poor’s has affirmed the “B” counterparty credit on adjuster Lindsey Morden Group Inc., with a stable outlook. S&P says the rating reflects a positive view of the sale of the adjuster’s U.S. third-party administration business which should lead to more stable financial results. Crawford Adjusters Canada Ltd. has named Stephen Anderson as senior […]
By Canadian Underwriter | December 22, 2004
1 min read
U.S. insurers’ results of the first nine months of 2004 show them well on their way to the first underwriting profit in more than 25 years. According to data released by the Insurance Services Office (ISO) and Property-Casualty Insurers Association of America (PCI), U.S. insurers weathered a record hurricane season to produce a net underwriting […]
By Canadian Underwriter | December 21, 2004
3 min read
Auto
Representatives of the collision repair industry recently met with the man in charge of reforming Ontario’s auto insurance rules to discuss proposals relating to bodyshops and tow trucks.Hamilton District Autobody Repair Association (HARA) executive director John Norris says he and Alex Szabo, president of the Collision Industry Standards Council of Ontario, and new car dealers […]
Risk
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 brand 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 insurers.”The […]
A.M. Best has issued an “A-” (excellent) financial strength rating to new reinsurer Glacier Re. The new Swiss company was formed by a consortium of investors, including funds advised by HBK Investments and Soros Fund Management, with reinsurance broker Benfield Group holding a minority stake. Best says the reinsurer’s capitalization is strong even if it […]
The Registered Insurance Brokers of Ontario (RIBO) has just published its new regulations on broker disclosure.RIBO, the self-regulatory body for general insurance brokers, is responding to controversy begun in the U.S. over the level of disclosure related to broker commissions, specifically contingent commissions.In its rules on “conflict of interest”, RIBO says brokers must disclose in […]
By Canadian Underwriter | December 20, 2004
2 min read
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. of […]
The flurry of initial public offering activity amongst non-standard auto insurance carriers show 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 P&C, Direct […]
The U.S. homeowners’ insurance market has turned the corner after two decades of poor results, according to a new report by Conning Research. Conning says homeowners carriers have hit “the sweet spot” and “reversed the curse”, a trend likely to carry through 2008. “The outlook is bright for 2005-2007, due to a favorable underwriting environment […]
The November Consumer Price Index published by Statistics Canada finds auto insurance prices have gone down to a significant degree in total, premiums have dropped by 1.6% since last November alone, to have a “dampening” effect on the CPI. Unfortunately, the decrease in auto premiums was not significant enough to offset increases in gasoline, homeowners’ […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
