Risk
The annual “Early Bird Forecast” has analysts predicting the U.S. p&c industry will post a combined ratio of 99.0% in 2005, says the Insurance Information Institute (III).The III conducts the poll each year to determine analysts’ views on the industry, including investment analysts, rating agencies and research firms. The group has forecast the 99% figure, […]
By Canadian Underwriter | December 12, 2004
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 failures 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 earnings […]
Industry
ING Canada made its initial public offering of common shares on Friday, with a starting price of $26 for each of the 34.88 million shares.The offering, led by Merrill Lynch Canada Inc. and CIBC World Markets Inc. showed early success, with the shares closing at $28.88 at the end of the first day of trading. […]
1 min read
The Financial Services Commission of Ontario (FSCO) has made some organizational changes at its insurance divisions, including merging all auto insurance related functions into the Auto Insurance Division, including dispute resolution. A new executive director function has been created to lead this division, with recruiting underway for the position, and David Draper leading the dispute […]
While the U.S. commercial lines p&c sector is not gaining favor with Standard & Poor’s, the personal lines sector remains strong, the rating agency says.”Although earnings prospects for the first six months of 2005 appearfavorable for the personal lines sector–with earned premium growth,continued declining loss frequency, and lower unfavorable reservedevelopment leading to improved profitability–signs of […]
By Canadian Underwriter | December 9, 2004
Designated assessment center (DAC) representatives and trial lawyers continue to wage a war of words over the elimination of DACs as proposed by the Ontario Liberal government.Thursday, the Association of DACs (ADAC) penned an open letter urging Premier Dalton McGuinty to rethink getting rid of the system. ADAC president Susan Filuk accused the Liberals of […]
For the first time in the last five years, directors’ and officers’ premiums dropped in 2004, according to a new study by Tillinghast. The 2004 D&O Liability Survey finds rates declined an average 10%, the first decline since 1999 for the troubled line. However, Canadian respondents widely reported D&O premiums rising, with 90% say they […]
ING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its shares to partly fund the $370 million purchase price. Rating agency A.M. Best says the […]
The Roofing Contractors Association of B.C. (RCABC) announced Wednesday that it was establishing its own insurance company, The RCA Indemnity Corp.The new insurer will be wholly owned by RCABC members and has received its license by the F.C. Financial Institutions Commission (FICOM). RCA Indemnity has been writing policies since the beginning of December.The new company […]
By Canadian Underwriter | December 8, 2004
With commercial p&c rates having peaked already, and the industry facing myriad regulatory and legal challenges as a result of investigations by New York Attorney General Eliot Spitzer, rating agency Standard & Poor’s is maintaining its view that downgrades will outpace upgrades for commercial insurers in the coming year.S&P returned its outlook to “negative” for […]
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.
