Industry
George Lightbound It is with sadness that CU announces the passing of George Lightbound. After a tough battle with cancer he died peacefully, on April 26, 2004 at home surrounded by his loving wife of over 56 years, Merle, and his two sons and two daughters. Lightbound was in his 81st year. He served overseas […]
May 31, 2004
2 min read
Claims
Canadian reinsurance companies lifted net taxed earnings for 2003 by more than 5.8 times to $310.8 million compared with the $52.9 million in after tax income reported the year prior. “The sharp rise in income was mostly attributable to a significant improvement in the incurred claims to premiums earned ratio [loss ratio],” says Cam Macdonald, […]
1 min read
The Fairfax group’s Canadian arm, Northbridge Financial Corp. (TSX: NB), posted an underwriting profit of $20.3 million for the first quarter of this year. This was achieved on the back of a 92.8% combined ratio. The company’s latest financial return reflects a doubling of the underwriting profit of $10.1 million posted for the first quarter […]
Fairfax’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) posted a return on equity (ROE) of 17% for the first quarter of 2004. The reinsurer produced a taxed profit of US$59.0 million (US90 a share) for the first quarter of this year compared with the US$46.6 million (US72 a share) reported for the same period […]
Risk
When Jane Voll stepped into the chief economist's role for the Insurance Bureau of Canada (IBC) this spring, it was a step into the public maelstrom of auto insurance few would be bold enough to take. But Voll's faith in the pivotal role of the insurance industry in Canada's economy, and her belief in a "member-led, research-based" association have her well-equipped to bring the industry's case before regulators, legislators, and ultimately the public.
By Vikki Spencer | May 31, 2004
6 min read
Evolving market cycles, emerging regulations and changing industry practices demand responsiveness and flexibility from commercial lines underwriters and brokers. Should insurers not expect the same from their technology?
By Kevin Campbell | May 31, 2004
5 min read
Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult for the instructor to instill good driving behavior when parents consistently exceed the speed limit […]
By Canadian Underwriter | May 31, 2004
Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance legislation tabled last week by the Government of Newfoundland and Labrador. I have written to […]
Risk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have risen more than US$1.5 billion.And the number of RRGs jumped in 2003, to more than […]
Despite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of the past few years, but says lingering issues remain, not the least of which are […]
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