Risk
Despite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through 2003 persisted in the January 2004 renewals, with most companies taking the opportunity to increase […]
By Canadian Underwriter | May 20, 2004
2 min read
Two Fairfax operations are under the eye of rating agencies, with one set for possible upgrade.Odyssey Re’s operations may see its financial strength rating upgraded by Moody’s Investors Service on the back of strong first quarter results. Moody’s says it will review the company’s future earnings prospects, reserve adequacy, reinsurance recoverables, capitalization and the liquidity […]
Claims
French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in the non-life segment dropped significantly on the heels of reduced currency and capital gains. Swiss […]
1 min read
On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six to eight deteriorating into hurricanes. In the past, similar seasons have seen two to three […]
Industry
Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior. Return on equity in the first quarter was 14.7% for the insurance operation. Gross written […]
By Canadian Underwriter | May 19, 2004
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Individuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused of fronting the stolen goods, according to police.Found in police raids on the farm property […]
Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May 19, 2005, will be cancelled.”The directors of the corporation are of the view that if […]
It has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude Dussault said the decision was made because the information has been used against the industry, […]
The coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a chance to demonstrate the kind of stability legislators are looking for. “We can convince them […]
The “A+” (excellent) financial strength rating of ING Canada Group has been affirmed by A.M. Best, on the back of strong underwriting and investment performance.ING Canada includes Belair Insurance Co., ING Insurance Co., ING Novex and Nordic Insurance Co. The group rating has a stable outlook.Despite ING’s exposure to the troubled auto line, specifically in […]
By Canadian Underwriter | May 18, 2004
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