Industry
Saskatchewan Government Insurance (SGI) Canada, a provincial crown insurer, generated a net profit of $21.2 million for the 2003 financial year. The financial turnaround reflects a $30 million improvement over the course of the 12 month period, a statement released by the insurer notes. Notably, Ontario-based subsidiary Coachman Insurance Co., reported a net profit of […]
By Canadian Underwriter | April 21, 2004
1 min read
Claims
U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The latest quarter’s tally is significantly less than the US$1.5 billion cat loss made over the […]
Risk
The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter of this year. The survey results are based on member responses from brokers representing about […]
By Canadian Underwriter | April 20, 2004
2 min read
Royal & SunAlliance Canada Group has appointed four new brokerages to its book in northern part of New Brunswick. The insurer says it will look at expanding overall capacity in the province’s auto insurance market based on the product cost-cutting reform measures thus far introduced by the government.Royal & SunAlliance notes that New Brunswick’s auto […]
Fairfax Financial Holdings Ltd. says it will reduce its stake in Northbridge Financial (which includes Fairfax’s Canadian entities) from 71% to 59% through a share offering.A syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. will sell, through an underwritten secondary offering, 6 million common shares of Northbridge at a price […]
2003 saw 57 mew captive licenses approved in the British Virgin Islands (BVI), 23% growth over 2002, reports the BVI International Financial Centre (IFC).In total, 2003 saw the BVI reach 307 captives, maintaining it as the fifth largest captive domicile in the world.Of the new licences, all were for U.S. parented captives, with the U.S. […]
By Canadian Underwriter | April 19, 2004
Another Fraser Institute report lashing out at public auto insurance systems was released today. The right-wing think tank says public auto equals the highest premiums and the lowest claims payouts, and is tantamount to selling the public a “lemon”.The study goes on to say public auto provinces have two to four times as many claims […]
Promutuel – casualty insurer for a group of 34 Quebec mutuals – says it achieved net income of $35 million for 2003, on the back of 12% premium growth. Premiums last year rose to $412 million, and members’ equity hit $291 million, up fro $256 million in 2002.Investment income was up 33%, while claims dropped […]
Iraq is poised to become the top “hot spot” for terrorism risk with the U.S.-led intervention resulting in an increase in terrorist activity and kidnappings, such as the recent hostage-taking incidents, according to Aon’s counter terrorism and political risk division. The group recently released its 2004 “global terrorism risk map”.Currently Iraq stands in sixth place, […]
By Canadian Underwriter | April 18, 2004
Home
U.S. insurers and reinsurers are encouraging legislators not to increase the amount companies would contribute to a national asbestos litigation fund that could be established under Senate bill S.2290. Insurers made the appeal in a joint statement from the National Association of Mutual Insurance Companies (NAMIC), the Property Casualty Insurers Association of America (PCI) and […]
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