Risk
The annual edition of the Risk and Insurance Management Society (RIMS) Benchmark Survey shows that while the hard market is waning, commercial insurance buyers are anticipating a new kind of market with more diverse risk transfer options and the potential for shorter market turns.In its survey of almost 1,000 companies in the U.S. and Canada, […]
By Canadian Underwriter | March 8, 2004
1 min read
Claims
Pet insurer Pethealth Inc. (TSX VE: PTZ) is reporting a net loss for the year ending December 31, 2003 of $2.0 million, or $0.01 per share, although the company notes this is a considerable improvement over the net loss of $5.0 million, or $0.02 per share, reported for 2002.The loss came despite a 93% jump […]
Industry
The Canadian companies of Kingsway Financial Services Kingsway General Insurance Co. and York Fire and Casualty are being downgraded by rating agency A.M. Best, following release of the companies’ 2003 yearend results.A.M. Best has lowered the financial strength ratings on the two companies to “B++” (very good) from “A-” (excellent), and placed both on negative […]
Rising premiums in both the commercial and personal lines p&c sectors led to the lowest level of insurer insolvency in the U.S. since 1998, says rating agency Standard & Poor’s. Reporting on 2003 yearend figures, S&P says a total of 28 insurers were placed under regulatory supervision, with 20 of these from the p&c sector. […]
By Canadian Underwriter | March 5, 2004
2 min read
Private capital in the Lloyd’s market (also known as “Names”) rose to 3.3 billion pounds (Cdn$8.0 billion) for 2004, from 3.0 billion pounds (Cdn$7.3 billion) last year. This means the total market capacity of Names will rise to 22% from 20%, according to the Association of Lloyd’s Members, which represents private capital in the 300-year-old […]
2003 will go down as a costly year for catastrophes, most significantly in human terms, with 60,000 people losing their lives in 380 catastrophic events, according to Swiss Re’s annual sigma study of catastrophes. Most serious was the earthquake striking the Bam region of Iran, killing 41,000 people last December. In fact, 2003 will go […]
By Canadian Underwriter | March 4, 2004
Calgary-based Anthony Clark International Insurance Brokers Ltd. says it has complete a private placement worth nearly $337,000, which will go to the company’s working capital.The offering, costing $1.28 per unit, involved 263,000 units consisting of one common share and one warrant to purchase a common share of the company sometime in the next 2 years […]
Montreal-based Optimum General Inc. (TSX: OGI.A) made its return to profitability official posting net income of $2 million, or $0.17 per share, for 2003. This is a rebound from the net loss of US$7.4 million, or $0.68 per share, recorded in 2002. Much of this growth came in the fourth quarter, with net income of […]
By Canadian Underwriter | March 3, 2004
B.C.’s public insurer is reporting significant growth for 2003, with net income exploding by five-times to $225 million from $45 million in 2002.The Insurance Corp. of B.C.’s (ICBC) earned premiums grew to $2.86 billion in 2003, up from $2.63 billion the year prior, partly due to increased rates and also to a 1.6% increase in […]
The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., are to be purchased by Canadian Western Bank according to a letter of intent signed by the banks. Terms of the deal are a cash payment of $25.4 million, including a 25% premium over book value. Canadian Direct will continue to operate […]
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