Risk
As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own results are improving.Despite losses due to the B.C. forest fires and Hurricane Juan, Royal & SunAlliance Canada improved its combined ratio […]
By Canadian Underwriter | November 24, 2003
1 min read
The US p&c industry will continue to see a downward trend in profitability despite rate increases, predicts the US Insurance Services Office (ISO). The ISO is projecting a combined ratio of 102.9% for 2003, and about 101% for 2004, but with growth falling to 9.2% this year and 6.1% in 2004.Speaking at the Society of […]
By Canadian Underwriter | November 21, 2003
2 min read
Claims
Introducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set, with a surcharge applied for at-fault claims or driving record blemishes. A discount would also […]
Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires which hit San Diego and San Bernadino counties in late October/early November will bring in […]
By Canadian Underwriter | November 20, 2003
Industry
Montreal-based Optimum General continued to climb back into the black in the third quarter ending September 30, 2003, posting net profit of $411,000, or $0.04 per share, compared with a net loss of $743,000, or $0.07 per share, in third-quarter 2002. For the first nine months of 2003, the company posted net profit of $903,00, […]
SCOR Canada president & CEO Henry Klecan Jr. will be adding another title to his business card, with the parent company announcing he will assume responsibility for SCOR US. Klecan says he is “extremely flattered by the confidence SCOR Group has shown in inviting him to take on the secondment to restructure the US operations. […]
By Canadian Underwriter | November 19, 2003
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.The offering is actually a re-opening of an issuance made on October 31, and in total, […]
Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per share, reported for the same period a year earlier. Net income on a year-to-date basis […]
By Canadian Underwriter | November 18, 2003
Responding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.”Despite a lot of negative attention given recently to the auto insurance industry, Ontario’s auto insurers have shown once […]
U.S.-based The St. Paul Companies Inc. and Travelers Property Casualty Corp. have announced they will merge to form the second-largest insurer south of the border. The deal, valued at US$16 billion, is a tax-free, stock-for-stock merger that has been approved by both company boards.The new entity, to be known as The St. Paul Travelers Cos., […]
By Canadian Underwriter | November 17, 2003
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.
