Industry
Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.Gross written premiums (GWP) for the third quarter ending September 30 were US$703 million, an increase of US$203.3 million, or 40.7%, over the same period last year. For […]
By Canadian Underwriter | October 27, 2003
1 min read
Risk
Underperformance in the property & casualty line that is hampering reinsurer ratings, along with pressure on risk-adjusted capital, says rating agency A.M. Best. And the outlook for 2003 yearend is for little improvement, the firm adds.Given the current low interest rate situation, reinsurers have to rely on underwriting profit, which has been modest at best […]
By Canadian Underwriter | October 24, 2003
2 min read
An auto insurance rate freeze announced by the brand new Ontario Liberal government today is not unexpected, says the Insurance Bureau of Canada (IBC). Insurers are prepared to cooperate with the rate freeze, but hope to work with the new government on long-term solutions to the challenges facing the auto insurance industry.The government had campaigned […]
By Canadian Underwriter | October 23, 2003
The latest “commercial market index” membership survey conducted by the U.S.-based Council of Insurance Agents & Brokers (CIAB) suggests that during the third quarter of this year there was a renewed sense of market competition among property and casualty insurers in terms of pricing in several lines of commercial coverage. Broker membership feedback also indicates […]
By Canadian Underwriter | October 22, 2003
Specialty risk insurer Kingsway Financial Services Inc. (TSX: KFS) saw net income for the third quarter of this year drop by 28% to $15.6 million compared with the $21.7 million reported for the same period in 2002. This equates to earnings on a fully diluted basis of 28c a share for the latest quarterly reporting […]
By Canadian Underwriter | October 21, 2003
3 min read
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has acquired the assets and book of business of San Francisco-based Vista International Insurance Brokers. The purchase, which involved an undisclosed amount of cash and “seller financing”, was completed between an Anthony Clark subsidiary, Addison York Insurance Brokers Ltd., and Vista’s former family owners represented by DKWS […]
Rating agency A.M. Best has reduced the financial strength rating of the Swiss Re group to "A+ (Superior)" from "A++ (Superior)" on grounds that the reinsurer’s forward earnings potential based on first half results for 2003 will unlikely support its existing risk-based capital level. The rating agency notes that, while Swiss Re’s combined ratio for […]
By Canadian Underwriter | October 20, 2003
The recent announcement by Munich Reinsurance Co. of a share offering to raise at least 3.8 billion in "growth capital" has received a lukewarm response from the major rating agencies. The rights offering will be made before the end of this year, the reinsurer says, with any shares under the issue not taken up by […]
The European Commission says it has formally closed its proceedings relative to the regulation of Lloyd’s of London. In December of 2001, the commission had launched “infringement proceedings”, citing concerns over the insurance market’s supervision.Despite assurance by U.K. authorities that the Financial Services and Markets Act, which also came into force in December 2001, would […]
By Canadian Underwriter | October 17, 2003
A new survey by RBC Insurance/Ipsos-Reid shows that while an overwhelming majority of people think travel insurance is important, not all are purchasing it.While 84% of Canadians surveyed said travel insurance was worth the cost to ensure peace of mind, only 60% of people who traveled outside of Canada in the last three years actually […]
By Canadian Underwriter | October 16, 2003
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