Industry
Manitoba Public Insurance (MPI) says it is on track for strong results in 2003, with net income coming in at $39.2 million for the first-half ending August 31. This is up from $26.1 million reported during the same period last year.Investment income helped the cause, up to $48 million for the six-month period. And earned […]
By Canadian Underwriter | October 6, 2003
1 min read
Auto
Broker consolidator Hub International has added two US brokerages to its stable. Boston-based Commonwealth Insurance Agency Inc. will become part of New England “hub” C.J. McCarthy, bringing about US$300,000 in annual revenue. The brokerage specializes in homeowners coverage in Massachusetts, and will be moved to Wilmington, MA, home of McCarthy. Commonwealth owner Edgar J. Sidon […]
By Canadian Underwriter | October 3, 2003
Risk
Rating agency A.M. Best has downgraded the status of Ontario-based Coachman Insurance Co., and placed a negative outlook on other subsidiaries of Saskatchewan General Insurance (SGI).Overall, the rate has affirmed the A- (excellent) financial strength rating of SGI Canada with a stable outlook. But while subsidiaries SGI Canada Insurance Services Ltd. (SCISL) and The Insurance […]
2 min read
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The company says “the net proceeds of the offering will be used to provide additional capital […]
By Canadian Underwriter | October 2, 2003
Home
Canadian p&c insurers are bracing for significant claims in the wake of Hurricane Juan, which took its toll on Nova Scotia and PEI earlier this week.Insurers are just now looking at their exposures, with two companies making formal statements about projected losses.ING Insurance says more than 400 clients have reported damage to homes, cars, boats […]
As most of Halifax continued on Tuesday to be without power and telephones, it is difficult to assess just how much insurers may be paying out in the aftermath of Hurricane Juan.Juan hit the Halifax-Dartmouth area late Sunday, killing at least two people and causing widespread damage from falling trees, flying debris and flooding. Power […]
By Canadian Underwriter | October 1, 2003
The financial results of Canadian and U.S. insurers for the first half of this year suggest that the two marketplaces are converging in a positive direction after several years of runaway claims costs. For both U.S. and Canadian companies, the second quarter of this year marked the first drop in the combined ratio to below […]
By Sean van Zyl, Editor | September 30, 2003
4 min read
While the total value of the Canadian property and casualty insurance marketplace jumped by almost a third last year, the increased revenue benefits did not filter down to higher net earnings for the independent brokerage community, brokers say. In fact, independent brokers point out that they are not making money on personal lines business at all due to the rise in their operating costs brought on by the "hard market". And, although market conditions are shaping up for improvement next year, brokers fear that a slow return of underwriting capacity combined with the overhead cost incurred from the past two years of lean running could spark a new wave of consolidation within their ranks. At the very least, the independent brokerage community will be facing a year of "belt tightening", they say.
11 min read
Is "less" more for today's account executives? The idea that every account is a profitable account is misguided - it is time to set your sights higher, or rather sharper.
By Rick Bauman, president of Bauman Consulting Inc. | September 30, 2003
5 min read
With all the headaches experienced in the Canadian property and casualty insurance industry right now, not the least of which are struggling results from a volatile auto insurance product, it begs the question: "Why would any insurer want to do business here?" The Canadian industry brings many challenges - stressed financial results, strict capital requirements and a higher tax burden - sources say. These "three strikes" could add up to an "out" for global parents choosing whether or not to put precious capital into this market, they warn.
By Vikki Spencer | September 30, 2003
10 min read
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