Industry
Despite dire predictions for the global reinsurance sector in a report by A.M. Best earlier this week, rating agency Standard & Poor’s says reinsurers’ fate is not so bleak.”We’re nearing the point where we would stabilize our view of the reinsurance industry,” says Rob Jones, a managing director in S&P’s London office. “Prices, and perhaps […]
By Canadian Underwriter | September 10, 2003
2 min read
Staffing costs took a bite out of earnings for Calgary-based brokerage Anthony Clark International Insurance Brokers Ltd. (TSX: ACL). The company posted revenue for the three months ending June 30 of $1.40 million, versus $1.25 million for the same period a year earlier. This was largely on the basis of new business commissions, while about […]
1 min read
Claims
The Loyalist Insurance Group (TSX Venture: LOY) is reporting a loss of $338,067 for the first half of the year ending June 30, 2003, less than half the loss reported in first-half 2002, at $707,151. This amounts to a net loss of $0.017 per share for the first half of this year, versus a loss […]
By Canadian Underwriter | September 9, 2003
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Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as cover price increases finally began to outstrip the growth in claims costs, according to preliminary industry data collected by the Insurance Bureau of Canada (IBC). The property and casualty insurance industry finished the second […]
By Canadian Underwriter | September 8, 2003
Risk
Reinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September 11 losses, adverse development on liability and continuing investment return woes is among the factors […]
Hurricane Fabian, which bashed the island of Bermuda on Friday with sustained winds of 120 mph, could cost insurers US$300-$350 million, according to risk modeling firm AIR Worldwide Inc.AIR Worldwide senior vice president, Pat Donahue, says the figure is based on insurable properties on the island, and was modeled using storm tracking and intensity markers […]
On the back of strong second-quarter 2003 results, Fairfax’s Odyssey Re Holdings Corp. (TSX, NYSE: ORH) says it will pay a cash dividend of $0.025 per share. The dividend is payable on September 30, to stockholders of record as of September 16.The company recently reported net earnings of US$112.7 million for the second quarter, or […]
As Ontario heads into an early October election, auto insurance stands to be a key issue on the campaign trail. An early volley was thrown with the release of a study by The Fraser Institute, a conservative public policy organization advocating private market solutions.The study suggests drivers are safer under private auto insurance systems than […]
By Canadian Underwriter | September 5, 2003
Rating agency Standard & Poor’s has put the Canadian operations of Allianz Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada on “creditwatch” with negative implications. The companies combined hold an “A+” financial strength rating currently.S&P says the move is the result of poor operating performance and lack of profitability over the past […]
Net claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC) indicates that as of the end of 2002 the total had reached US$9.3 billion, up […]
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