Claims
Ancaster, Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) posted net income of $91,621 ($0.005 per share) for the first quarter ending March 31, 2003, despite recognition of a $281,757 on share dilution from the reduction of its ownership in Loyalist Group Ltd (which runs its insurance arm). This compares with a net loss of […]
By Canadian Underwriter | June 10, 2003
1 min read
U.S. reinsurers are reporting strong results in the first quarter of 2003, says the Reinsurance Association of America (RAA).In its underwriting report for 29 member insurers, the RAA says net written premiums were up to US$8.5 billion from US$6.7 billion reported in the first quarter last year.Overall, the combined ratio sat at 96.4%, down from […]
Industry
Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance Bureau of Canada (IBC) data. As a result, the industry’s ROE clocked in at […]
By Canadian Underwriter | June 8, 2003
2 min read
Prem Watsa, CEO of Fairfax Financial Holdings (TSE: FFH), says he plans to acquire through the public market up to 250,000 subordinate voting shares of Fairfax, which based on the current trading price of the company’s common stock, the purchase(s) represent a value of approximately $51 million. Fairfax will not provide financing for the share […]
By Canadian Underwriter | June 6, 2003
Adjusting firm Crawford Adjusters Canada has opened two new offices in Quebec and hired six new members who were previously employed by rival firm Les Expertises. The new offices will provide services to the Laurentian and Lanaudiere regions, as well as greater Montreal, Crawford CEO Glenn Gibson says. He describes the new offices as a […]
Rating agency A.M. Best says it will maintain the “A-Double-Plus (Superior)” rating given to Munich Re and its operating subsidiaries, despite the 238 million loss reported by the group for the first quarter of this year. A.M. Best believes that the capitalization of Munich Re remains “superior” while the group has achieved material improvement in […]
By Canadian Underwriter | June 5, 2003
Risk
A negative outlook persists for the global reinsurance industry, says rating agency Standard & Poor’s. In it’s “Global Reinsurance Outlook”, S&P notes that despite rising premiums, long-tail losses, investment declines and the decision by some companies to exit reinsurance continue to cast a pall on the industry.S&P has 12 of the top 25 reinsurers on […]
By Canadian Underwriter | June 2, 2003
The industry’s pool for high-risk drivers is expecting to post significant losses this fiscal year, particularly in Ontario. The Facility Association (FA) residual market stands to lose $313.9 million for the fiscal year, which runs from November 1, 2002 to October 31, 2003, according to “Outlook 2003” prepared by actuaries Eckler Partners.About $275.8 million of […]
Many insurance carriers have asked themselves the following question: Is our subrogation department the best profit center it can be? The response has been a resounding "no!" for most carriers.
By Michael Baumel | May 31, 2003
5 min read
In today's fiercely competitive economic and information technology (IT) environment, insurance companies are starting to look at software deployment very differently from before. Insurers are increasingly turning to outsourced IT solutions for improved performance, productivity and profit.
By Yves LeClerc | May 31, 2003
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