Risk
(Note: Includes correction Gerling NCM was placed on credit watch, not downgraded as per story 2/26/03)The sale of Gerling’s reinsurance operations is being halted by German regulators the parent company has confirmed to Reuters. The story comes as Standard & Poor’s says it is lowering the long-term counterparty credit and insurer financial strength ratings of […]
By Canadian Underwriter | March 11, 2003
2 min read
Industry
Insurers reflected on 2001 as “the worst year ever” and had hopes of a turnaround in 2002, but it was not to be. With the Canadian p&c industry bringing in return on equity (ROE) of 1.6%, 2002 now takes the title as worst year on record, despite price increases and improved underwriting results.Based on regulatory […]
3 min read
A new study from Munich Re suggests that natural catastrophe losses are on the rise, despite less-than average event totals in the last three years.”One of the main reasons for the steep increase in natural catastrophe losses observed worldwide in recent decades is the mounting concentration of people and property values in exposed cities and […]
Moody’s Investors Services is forecasting a profit of 3 billion pounds (Cdn$7 billion) for the Lloyd’s of London market in the 2002-2003 years of account. This comes on the heels of a forecasted 4.5 billion pounds (Cdn$10.5 billion) in losses for 2000-2001. Moody’s expects profit of 1.6 billion pounds (Cdn$3.75 billion) in 2002, and, assuming […]
By Canadian Underwriter | March 10, 2003
Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) posted record financial results for the year ending December 31, 2002. The company brought in total revenue of $3.66 million, a 146% increase over revenue of $1.49 million in 2001. However, the company posted a net loss for last year of $4.99 million, […]
A consumer group has thrown the latest attack in the battle over how to deal with New Brunswick’s auto insurance system. In a press release, the Consumers Coalition Against No-Fault Insurance says that it fears the government is going to “cave in” to insurer demands which it says would create a “no-fault” system in effect.The […]
By Canadian Underwriter | March 7, 2003
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) reports a 194% increase in net earnings for the year ending December 31, 2002. Last year, earnings grew to US$29.4 million from US$10 million in 2001. Diluted earnings per share grew 112% to US$1.05 from US$0.50 the year prior.The company brought in US$2.6 million from the sale […]
By Canadian Underwriter | March 6, 2003
The State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to US$31.8 billion by the end of December 2002. State Farm group currently holds an “Aaa” […]
By Canadian Underwriter | March 5, 2003
1 min read
B.C.’s public insurer is singing a different tune for 2002, having posted net income of $45 million compared to a net loss of $251 million in 2001.The money, which amounts to less than 2% of annual premiums, will go into the reserves of the Insurance Corp. of B.C. (ICBC), says president, CEO and chair Nick […]
Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) has bought 4.3 million outstanding common shares of its own spin-off, Odyssey Re Holdings Corp.. As a result of the private transaction, Fairfax now owns more than 52.36 million or 80% of more than 65 million outstanding common shares of Odyssey Re.The subsidiary has issue US$78.05 million principal […]
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