Risk
While the beat of war drums from down south might currently sound distant to those in the Canadian property and casualty insurance industry, insurer CEOs believe that the restructuring turmoil underway in the U.S. – which has seen some major players exit mainstream lines of business while others such as Kemper are in the process […]
By Sean van Zyl, Editor | February 28, 2003
9 min read
While the strong price firming witnessed across nearly all lines of business of the North American property and casualty insurance industry will likely maintain momentum through this year and into 2004, company CEOs and investment analysts who partook in this year’s Joint Industry Forum hosted by the Insurance Information Institute (III) in New York City […]
Industry
After a disastrous 2001, Toronto-based financial services giant Fairfax Financial Holdings Ltd. (TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history. The company’s net earnings for 2002 amounted to $28.78 a share compared with a loss of $28.04 a share posted for the 2001 financial year. […]
February 28, 2003
2 min read
The industry’s guaranty fund is considering its future role in Newfoundland, members heard at the recent annual general meeting of the Property & Casualty Insurance Compensation Corporation (PACICC). Newfoundland recently proposed that insurers cover 100% of unearned premiums in the event of an insurer insolvency, while PACICC currently refunds 70% up to a cap of […]
Claims
Auto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written premiums grew 5.7% for the quarter to $442 million versus $418 million for fourth quarter […]
By Canadian Underwriter | February 28, 2003
1 min read
Home
Net income from the insurance operations of Royal Bank of Canada is up 29% for the first quarter ending January 31, 2003 versus the same period last year.The company reports that property reinsurance operations and U.S. subsidiary RBC Liberty Insurance accounted for most of the growth, which amounted to net income of $54 million for […]
Auto
MPP Frank Klees, perhaps best know for his advocacy of new regulations for the collision repair industry, has been moved up to Minister of Transport in an Ontario Tory government cabinet shuffle.The move is being praised by the Collision Industry Action Group (CIAG), and the Collision Industry Standards Council of Ontario (CISCO) which had supported […]
By Canadian Underwriter | February 27, 2003
In reporting its overall results for the fourth quarter and yearend 2002, TD Bank Financial Group notes that insurance products brought in gross premiums of $282 million during the last quarter of the year. This is up $56 million, or 25%, over fourth quarter 2001, the company notes.TD sells insurance through its TD Insurance and […]
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 parent Gerling-Konzern Allgemeine Versicherungs-AG (GKA) and Gerling-Konzern Lebensversicherungs-AG (GKL) to BB+ from BBB.”The downgrade reflects […]
By Canadian Underwriter | February 26, 2003
Auto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last year in 44 states. Sixty of these were aimed at auto insurance, while 45 new […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
