Topic
Earnings / Ratings
Auto insurance rates dropping in Ontario, but increasing in Alberta: LowestRates.ca
October 30, 2017 Jason Contant, Online EditorA newly launched Auto Insurance Price Index from comparison site LowestRates.ca has found that auto insurance rates are dropping in Ontario, but rising in Alberta. Released on Monday, the index report tracks the average cost of consumer auto insurance on…
Kingsway reports net loss of US$1.6 million in Q3 2017
October 30, 2017 by Canadian UnderwriterToronto-based Kingsway Financial Services Inc. announced on Friday a net loss attributable to common shareholders of US$1.6 million in the third quarter of 2017 compared to net income attributable to common shareholders of US$1.4 million in Q3 2016. “An estimated…
The Co-operators reports net loss of $7.4 million in third quarter
October 27, 2017 by Canadian UnderwriterCo-operators General Insurance Company has reported a consolidated net loss of $7.4 million for the third quarter of 2017 ending Sept. 30 compared to net income of $16.3 million for the same quarter of 2016. Guelph, Ont.-based The Co-operators released…
Hurricanes, Mexico earthquakes cost SCOR 430 million euros in Q3
October 26, 2017 by Canadian Underwriter“An exceptional series of large natural catastrophes, with Hurricanes Harvey, Irma and Maria and earthquakes in Mexico,” has led to a cost of 430 million euros, net of retrocession and tax, for SCOR SE for the third quarter of the…
Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros
October 26, 2017 by Canadian UnderwriterExceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are…
Bank of Canada holds rate, suggests more hikes likely at more cautious pace
October 25, 2017 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada left its benchmark interest rate unchanged Wednesday following two straight hikes, but suggested future increases are still likely, albeit at a more-gradual pace. In its scheduled announcement, the central bank said it held off…
P&C combined ratio for XL Group up to 146.9% in third quarter
October 25, 2017 by Canadian UnderwriterXL Group Ltd. has reported a P&C combined ratio of 146.9% for the third quarter of 2017 ending Sept. 30, as natural catastrophe losses largely attributed to Hurricanes Harvey, Irma and Maria took their toll. Excluding prior-year development and nat…
U.S. inland marine industry one of the “most profitable and consistent” lines: A.M. Best
October 24, 2017 by Canadian UnderwriterThe inland marine insurance industry has been one of the most profitable and consistent lines of business in the property and casualty industry over the past decade, according to a new special report from ratings firm A.M. Best Company. The…
Manitoba Public Insurance reports net income of $42.3 million
October 17, 2017 by Canadian UnderwriterManitoba Public Insurance has reported a net income of $42.3 million for the six months of its fiscal year ending Aug. 31, 2017 – an increase of $69.2 million over the same period last year. This amount includes net income…
Actual U.S. homeowners’ loss ratio 10 points lower than modeled expected over past 10 years: Aon
October 16, 2017 by Canadian UnderwriterThe catastrophe loss ratio, over 10 years, was 10 points lower than the modeled expected cat loss ratio in homeowners’ insurance in the United States, Aon plc suggested in a report released Monday. Aon Benfield Analytics released Monday its annual…
Brokers bend MPs’ ears over proposed tax changes
October 13, 2017 by Canadian UnderwriterInsurance brokers are among the professionals expressing concern over proposed changes to federal taxes on business income, a Saskatchewan member of parliament said recently. On October 6, the majority of House of Commons members voted against continuing consultations on proposed…
Megadeals, political instability and strong equity markets deliver M&A underperformance for insurers: WTW
October 6, 2017 by Canadian UnderwriterInsurers undertaking mergers and acquisitions (M&A) in 2016 underperformed their non-acquisitive peers for the first time since 2010, Willis Towers Watson (WTW) reported earlier this week. According to WTW’s latest Insurance M&A Performance Tracker – based on analysis of deals…