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Majority of Canadian P&C market reports 2009 underwriting loss: MSA Research

March 18, 2010 by Canadian Underwriter

More than half (51%) of the 216 insurance companies reporting 2009 year-end data to MSA Research posted an underwriting income for the year.Eighty-eight of the 216 companies reported a combined ratio of 100% or more. MSA Research has posted a

News InsuranceMergers and Aqcuisitions

RIBO to release best practices to aid brokers with auto reforms

March 18, 2010 by Canadian Underwriter

The Registered Insurance Brokers of Ontario (RIBO), a self-regulating body for the province’s brokers, will be preparing best practices for its membership to help brokers understand their obligations toward clients with respect to the auto reforms.In its spring bulletin, RIBO

News InsuranceMergers and Aqcuisitions

Underwriting profits modestly improved in 2009: Fitch

March 18, 2010 by Canadian Underwriter

Underwriting profits for the US property and casualty insurers were modestly better in 2009, reports FitchRatings. The modest improvement was due to the combined impact of unusually light catastrophe losses and favourable loss reserves, according to Fitch’s Property/Casualty Insurers’ Year-End

News Insurance

Zero insurers upgraded in 2009 by Fitch

March 18, 2010 by Canadian Underwriter

Fitch Ratings downgraded 74 companies in the insurance sector — 39.2% of sector ratings — in 2009.Conversely, zero companies were upgraded, Fitch Ratings Global Corporate Finance 2008 Transition and Default Study reports. “The global recession, severe in breadth and depth,

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Second Catlin Arctic Survey underway

March 18, 2010 by Canadian Underwriter

After nine months of planning, two teams have set off on the Catlin Arctic Survey 2010. Both the Explorer Team and the first of the Ice Base personnel left Resolute, Nunavut on a flight out to the floating ice sea

News InsuranceMergers and Aqcuisitions

FSCO revises requirements for auto insurance certificates

March 17, 2010 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has released its new requirements for its ‘Certificate of Automobile Insurance’ form to reflect the government’s reforms.The new certificate must be used for all policies that are issued or renewed on or after

News InsuranceMergers and Aqcuisitions

A.M. Best affirms The Co-operators’ ratings

March 17, 2010 by Canadian Underwriter

A.M. Best Co. has affirmed the financial strength ratings (FSR) and issuer credit ratings (ICR) of the subsidiaries of The Co-operators Group Limited (The Co-operators). The FSR of A- (Excellent) have been affirmed for Co-Operators General Insurance Company.The outlook for

News InsuranceMergers and Aqcuisitions

Saskatoon motorists asked to report suspected drunk drivers

March 17, 2010 by Canadian Underwriter

A new pilot program in Saskatoon, Report Impaired Drivers (RID), encourages residents to call 9-1-1 to report suspected impaired drivers to the police.  “Drinking and driving continues to be the number one contributing factor in fatal collisions in Saskatchewan,” June

News InsuranceMergers and Aqcuisitions

A.M. Best affirms Chubb’s rating

March 17, 2010 by Canadian Underwriter

A.M. Best Co. has affirmed the financial strength rating (FSR) of A++ (Superior) and issuer credit ratings (ICR) of “aa+” of the Chubb Group of Insurance Companies (Chubb Group) and its property/casualty members. The outlook for all ratings is stable,

News Insurance

Aviation market paid out more than a billion in losses following three major claims in 2009

March 17, 2010 by Canadian Underwriter

Three major aviation loss events cost the market roughly $1.2 billion in 2009, according to a GC Capitals report. The first major loss saw 49 people die when a Bombardier Dash 8 crashed while heading into Buffalo Niagara International Airport

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Alberta incorporated insurers showed signs of recovery in 2009

March 17, 2010 by Canadian Underwriter

Alberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance

News AssociationsInsurance

MSA Research teams up with ISO to launch Canadian industry-wide loss data service

March 16, 2010 by Canadian Underwriter

ISO has teamed up with MSA Research Inc. to launch Property Claims Services (PCS), an industry-wide loss calculator, in Canada.PCS-Canada service will enable insurers, reinsurers, brokers and other industry stakeholders, to receive industry-wide data about Canadian catastrophes, including man-made and