Canadian Underwriter

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Insurance


News Insurance

Western Financial moves into Manitoba

February 12, 2004 by Canadian Underwriter

Broker network Western Financial Group has purchased its first brokerage in Manitoba. Barker Agencies has two offices in Brandon and one in Souris, Manitoba, serving the western part of the province.This brings the total for the Western Insurance Network up

News Insurance

Northbridge sees gains from strict underwriting

February 11, 2004 by Canadian Underwriter

Northbridge Financial Corp. (TSX: NB), the Canadian arm of Fairfax Financial, is reporting strong underwriting results for 2003. The company posted net earnings of $153.0 million last year, up from $53.7 million in 2002. This translates to earnings per share

News Insurance

Long road ahead for insurers seeking profitability: A.M. Best

February 11, 2004 by Canadian Underwriter

The global property & casualty insurance industry has a long way to go on the road to recovery despite price increases and a stronger overall combined ratio, says rating agency A.M. Best.In its annual “review/preview”, the agency speculates the industry

News Insurance

Fairfax reports record profits for 2003

February 10, 2004 by Canadian Underwriter

Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) says it posted its largest ever annual profit in 2003, earning US$271.1 million, compared to US$263.0 million in 2002. This translates to earnings per share of $18.55 for 2003, up

News Insurance

2003 sees big leap in Co-operators’ earnings

February 10, 2004 by Canadian Underwriter

2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company produce income of $44.0 million last year, versus a net loss of $1.1 million the year prior. This translates to earnings

News Insurance

Insurance elicits bulk on consumer inquiries to ombuds service

February 6, 2004 by Canadian Underwriter

General insurance was responsible for the most inquiries to the new financial services ombuds service in is first full year of operation. According to the first annual report of the Centre for the Financial Services Ombudsnetwork (CSFON), 41% of its

News Insurance

High-seas piracy continues to grow

February 6, 2004 by Canadian Underwriter

While the modern version of piracy may be a far cry from Pirates of the Caribbean, the incidence of pirate attacks continues to grow, says the International Maritime Bureau (IMB). The division of the International Chamber of Commerce (ICC) says

News Climate ChangeInsurance

Cat securitizations up slightly in 2003

February 5, 2004 by Canadian Underwriter

There was modest growth in the use of catastrophe securitizations last year, says California-based risk modeling company Risk Management Solutions (RMS). In its global study of seven publicly reported transactions, RMS estimates US$1.8 billion in cat securitizations were placed in

News InsuranceMergers and Aqcuisitions

IBC establishes online access to MVR records

February 5, 2004 by Canadian Underwriter

Insurers and brokers will soon have real-time access to driver records through a new program from the Insurance Bureau of Canada (IBC). The IBC, working with the Ontario Ministry of Transportation (MTO), is preparing to launch the program April 1.In

News Insurance

Levene discourages “suicidal” return to competitive pricing

February 4, 2004 by Canadian Underwriter

In a speech in London this week, Lloyd’s chair Lord Peter Levene spoke of the dangers of the “lemming culture” of insurance, with the prospect of a return to lax, soft underwriting. He noted two U.S. surveys showing prices flattening,

News Insurance

Insurers & reinsurers headed for conflict: S&P

February 4, 2004 by Canadian Underwriter

Insurers and reinsurers are on the path to a major conflict over recoverables as reinsurers lag in the recognition of reserve problems, says a new report by Standard & Poor’s.The rating agency says “The warning signs are coming thick and

News Insurance

Voll named IBC chief economist

February 3, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has named acting chief economist and vice president of policy development Jane Voll to take over the position permanently.Voll had been filling the chief economist role since October 2003 when Paul Kovacs moved over