Topic
Insurance
Lincoln General drives Kingsway 2008 Q4 losses
February 20, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a 2008 Q4 loss of US$360.4 million and a loss of US$405.9 for the entire year.“The disappointing results in 2008 reflect the impact of legacy operational problems,” said Shaun Jackson,…
Fairfax Financial reports record investment gains for 2008
February 20, 2009 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit…
Co-Operators reports drop in year-end profit
February 20, 2009 by Canadian UnderwriterCo-Operators General Insurance Company announced a profit of Cdn$62.1 million for 2008, marking a drop from 2007’s net income of Cdn$148.2 million.The company reported a net loss of Cdn$18.3 million in 2008 Q4, a decrease from 2007 Q4’s profit of…
OSFI posts amended disclosure guidelines
February 20, 2009 by Canadian UnderwriterCanada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has amended its guidelines for financial disclosures, taking into account recent changes made to the Canadian Accounting Standards, CICA Handbook.“The new Canadian Accounting Standards, CICA Handbook section 3862,…
Ontario Superior Court rules “saving harmless” implies a duty to defend
February 19, 2009 by Canadian UnderwriterA title insurer agreeing to “indemnify and save harmless” an insured against a negligence suit has a duty to defend, even if the allegations against the insured ultimately prove to be false or do not fall under the policy coverage.The…
What’s New: In Brief (February 19, 2009)
February 19, 2009 by Canadian UnderwriterThe shareholders of Northbridge Financial Corporation (TSX: NB) have approved by a special resolution the anticipated amalgamation of Northbridge with Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH).The amalgamation will be effective on or around Feb. 20, 2009.Northbridge will effectively become…
Fitch to focus on liquidity
February 19, 2009 by Canadian UnderwriterFitch Ratings is focussing more on liquidity in its insurance industry ratings criteria in light of the global recession and capital market crisis. Although Fitch has not changed its core ratings criteria, it has adjusted the focus and weighting of…
A.M. Best ratings actions slow in market turmoil
February 19, 2009 by Canadian UnderwriterUpgrades of U.S. property and casualty insurers by A.M. Best Co. barely outpaced downgrades in 2008, following two years in which the numbers tilted heavily in a positive direction.In its special report, Ratings Actions Slow Down as Turmoil Grips P&C…
What’s New: In Brief (February 18, 2009)
February 18, 2009 by Canadian UnderwriterAlan L. Austin has joined the Vancouver branch of Kernaghan Adjusters. Austin’s expertise includes large transportation claims in both Canada and the United States. He has also adjusted large complex property losses, professional liability matters (including broker E&O) and larger…
What’s New: In Brief (February 18, 2009)
February 18, 2009 by Canadian UnderwriterParis Re saw its Jan.1 renewal premium drop by about 13% to US$583 million of premium written (based on constant exchange rates). “The 2009 renewals brought about a turn in the market’s direction, with Paris Re continuing to focus on…
Insurer’s challenge of privacy commissioner’s authority should go to federal court, provincial court rules
February 18, 2009 by Canadian UnderwriterAn insurance company seeking to challenge the authority of Canada’s privacy legislation and the privacy commissioner in an auto injury case will have to go to the Federal Court to make its case, the New Brunswick Court of Appeal has…
P/C insurance pricing in the United States to hit bottom of the trough in 2009: Marsh
February 18, 2009 by Canadian UnderwriterProperty and casualty insurance pricing in the United States is expected to hit the bottom of the trough in the first two quarters of 2009, with flat pricing for renewals being the norm.“In the second quarter or second half of…