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Co-Operators report slight decrease in Q3 profit

November 3, 2008 by Canadian Underwriter

Co-Operators General Insurance Company reported a net income of Cdn$29.3 million for 2008 Q3, compared to Cdn$30.3 million for the same period of 2007.The company saw its combined ratio increase to 103.5% in the quarter, from 99.9% in 2007 Q3.

News Insurance

S&P’s gauges impact of temporary and non-temporary unrealized losses

October 31, 2008 by Canadian Underwriter

Standard & Poor’s has distinguished between other-than-temporary-impairments (OTTI) and fixed maturity portfolios when gauging the potential impact of unrealized losses on insurers’ financial and credit ratings.The recognition of OTTIs is more likely to signal a true economic loss and result

News Insurance

Fairfax sees strong investment gains in 2008 Q3

October 31, 2008 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX: FFH) reported a 2008 Q3 net profit of US$467.6 million, an increase from 2007 Q3’s profit of US$253.2 million.These Q3 results include net gains on investments of US$856.8 million and US$274.6 million of net catastrophe

News Insurance

Ontario broker regulator issues advisory on record-keeping after banks go electronic

October 31, 2008 by Canadian Underwriter

RIBO has issued a bulletin advising Ontario brokers that they still need to maintain financial records for both trust and general accounts, even though the banking industry has moved into the paperless world of electronic record-keeping.“It has come to our

News Insurance

European insurers use economic capital more than Northen American counterparts

October 31, 2008 by Canadian Underwriter

European insurers lead their North American counterparts in using economic capital (EC) to guide their risk-based decision-making, a Towers Perrin study shows.“European insurers are giving greater short-term priority to the use of EC within their decision making processes (56%), compared

News Climate ChangeInsurance

The Hartford reports 2008 Q3 loss of US$2.6 billion

October 30, 2008 by Canadian Underwriter

The Hartford Financial Services Group Inc. (NYSE: HIG) has reported a 2008 Q3 net loss of US$2.6 billion, compared to a 2007 Q3 profit of US$851 million.“This was an extremely difficult quarter for the company,” Ramani Ayer, The Hartford’s chairman

News Climate ChangeInsurance

Market turmoil ‘exacerbating’ rate erosion in specialty p&c lines

October 30, 2008 by Canadian Underwriter

Pricing in the property and casualty commercial specialty lines continues to soften in spite of damages wrought by Hurricane Ike and recent market turmoil, attendees of an A.M. Best Webinar heard.Anthony Markel, vice chairman of the Markel Insurance Group, sat

News Insurance

Court of Appeal deems restrictive covenant ‘overboard’

October 30, 2008 by Canadian Underwriter

Ontario’s Court of Appeal has determined that a restrictive covenant in a brokerage’s employment contract was unenforceable and ‘overboard,’ overturning a ruling to the contrary by the Ontario Superior Court.In Staebler Company Ltd. v. Allan, Tim Allan and Jeff Kienapple

News Climate ChangeInsurance

Will market dislocations, 2008 hurricanes be enough to turn the cycle?

October 30, 2008 by Canadian Underwriter

“Has the pricing cycle turned?” Benfield asks in a new report. And, if so, “For how long and by how much?” In its October 2008 Global Reinsurance report, ‘Capital ConsequencesBillion Dollar Question,’ Benfield has a detailed analysis of many factors

News Climate ChangeInsuranceMergers and Aqcuisitions

U.S. experiences most expensive Q3 property losses in a decade

October 29, 2008 by Canadian Underwriter

U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated US$11.5 billion for Q3 property losses, marking the fourth-largest insured property loss in a Q3 since 1998, according to ISO’s Property Claims Services.PCS estimates the 11 catastrophes of

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 29, 2008)

October 29, 2008 by Canadian Underwriter

Earl Cameron has been appointed acting president and CEO of SGI, effective Nov.1.Cameron is currently the vice president, claims and salvage, with SGI. He has been with the insurer for 35 years.He moves into the position following the resignation of

News InsuranceMergers and Aqcuisitions

SGI to divest Atlantic Canada brokerage group

October 29, 2008 by Canadian Underwriter

Saskatchewan Crown Corporations Minister Ken Cheveldayoff has announced the province’s Crown corporations are moving towards a “Saskatchewan First” investment policy, with the province’s Crown corporations divesting from certain out-of-province investments.Cheveldayoff told CanWest the policy would not affect SGI Canada’s out-of-province