Topic
Insurance
What’s New: In Brief (November 11, 2008)
November 11, 2008 by Canadian UnderwriterCompu-quote has teamed-up with E2Value to release a new insurance-to-value (ITV) tool, ezITV.Compu-Quote previously worked with MSB to provide brokers with the insurance-to-value (ITV) tool RCT EvaluRater. But recently MSB announced that, as of Dec. 31, 2008, it would discontinue…
Catastrophes hit Allstate’s Q3 earnings
November 11, 2008 by Canadian UnderwriterThe Allstate Corporation has posted a Q3 net loss of US$923 million, compared to a profit of US$978 million in the same period of last year.Its property-liability combined ratio was 112.7% for the quarter, marking an increase from 2007 Q3’s…
Canadian P&C insurers among 180 companies ranked for corporate governance in Globe and Mail survey
November 10, 2008 by Canadian UnderwriterING Canada Inc. led the way among Canadian P&C insurers appearing in a Globe and Mail corporate governance survey.The Globe and Mail surveyed 180 companies representing various sectors of the Canadian economy. Among Canadian property and casualty companies, ING Canada…
AIG reports net loss of US$24.47 billion for 2008 Q3
November 10, 2008 by Canadian UnderwriterAmerican International Group, Inc. has reported a net loss of US$24.47 billion for 2008 Q3, compared to a net income of US$3.09 billion in 2007 Q3. AIG’s results in the third quarter were negatively affected by financial dislocation in global…
US government restructures AIG debt
November 10, 2008 by Canadian UnderwriterThe U.S. government has significantly restructured its financial support to American International Group (AIG), making it somewhat easier for the company to pay off a credit facility that prevented the insurer from going bankrupt in September 2008.As part of the…
Abuse of process doctrine applies in civil cases, Ontario Appeal Court finds
November 10, 2008 by Canadian UnderwriterThe abuse of process doctrine — which says it is an abuse of the court process to re-litigate negligence that has already been established during a previous criminal trial — does in fact have application in a civil trial, the…
What’s New: In Brief (November 07, 2008)
November 7, 2008 by Canadian UnderwriterSylvie Paquette has been appointed president and COO of Desjardins General Insurance Group effective immediately. The appointment comes after Jude Martineau announced his retirement after a 14-year stint as the head of Dejardins Group’s general insurance subsidiaries. As president and…
Arch Capital reports US$173 million loss in net income for 2008 Q3
November 7, 2008 by Canadian UnderwriterArch Capital Group Ltd has reported net income available to common shareholders was US$26.4 million for 2008 Q3, as compared to US$199.7 million for the same period in 2007. For the nine months ended Sept. 30, 2008, net income available…
Munich Re reports decline in Q3 profit
November 7, 2008 by Canadian UnderwriterMunich Re Group posted a net income of 12 million (about Cdn$18 million) for 2008 Q3, a sharp decline from the 2007 Q3 profit of 1.2 billion (about Cdn$1.8 billion).The group reported a 66% decrease in investment income from 1.9…
Willis Group reports drop in Q3 earnings
November 7, 2008 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH) reported a net income of US$36 million, compared with US$67 million a year ago.The results were impacted by financing and integration costs totalling US$10 million, associated with the acquisition of Hilb Rogal & Hobbs…
Without cap, Alberta auto insurers accumulating Cdn$400 million per year in unfunded liability
November 6, 2008 by Canadian UnderwriterAlberta’s auto insurance industry is accumulating an estimated Cdn$400 million per year in unfunded liability as a result of a provincial court decision late last year that struck down the province’s Cdn$4,000 cap on minor injury claims.Barbara Sulzenko-Laurie, the vice…
Alberta rate board to look at unbundling auto rate factors
November 6, 2008 by Canadian UnderwriterThe Alberta Automobile Insurance Rate Board (AIRB) has been asked by the Alberta Department of Finance to look at ways to unbundle insurers’ auto insurance rating factors, but the board’s work has been hijacked by the provincial court case concerning…