Topic
Insurance
What’s New: In Brief (August 14, 2008)
August 14, 2008 by Canadian UnderwriterRisk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can…
Crawford & Company reports increased net income for Q2
August 13, 2008 by Canadian UnderwriterCrawford & Company reported a net income of US$7.9 million for 2008 Q2, up US$1.8 million from the same quarter in 2007. Consolidated revenues totalled US$263.3 million in 2008 Q2, up from US$240.5 million in 2007 Q2, the company reported.…
Weather-related losses dampen ING’s profit in 2008 Q2
August 13, 2008 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well…
What’s New: In Brief (August 12, 2008)
August 12, 2008 by Canadian UnderwriterXL Insurance has launched an aviation insurance team for the Canadian market. Tony Trost, Canadian aviation manager, who will report to Rod Mearing, XL Insurance’s international aviation manager, will lead the team. Before joining XL Insurance, Trost served as senior…
Rely on earnings for profit rather than investments, Guy Carp cautions
August 12, 2008 by Canadian UnderwriterAsset-driven losses and market volatility are putting increasing pressure on carrier earnings, with profitability increasingly reliant on technical earnings rather than investment gains, Guy Carpenter & Company LLC published in its recent report, Bag Profits Early: Investment Gains under Pressure.“With…
Alberta to increase auto insurance rates by 5% in 2008-09
August 11, 2008 by Canadian UnderwriterThe Automobile Insurance Rate Board (AIRB) has announced it is allowing a 5% increase in premiums for mandatory auto insurance in Alberta as a result of its annual insurance rate review. As a result of the rate change, on average,…
TSR revises hurricane forecast, predicts stronger season
August 11, 2008 by Canadian UnderwriterBased on current and projected climate signals, Tropical Storm Risk (TSR) has increased its outlook for Atlantic hurricane activity in 2008. TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2008 will be 90% above the long-term norm, as…
Swiss Re reports strong P&C results for 2008 Q2, despite lower investments
August 8, 2008 by Canadian UnderwriterSwiss Re has reported a 2008 Q2 net income of CHF600 million (Cdn$592.7 million) for the second quarter of 2008.Return on equity was equivalent to an annualized rate of 8.5% for the quarter and 8.4% for the half year.In the…
EGI’s Q2 results falter on new lines of business
August 8, 2008 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a profit of Cdn$2.7 million for Q2, marking a 38.1% decrease over the same period last year (Cdn$4.3 million).The combined ratio for 2008 Q2 jumped nearly 20% when compared to last year, increasing…
Kingsway sees return to profitability in 2008 Q2 results
August 7, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported net income of US$6.3 million in 2008 Q2, marking what the company called “a significant improvement” over the net loss of US$34.4 million reported in the first quarter of 2008.Still, the result…
RSA Canada reports 21% growth in net written premium
August 7, 2008 by Canadian UnderwriterRSA Canada reported net written premium of Cdn$851 million for the first half of 2008, up 21% over the same period of last year. The company also reported an underwriting profit of Cdn$52 million, compared to Cdn$62 million over the…
Munich Re’s 2008 Q2 profit takes a hit due to market turmoil
August 6, 2008 by Canadian UnderwriterMunich Re Group has recorded a profit of EUR1.4 billion (Cdn$2.2 billion) in the first six months of 2008, down from its profit of EUR2.1 billion (Cdn$3.4 billion) during the first half of 2007.“Despite marked reductions in share prices and…