Topic
Insurance
Judge dismisses application for stay of decision to eliminate Alberta’s minor injury cap
February 26, 2008 by Canadian UnderwriterAn Alberta judge has dismissed the application for a temporary stay of a decision that eliminated Alberta’s Cdn$4,000 cap on minor auto injuries, pending an appeal of Morrow v. Zhang and Pedersen v. Thournout.In his decision not to grant a…
What’s New: In Brief (February 26, 2008)
February 26, 2008 by Canadian UnderwriterThe outlook is stable for the 2008 U.S. commercial market despite a soft period cycle, according to A.M. Best Co.’s assessment of the market. “Commercial lines carriers have bolstered their positions after robust earnings in recent years by investing in…
OSFI to separate underwriting performance from actuarial liability adjustments
February 26, 2008 by Canadian UnderwriterThe Office of the Superintendent of Financial Institutions (OSFI) has introduced a new supplemental filing to isolate underwriting performance from adjustments to actuarial liabilities.Such liabilities might be caused by market swings and resultant changes in the fair value of the…
A.M. Best “cautiously optimistic” for personal lines in 2008
February 26, 2008 by Canadian UnderwriterA.M. Best Co. has maintained a stable outlook for the personal lines segment in 2008, despite the moderate deterioration of results in 2007.The deterioration in 2007 results reflects increasing loss-costs trends as well as competitive market conditions, an A.M. Best…
What’s New: In Brief (February 25, 2008)
February 25, 2008 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) has announced it is renewing its sponsorship agreement with professional golfer Richard Scott from Kingsville, Ont. “Richard has represented us well and we’re proud to be associated with his success,” Randy Carroll, CEO…
What’s New: In Brief (February 25, 2008)
February 25, 2008 by Canadian UnderwriterStudies show that 20% of Canadians have been victims of identity theft, ING Insurance reports in a release. And it may be costing Canadian consumers, banks and businesses more than $2 billion annually, the company reports. Recent studies show that…
The Co-operators subsidiary amalgamates with Quebec firm
February 25, 2008 by Canadian UnderwriterThe Co-operators Group Ltd. and Montreal-based institutional investment management firm Addenda Capital Inc. (TSX: ADV) have announced that Addenda will amalgamate with a subsidiary of The Co-operators (Newco).The transaction, which values Addenda’s equity at approximately Cdn$306.5 million, will be implemented…
Munich Re surpasses profit targets in 2007
February 25, 2008 by Canadian UnderwriterThe Munich Re Group in 2007 achieved a profit of 3.9 billion [Cdn$5.76 billion], surpassing its projected target of between 3.5 billion and 3.8 billion [Cdn$5.17 billion and Cdn$5.61 billion], the company announced. The reinsurer also noted a 20.2% return…
Northbridge sees strong profit increase in 2007
February 22, 2008 by Canadian Underwriter**CORRECTION**This news item contains amendments that replace incorrect information appearing in a previous post. Northbridge Financial Corporation (TSX: NB) reported 2007 profits of Cdn$295 million, a 76.6% increase from 2006’s net income of Cdn$167.1 million.Underwriting profit for 2007 increased to…
FM Global reports record profit growth
February 22, 2008 by Canadian UnderwriterFM Global reported a 26% growth in net income (to US$928 million) in 2007, the largest such growth in the company’s history.The company also posted a combined ratio of 73.4%, which was better than forecast, the company reported, “due to…
Expert panel to look at ways to improve Canadian securities regulation
February 22, 2008 by Canadian UnderwriterCanada has appointed an expert panel to help look at ways to improve securities regulation in Canada, including an examination of whether the country should establish one common securities regulator for the entire country.“I am asking the panel to develop…
What’s New: In Brief (February 22, 2008)
February 22, 2008 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) invested roughly Cdn$8.9 million in funding for safety improvements to roads in B.C. as part of its Road Improvement Program.The program works in partnership with municipalities and the provincial government to make roads…