Topic
Insurance
A.M. Best releases methodology for rating securities
August 20, 2007 by Canadian UnderwriterCriteria for rating securities collateralized by reinsurance recoverables has been described in a methodology released by A.M. Best Co., Securitization of Reinsurance Recoverables. This methodology outlines A.M. Bests criteria in rating securities that are backed by reinsurance recoverables. A large…
EGI Financial Holdings reports strongth growth in premiums
August 17, 2007 by Canadian UnderwriterEGI Financial Holdings Inc., reported an increase of 15.5% from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2, in direct written and assumed premiums, according to results for 2007 Q2 and six-months ended June 30. The increase…
What’s New: In Brief (August 17, 2007)
August 17, 2007 by Canadian UnderwriterAudatex Canada ULC, a subsidiary of Solera Holdings, Inc., has extended its relationship with Aviva Canada Inc. for an additional three years, according to a release. Audatex has provided Aviva with core estimating solutions that help standardize the automotive claims…
Canadian auto insurance consumers save Cdn$7 billion after 2003-04 reforms
August 16, 2007 by Canadian UnderwriterConsumers have enjoyed nearly Cdn$7 billion of auto insurance premium savings since insurance reforms were implemented in 2003 and 2004 in Ontario, Alberta, and Atlantic Canada, according to the Insurance Bureau of Canada.IBC made its observations in a press release…
Ontario government to put brakes on street racing
August 16, 2007 by Canadian UnderwriterThe Ontario government has expanded its crackdown on street racing by increasing the maximum fine to $10,000 and widening the definition of the crime in an effort to curb dangerous driving.The definition of a stunt will include driving at 50…
Western Financial Group reports 88.1% profit increase
August 15, 2007 by Canadian UnderwriterWestern Financial Group (WFG)s Agency Network, the fourth largest property and casualty broker in Canada, has reported a 42.5% increase in profits for the first six months of 2007, overall WFG reported an increase in profits of 88.1% for the…
What’s New: In Brief (August 15, 2007)
August 15, 2007 by Canadian UnderwriterPembridge Insurance Company is maintaining its investment as a Full Partner of the Broker Identity Program(BIP) for 2007, according to the Insurance Brokers Association of Canada (IBAC). We are pleased to support brokers across Canada in their successful bid to…
Aviva’s profits hit by UK floods
August 14, 2007 by Canadian UnderwriterAviva PLC reported a hearty 25% increase in worldwide sales to 19.294 billion [approximately Cdn$41.14 billion] throughout the first six months of 2007.Its North American operations reported profits of 70 million [approximately Cdn$149.28 million], an Aviva statement says.Using 2007 exchange…
Damage to vehicles could reach $8 million
August 14, 2007 by Canadian UnderwriterDamage caused due to hail during last weeks storm in Dauphin, Manitoba are being estimated by Manitoba Public Insurance to be between Cdn$6 million and Cdn$8 million for vehicles alone, according to The Winnipeg Sun. Large hail and 56mm of…
A.M. Best predicts continued growth of insurance-linked securities market
August 13, 2007 by Canadian UnderwriterThe global reinsurance market is stable, and A.M. Best predicts continued growth in the insurance-linked securities market, moderating cyclicality and amplitude in global reinsurance pricing.In A.M. Bests Global Reinsurance 2006 Market Review researchers note that 2006 set a record for…
New Brunswick increases territories to 11
August 13, 2007 by Canadian UnderwriterIn an on-going commitment to ensuring that residents in New Brunswick have fair and affordable insurance premiums, the government has introduced a new 11-territory insurance rating system. Eleven new territories will replace the current, outdated four territories, T.J. Burke, justice…
Fairfax reports Q2 profit of Cdn$168.1 million
August 10, 2007 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million. Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced…