Topic
Insurance
Northbridge earnings up on strong underwriting and investments
November 7, 2003 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for…
Odyssey reports income drop on lower realized gains
November 7, 2003 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares…
Hurricane Juan damage pegged at $85 million
November 7, 2003 by Canadian UnderwriterDamage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million.…
ISO warns against “hyper competition” as U.S. pricing peaks
November 6, 2003 by Canadian UnderwriterRate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently,…
III pegs California wildfire loss at US$2 billion
November 6, 2003 by Canadian UnderwriterWhile much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed…
Ontario auto rates jump 8.2% in third quarter
November 6, 2003 by Canadian UnderwriterAuto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the…
ICBC’s nine month earnings soar on asset gains
November 5, 2003 by Canadian UnderwriterCrown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic…
RIMS survey points to price easing of U.S. commercial covers
November 5, 2003 by Canadian UnderwriterThe latest “benchmark survey” released by the Risk and Insurance Management Society (RIMS) suggests that the pace of price increases in the U.S. commercial insurance marketplace slowed dramatically in the third quarter of this year. “After the staggering increases [in…
Alberta freezes auto rates for up to 18 months
November 5, 2003 by Canadian UnderwriterFollowing up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier…
Fairfax 3-Q earnings hit by investment declines
November 4, 2003 by Canadian UnderwriterThird quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million…
Desjardins companies adopt new names
November 4, 2003 by Canadian UnderwriterDesjardins Group General Insurance and Assurances generales des caisses Desjardins have adopted new names as part of a marketing repositioning of the group, a statement says. The two companies have been renamed Desjardins General Insurance Group and Desjardins General Insurance…
Dominion begins paying 20% premium cut to Nova Scotia drivers
November 3, 2003 by Canadian UnderwriterThe Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which…