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US surplus lines profits tumble in 2008, but still outpace p&c industry

September 28, 2009 by Canadian Underwriter

The U.S. surplus lines industry generated a profit in 2008 that outpaced the entire property and casualty industry, and yet its 2008 results represented a decrease of almost 67% from the previous year, reports A.M. Best Company Inc.In a special

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Ontario lawyers see professional indemnity premium rate increases

September 25, 2009 by Canadian Underwriter

A continuing increase in the number and costs of claims, a decline in investment income and the anticipated affect of the harmonized sales tax have all caused the Lawyers’ Professional Indemnity Company (LAWPRO) to increase its base premium for next

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Consumers prefer advance warning about auto rate increases

September 23, 2009 by Canadian Underwriter

Consumer satisfaction declines substantially among auto insurance policyholders who are not notified in advance of rate increases, according to the J.D. Power and Associates 2009 Canadian Home and Auto Insurance Customer Satisfaction Study. The study, released on Sept. 23, finds

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Marine insurers affected by global recession

September 22, 2009 by Canadian Underwriter

As the global recession affects shipping activity, marine insurers are faced with decreased demand and an increase in piracy, according to A.M. Best. Impeding free trade could have a negative impact on the global economic recovery, Deidre Littlefield, president of

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Reinsurers might need to raise rates between 4.3% and 8.9% just to offset low interest rates alone: research

September 15, 2009 by Canadian Underwriter

Internal research by PartnerRe suggests a reinsurer would have to increase its rates by 4.3% (for short-term, property, non-proportional business) and 8.9% (for long-tail, motor, non-proportional business) just to account for lower interest rates and no other factors.PartnerRe presented its

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U.S. commercial side resists sharp D&O rate increases: Willis

September 14, 2009 by Canadian Underwriter

The U.S. property and casualty commercial sector continues to resist sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling 5% in 2009 Q2, according to a new

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Global reinsurance rates increasing by an average of 8% through 2009 renewals

September 10, 2009 by Canadian Underwriter

Global reinsurance rates are increasing by an average of 8% through the 2009 reinsurance renewals, according to Guy Carpenter & Company’s annual survey of the global property catastrophe reinsurance market. Rates declined by 6% in 2008, having declined by 10%

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

What’s New: In Brief (September 09, 2009)

September 9, 2009 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS NYSE: KFS) has entered into a definitive agreement to sell Zephyr Insurance Company, Inc. Kingsway anticipates receiving initial gross proceeds from the transaction of US$31.5 million, plus a contingent, deferred earn-out amount. The deal

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Strict property insurance regulation linked to post-disaster catastrophe rate increases

September 9, 2009 by Canadian Underwriter

Post-disaster property insurance regulations drive up the very insurance prices they purport to control, according to a report from the Independent Institute. The Independent Institute has six centres with a mandate to evaluate, refine, and propose solutions to major social

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Offshore energy renewals likely to remain flat: Aon

September 4, 2009 by Canadian Underwriter

Insurance premiums are predicted to remain flat for offshore energy business for October’s renewals, dependent on location, loss history and limit sought, according to Aon. At the beginning of 2009, rates were expected to rise between 15% and 20%, according

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

General average rate increase of 4.2% for Saskatchewan Auto Fund

August 26, 2009 by Canadian Underwriter

SGI’s rate request for the Saskatchewan Auto Fund, which includes rate rebalancing, is to be effective Nov. 1, 2009, according to the Saskatchewan Rate Review Panel’s Report to the Minister of the Crown Investment Corporation of Saskatchewan. SGI had applied

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What’s New: In Brief (August 14, 2009)

August 14, 2009 by Canadian Underwriter

The Risk and Insurance Management Society (RIMS) has formed a committee to increase its profile in the standards and practices arena and make it the primary resource in shaping and developing risk management standards.Carol A. Fox, past chair of RIMS