Canadian Underwriter

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News InsuranceMarkets / Coverages

Soft market likely to persist through 2010: Marsh

May 19, 2010 by Canadian Underwriter

The soft market in the Canadian commercial property and casualty sector will likely not bottom out until late 2010, possibly early 2011, Marsh reports.In its report, Competition Nets Rewards – Multinational Client Service Insurance Market Report 2010, Marsh examines trends

News InsuranceMarkets / Coverages

Brokers ability to present a risk as good quality key to ensuring coverage

May 19, 2010 by Canadian Underwriter

The quality of a broker’s presentation of risk is the most important factor considered by underwriters when deciding whether or not to take on a risk, according to a Marsh survey.An independent research firm polled underwriters in seven global insurance

News InsuranceMarkets / Coverages

ICBC reports increased net income for 2010 Q1

May 19, 2010 by Canadian Underwriter

ICBC reported a net income of $155 million for 2010 Q1, an increase from $117 million in 2009 Q1. An increase in premiums written – up to $860 million in 2010 Q1 from $843 million 2009 Q1 – was a

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

MSB teams up with Compu-Quote to launch replacement cost calculator

May 18, 2010 by Canadian Underwriter

Marshall & Swift/Boeckh (MSB) has teamed up with Compu-Quote Inc. to launch a replacement cost calculator. MSB will integrate its RCT technology into Compu-Quote’s RCT EvaluRater product to form the Replacement Cost Technology EvaluRater. The product is intended to “significantly

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

iClarify officially rolled out across Ontario

May 18, 2010 by Canadian Underwriter

iClarify is now available to all Ontario brokers. The insurance-to-value initiative is a joint effort between Compu-Quote Inc. and SCM’s Risk Management Services (RMS). It allows brokers to retrieve street level and satellite photographs, as well as information on 12

News Earnings / RatingsInsuranceLegalMarkets / Coverages

Kingsway makes a 2010 Q1 profit; reports feud with Lincoln’s run-off manager

May 14, 2010 by Canadian Underwriter

Kingsway Financial Services Inc. has reported a $24.1-million profit for 2010 Q1, despite sustaining a $29.5-million underwriting loss in the same quarter.Also, Kingsway has reported a new obstacle related to its run-off of Lincoln General, namely a dispute with the

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Rates need to be raised, even though pricing cycle is overlapping economic downturn: Zurich Canada executive

May 13, 2010 by Canadian Underwriter

For the Canadian property and casualty insurance industry, the ‘new normal’ is for a hardening market cycle, characterized by higher insurance premiums, to be required during an economic downturn, when policyholders need their money the most.And yet if insurance companies

News InsuranceMarkets / Coverages

BP rig explosion likely to cause hardening in offshore and onshore accounts

May 12, 2010 by Canadian Underwriter

Insurance premiums for both offshore and onshore accounts will likely increase immediately, even though it could take years to determine the total insured loss resulting from the British Petroleum oil rig explosion in the Gulf of Mexico, reports MarketScout.“British Petroleum

News InsuranceMarkets / Coverages

A.M. Best affirms Peace Hills’ financial strength rating, improves outlook to ‘stable’

May 7, 2010 by Canadian Underwriter

A.M. Best Co. has revised its outlook for Peace Hills General Insurance Company (Alberta, Canada) to stable from negative, and affirmed the financial strength rating of B (Fair).“The revised outlook of Peace Hills reflects its improved risk-adjusted capitalization due primarily

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Mild winter boosts Intact’s 2010 Q1 results

May 5, 2010 by Canadian Underwriter

A mild winter and improving market conditions have boosted Intact Financial Corporation’s 2010 Q1 results.The company’s 2010 Q1 profit was $119.7 million, compared to a $36.3-million loss during the same period last year. The company’s combined ratio improved six percentage

News Climate ChangeInsuranceMarkets / Coverages

Market softening persists, despite natural catastrophes: Willis

April 29, 2010 by Canadian Underwriter

The commercial market remains soft, despite an up-tick of natural catastrophes, reports Willis.“The Great Recession didn’t spark a rise in premiums, as some had expected,” wrote Joe Plumeri, Willis’ chairman and CEO, in Marketplace Realities & Risk Management Solutions. “Many

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Nova Scotia keeps minor injury cap, triples limit to $7,500

April 29, 2010 by Canadian Underwriter

Nova Scotia has kept its minor injury cap on pain and suffering awards for automobile accident injuries, but tripled its maximum limit to $7,500.The government announced amendments to the Insurance Act and draft regulations on Apr. 28. The amendments and