Topic
Markets / Coverages
Kingsway makes a 2010 Q1 profit; reports feud with Lincoln’s run-off manager
May 14, 2010 by Canadian UnderwriterKingsway 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…
Rates need to be raised, even though pricing cycle is overlapping economic downturn: Zurich Canada executive
May 13, 2010 by Canadian UnderwriterFor 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…
BP rig explosion likely to cause hardening in offshore and onshore accounts
May 12, 2010 by Canadian UnderwriterInsurance 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…
A.M. Best affirms Peace Hills’ financial strength rating, improves outlook to ‘stable’
May 7, 2010 by Canadian UnderwriterA.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…
Mild winter boosts Intact’s 2010 Q1 results
May 5, 2010 by Canadian UnderwriterA 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…
Market softening persists, despite natural catastrophes: Willis
April 29, 2010 by Canadian UnderwriterThe 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…
Nova Scotia keeps minor injury cap, triples limit to $7,500
April 29, 2010 by Canadian UnderwriterNova 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…
IBC and IBANS committed to working with Nova Scotia on auto cap amendments
April 29, 2010 by Canadian UnderwriterInsurance Bureau of Canada (IBC) and the Insurance Brokers Association of Nova Scotia (IBANS) say they are committed to working closely with Nova Scotia to monitor the effect of the changes to the auto cap regulations in the province. Changes…
Cost of aerospace industry insurance expected to decline in 2010
April 26, 2010 by Canadian UnderwriterThe cost of aerospace industry insurance in 2010 is expected to decline for the fourth year in a row, according to Aon’s Aerospace Insurance Markets Outlook 2010 report. After the marketplace turbulence in 2009, this represents an oasis of relative…
SGI Canada reports most profitable year ever in 2009
April 26, 2010 by Canadian UnderwriterSGI Canada has reported a net income of $52.4 million – the most profitable year in the corporation’s history – in part due to a low number of storm losses. Continued growth in the provincial economy provided premium growth of…
FM Global offers $420 million of “membership credits” during upcoming renewals
April 20, 2010 by Canadian UnderwriterFM Global is offering its clients a “membership credit” worth a collective $420 million when they renew their policies between June 30, 2010 and June 29, 2011.The credit each client receives will be based on client tenure, with longer-term clients…
Partner Re warns of “no-growth environment” in 2010
April 20, 2010 by Canadian UnderwriterPartner Re is warning of a “no-growth environment” for the reinsurance market in the coming year.In its 2009 annual report, securing the future, Partner Re observed that during Jan. 1, 2010 renewals, “the company observed a competitive business environment with…