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Market Signals

April 1, 2004 Craig Harris

Canada’s insurance “wholesale” market, which includes underwriting managers, managing general agencies (MGAs) and special risk facilities, has swollen to a considerable size after a turbulent three years. Some of the larger players are now on the same footing as standard carriers when it comes to premium volume. The main question emerging today is how much, and what kind of business will flow back to regular insurers as market conditions change?

Auto battle in Nova Scotia in June, 2003. With the end of World War II, auto insurance began to dominate the headlines, becoming a top issue in everyelection of the last 18 months.
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70 Years of Insurance

April 1, 2004 Vikki Spencer

When Norman Jardine published the first edition of Canadian Underwriter in 1934, “in the interests of fire and casualty insurance in Canada”, the world was a very different place. The population stood at about 10.5 million, the country was weathering

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Canadian Western Bank Buys HSBC Insurance Operations

March 1, 2004 by Canadian Underwriter

The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance

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Fairfax Reports Record Profit for 2003

March 1, 2004 by Canadian Underwriter

Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share)

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Insurers Urged to Sharpen Claim Defense Tools

March 1, 2004 by Canadian Underwriter

Insurers and their commercial clients are paying out too much on claims that could be defended, speakers warned at a recent seminar hosted by Crawford Adjusters Canada Ltd. “I’m darned tired of seeing these companies and insurers kicked around by

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Lawyers Call for Re-Think on Mediation Process

March 1, 2004 by Canadian Underwriter

A new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm

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Kingsway ROE Drops Slightly on Reserve Strengthening

March 1, 2004 by Canadian Underwriter

Specialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%,

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Insurers’ ROE Bounces Back to 10% for 2003

March 1, 2004 by Canadian Underwriter

Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in

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Hazel Hit Toronto Hard

March 1, 2004 by Canadian Underwriter

Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry’s history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.

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On Firm Ground..?

March 1, 2004 Sean van Zyl, Managing Editor

Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business

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Co-Operators Pulls in Strong 2003 Return

March 1, 2004 by Canadian Underwriter

2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior.

OIAA
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Moves & Views (March 01, 2004)

March 1, 2004 by Canadian Underwriter

The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple