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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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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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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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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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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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The High Price of Credit Scoring

February 1, 2004 Vikki Spencer

What does a person’s credit history have to do with the odds they are going to have an auto accident or a house fire? Insurers say plenty. Credit scoring, or the use of an individual’s credit history in the rating process, has been used in the U.S. but not without causing political turmoil. Canadian insurers, on the other hand, have been staying under the political radar, using credit scoring on a limited basis for fear of inciting further government intrusion into the underwriting process.

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Taking CAT Risks to the Next Advancement

February 1, 2004 Dennis Kuzak

The longstanding business of insurance – whereby risk of loss is transferred for a price per a set contract – has withstood wars, disasters, politics and time. Yet, the business of risk transfer has not remained “timeless” in that market forces have adapted with the changing needs of a developing and ever advancing society. The growing popularity of “cat bonds” as a form of investment as well as that of risk hedging against large unexpected losses therefore should come as no surprise to insurers.

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The “Multi-Sport” Rack Option

February 1, 2004 Kevin Campbell

While insurer and other industry Internet-based portals have made progress in simplifying personal lines processing, this is not the case with commercial lines. Some companies are building proprietary websites for commercial quotes. While this may please smaller brokers, it represents two steps backward for those brokerages who had invested in automating their commercial lines. Fortunately, tapping into new Internet technology provides a solution to satisfy all brokers.

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Internet Data Exchange: Crossing the Lines

February 1, 2004 Lee Slack

For many years, brokers have sought technology that could seamlessly integrate sales-side systems with financial service carrier back-offices. This “holy grail” of broker technology is not merely a distant dream – it is available today.

Catherine Rein
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U.S. Primary Market Outlook: Big Stakes Game

February 1, 2004 Sean van Zyl, Editor

A survey conducted by the Insurance Information Institute (III) of the 250 insurance management attendees of its annually held Joint Industry Forum (JIF), which this year’s event recently took place in New York, suggests that four out of five U.S.

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Going Wireless

February 1, 2004 Chris Venn

It would seem in today’s tough market environment that “flexibility” has become a competitive (perhaps survivalist) tactic for brokerages in responding to the shifting “marketscape”. And, I have seen brokers respond in many different ways – with some of these responses having been very creative and surprising. “Wireless networking” is one such creative solution.

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Moments in Time (February 01, 2004)

February 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.