Features
U.S. Reinsurers’ 1-Q Shows Underwriting Windfall
June 1, 2004 by Canadian UnderwriterU.S. reinsurers produced a combined ratio of 94.0% for the first quarter of this year compared with the 96.4% ratio posted for the same period in 2003, according to data collected by the Reinsurance Association of America (RAA). The improved…
Insurers Back Windstorm Project
June 1, 2004 by Canadian UnderwriterA major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build…
Fairfax Earnings Drop Despite Better Combined Ratio
June 1, 2004 by Canadian UnderwriterInsurance holding company Fairfax Financial Holdings (TSX: FFH) reported reduced net earnings of US$39.5 million for the first quarter of 2004, down from the US$169.0 million posted for the same period the year prior. This saw earnings drop to US$2.63…
On the Move (June 01, 2004)
June 1, 2004 by Canadian UnderwriterAlong the election of Nancy Chambers of Waterloo Region Municipalities Insurance Pool as president of RIMS, fellow Canadian Joseph Restoule, senior risk consultant for NOVA Chemicals Corp. was named vice president, chief risk officer and secretary of the RIMS executive…
Views (June 01, 2004)
June 1, 2004 by Canadian UnderwriterMore than 125 industry veterans were present for the 45th Annual Reception of the Quarter Century Club, held May 6th at the Hilton International Toronto. Emcee John Cherrie, welcomed this “International Order of Old Farts”, and thanked sponsors Cunningham Lindsey,…
Lloyd’s Chair Warns Against Regulatory Interference
June 1, 2004 by Canadian UnderwriterRecent years has seen the Canadian property and casualty insurance industry become increasingly volatile with the availability and pricing of coverage having fluctuated to the extent that insurers have come under intense public scrutiny and criticism, observes Lord Levene, chairman…
Canadian Business Boosts Kingsway’s 1-Q
June 1, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX: KFS) boosted net income by 26% to $30.8 million for the first quarter of this year compared with the $24.4 million reported for the same period a year ago. As a result, earnings on a…
Insurers’ Solvency Level Holds Well Under MCT
June 1, 2004 by Canadian UnderwriterOne year into the new federal solvency test – the minimum capital test (MCT) – the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC). The bureau says the…
Newfoundland Move Prompts Dominion Withdrawal
June 1, 2004 by Canadian UnderwriterCiting auto insurance reforms recently tabled by the Newfoundland government, The Dominion of Canada is the first insurer to signal it will leave the province. In a statement, CEO George Cooke says, “we are deeply offended by the punitive insurance…
In Memory (June 01, 2004)
June 1, 2004 by Canadian UnderwriterGeorge Lightbound It is with sadness that CU announces the passing of George Lightbound. After a tough battle with cancer he died peacefully, on April 26, 2004 at home surrounded by his loving wife of over 56 years, Merle, and…
Canadian Reinsurers Reap 2003 Profit Boon
June 1, 2004 by Canadian UnderwriterCanadian reinsurance companies lifted net taxed earnings for 2003 by more than 5.8 times to $310.8 million compared with the $52.9 million in after tax income reported the year prior. “The sharp rise in income was mostly attributable to a…
Northbridge Posts Strong 1-Q Underwriting Result
June 1, 2004 by Canadian UnderwriterThe Fairfax group’s Canadian arm, Northbridge Financial Corp. (TSX: NB), posted an underwriting profit of $20.3 million for the first quarter of this year. This was achieved on the back of a 92.8% combined ratio. The company’s latest financial return…