Canadian Underwriter

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Feature

Broker Management: Defining “Good” Sales

October 1, 2003 Rick Bauman, president of Bauman Consulting Inc.

Is “less” more for today’s account executives? The idea that every account is a profitable account is misguided – it is time to set your sights higher, or rather sharper.

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Independent Brokers: Tightening the Belt?

October 1, 2003 Sean van Zyl, Editor

While the total value of the Canadian property and casualty insurance marketplace jumped by almost a third last year, the increased revenue benefits did not filter down to higher net earnings for the independent brokerage community, brokers say. In fact, independent brokers point out that they are not making money on personal lines business at all due to the rise in their operating costs brought on by the “hard market”. And, although market conditions are shaping up for improvement next year, brokers fear that a slow return of underwriting capacity combined with the overhead cost incurred from the past two years of lean running could spark a new wave of consolidation within their ranks. At the very least, the independent brokerage community will be facing a year of “belt tightening”, they say.

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Uneasy Optimism…

October 1, 2003 Sean van Zyl, Editor

The financial results of Canadian and U.S. insurers for the first half of this year suggest that the two marketplaces are converging in a positive direction after several years of runaway claims costs. For both U.S. and Canadian companies, the

Feature Mergers and Aqcuisitions

Insurers’ Combined Ratio Drops as Profits Rise For 2-Q

September 1, 2003 by Canadian Underwriter

Insurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as coverage price hikes implemented by companies over the last two years finally began to outstrip the growth in claims

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Feature

Modest Insurance Cost From Blackout Expected

September 1, 2003 by Canadian Underwriter

Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border say. The lights went out in Ontario just after 4:00 pm

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Fairfax 2-Q Earnings Soar on Investment Boon

September 1, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15

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Kingsway Discloses 18.2% ROE for 2-Q

September 1, 2003 by Canadian Underwriter

Kingsway Financial Service Inc. (TSE: KFS) reported a return on equity of 18.2% for the 12 month period leading to the end of the second quarter of this year. This compares with the 11.8% ROE generated by the insurer for

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Newfoundland Auto Reform Includes Rate Freeze

September 1, 2003 by Canadian Underwriter

Featured among reform changes to Newfoundland’s auto insurance system is optional coverage for minor pain and suffering, as well as a rate freeze imposed on insurers. This follows on the heels of the other Atlantic provinces in introducing changes to

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Hub Boosts 2-Q Revenue; Buys CBUS

September 1, 2003 by Canadian Underwriter

Broker consolidator Hub Inter-national Ltd. (TSX: HBG) increased second quarter revenue by 29% year-on-year to US$74.1 million, while net earnings fell to US$10.1 million for the same period compared with the US$10.7 million reported at the end of June 2002.

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Northbridge Gains Strong Earnings Footing For 2-Q

September 1, 2003 by Canadian Underwriter

Toronto-based Northbridge Finan- cial Corp. (TSX: NB), part of the Fairfax group, increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million shown for the same period in 2002. The

Feature Mergers and Aqcuisitions

Black Summer…

September 1, 2003 Sean van Zyl, Editor

Those in the industry who had been looking forward to an easy-going summer would have been jolted by the series of adverse events that seemed to cascade one after the other in the final stages of the season. Basically, short

Dr. Tim Doggett, research scientist, at AIR Worldwide Corp.
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Severe Thunderstorms – Canada’s Billion Dollar Risk

September 1, 2003 David Lalonde & Dr. Tim Doggett

According to the Insurance Bureau of Canada’s (IBC) “Facts 2002”, the individual perils that comprise severe thunderstorms – tornado, hail and straight-line winds – have been responsible for more than half of the natural catastrophe losses incurred by Canadian insurers over the past 20 years. While the earthquake threat in Canada is very real and must be managed, insurers should not ignore the risk of significant losses from severe thunderstorms.