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Northbridge posts 92.8% combined ratio in first quarter

April 26, 2004 by Canadian Underwriter

Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when…

News Insurance

B.C. brokers to offer insurance premium financing vehicle

April 25, 2004 by Canadian Underwriter

The Insurance Brokers Association of B.C. (IBABC) says its members will offer a new premium financing program to small businesses through a partnership with Scotiabank and technology firm GHR Systems Inc.IBABC executive director says the move is a response to…

News Insurance

Corporate scandals still on the minds of risk managers: Lloyd’s survey

April 25, 2004 by Canadian Underwriter

An overwhelming majority of risk managers feel that the U.S. market has not seen the last of the major corporate scandals, according to a survey by Lloyd’s.A full 89% of risk managers, responding to a survey conducted at the Risk…

News Insurance

Poor service holding commercial property carriers back: Allianz

April 25, 2004 by Canadian Underwriter

A new survey from Allianz Global Risks US Insurance Co. shows dissatisfaction with the level of service being provided by commercial property carriers. In its survey, Allianz finds that 90% of property brokers have recommended clients to change carriers on…

News Insurance

U.S. commercial property rates down 10% in 2003: Aon

April 22, 2004 by Canadian Underwriter

Despite growing uncertainty around terrorism risk, the U.S. commercial property segment saw rates drop by about 10% last year, says Aon Corp. Insurers benefited from an absence of catastrophe losses last year, as well as returned strength in investment returns.…

News Insurance

D&O market growing: Willis

April 22, 2004 by Canadian Underwriter

The troubled directors’ and officers’ (D&O) market is actually growing in capacity, with “competition and creativity” being witnessed among carriers, says a new report by international brokerage Willis. While the past two to three years have seen skyrocketing rates and…

News Insurance

Commercial rates dropping: RIMS survey

April 22, 2004 by Canadian Underwriter

Commercial insurance buyers report falling rates in property and general liability lines, signs of a softening market, according to the first-quarter 2004 edition of the Risk and Insurance Management Society (RIMS)/Advisen Benchmark Survey.Property rates fell by 1.5%, RIMS members say,…

News Climate ChangeInsurance

U.S. cats cost insurers US$963 million for 1-Q

April 21, 2004 by Canadian Underwriter

U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The…

News InsuranceMergers and Aqcuisitions

SGI discloses profit turnaround for 2003

April 21, 2004 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) Canada, a provincial crown insurer, generated a net profit of $21.2 million for the 2003 financial year. The financial turnaround reflects a $30 million improvement over the course of the 12 month period, a statement released…

News Insurance

CIAB survey shows reduced commercial risk pricing for 1-Q

April 20, 2004 by Canadian Underwriter

The latest quarterly market index produced by the U.S.-based The Council of Insurance Agents & Brokers (CIAB) suggests that pricing of commercial business either declined or remained flat across the various size segments of the marketplace during the first quarter…

News InsuranceMergers and Aqcuisitions

Royal & SunAlliance boost broker contracts in New Brunswick

April 20, 2004 by Canadian Underwriter

Royal & SunAlliance Canada Group has appointed four new brokerages to its book in northern part of New Brunswick. The insurer says it will look at expanding overall capacity in the province’s auto insurance market based on the product cost-cutting…

News Insurance

Fairfax to reduce Northbridge ownership through share offering

April 20, 2004 by Canadian Underwriter

Fairfax Financial Holdings Ltd. says it will reduce its stake in Northbridge Financial (which includes Fairfax’s Canadian entities) from 71% to 59% through a share offering.A syndicate of underwriters led by BMO Nesbitt Burns Inc. and Scotia Capital Inc. will…