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Benchmark report highlights auto challenges: Baker

August 8, 2004 by Canadian Underwriter

The first release of the MSA Benchmark Report on Canadian p&c insurers highlights the struggles being experienced by auto writers compared to commercial insurance carriers.The report’s author, MSA Research Inc.president Joel Baker, says that despite a return on equity of…

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Captives continue to show strong growth: A.M. Best

August 8, 2004 by Canadian Underwriter

Over the five-years ending 2003, captives posted net written prmeiums growth of 45%, according to a new report by A.M. Best. In its annual captives review, the rating agency finds over the same five-year period, admitted assets are up 29%,…

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Kingsway net income jumps 22% on investment gains

August 8, 2004 by Canadian Underwriter

Mississauga-based Kingsway Financial Services (NYSE, TSX: KFS) saw net income rise for the second quarter ending June 30, 2004 by 22% to $33.3 million, compared to $27.3 million for the same period a year earlier. This translates to earnings per…

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Peterborough flood claims to top $71 million

August 5, 2004 by Canadian Underwriter

Early claims estimates resulting from the recent Peterborough, Ontario floods show insurers paying out close to $71 million, says Eve Patterson, regional manager for the Insurance Bureau of Canada (IBC). Patterson says with the major writers having reported thus far,…

News InsuranceMergers and Aqcuisitions

IBC voices insurer concerns over Bill-30

August 5, 2004 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) says Newfoundland’s Bill-30 is a “short-term fix” that does little to relieve the pressure on auto insurers and their customers in the province.Bill-30 was signed into law earlier this week, despite opposition from insurers…

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ICBC net income doubles in first half of 2004

August 5, 2004 by Canadian Underwriter

Net income for B.C.’s public auto insurer more than doubled in the first half of 2004, to $166.8 million from $77.4 million a year earlier.Investment income paid a key role in the growth, rising to $215.4 million for the first…

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What’s new: In brief (August 04, 2004)

August 4, 2004 by Canadian Underwriter

Toronto-based Lindsey Morden has a new CEO who will also take on the top role at Cunningham Lindsey U.S.. Jan Christiansen was named to the position upon the resignation of Karen Murphy after four years. Christiansen was most recently CFO…

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Reputational risk tops list of financial institutions’ concerns

August 4, 2004 by Canadian Underwriter

In the latest survey of financial services companies’ views on risk management, PriceWaterhouseCoopers and the Economist Intelligence Unit find a heightened profile for the risk management function and specific concerns about unquantifiable risks, namely reputational risk. In fact, reputational risk…

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Multi-state credit scoring study scrapped

August 4, 2004 by Canadian Underwriter

Several states have agreed to scrap a joint credit scoring study they had been pursuing in favor of an agreement with insurers who will provide data to the federal study on the same issue.Thirteen states led by Missouri had originally…

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Newfoundland auto reforms proclaimed despite industry opposition

August 3, 2004 by Canadian Underwriter

Despite notice from several insurers that they would withdraw from the province of Newfoundland’s auto insurance market due to the passage of Bill-30, the auto reform measures have been proclaimed.The bill was proclaimed on August 1, although this was not…

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Co-operators earnings rise on strong underwriting gain

August 3, 2004 by Canadian Underwriter

Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38.0 million ($1.74 per share) for the second quarter ending June 30, 2044, on the back of 5% improvement in the company’s combined ratio. Co-operators posted a combined…

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Hurricane Alex a mild brother to Isabel

August 3, 2004 by Canadian Underwriter

The insurance industry was spared the full wrath of the first Atlantic hurricane Tuesday as Hurricane Alex made just a glancing blow on the North Carolina coast. Earlier it was feared Alex would be the first storm to cause major…