News
Standard models for determining minimum capital requirements face challenges: S&P’s
February 22, 2010 by Canadian UnderwriterStandard models used by insurers to compute their solvency capital required (SCR) have the potential to produce excessive or inadequate capital requirements, said Standard & Poor’s.In its report, Standard & Poor’s Highlights Differences in Capital Adequacy Between its Methodology and…
What’s New: In Brief (February 22, 2010)
February 22, 2010 by Canadian UnderwriterSt. Baldrick’s day, which raises money for Canadian cancer research, is being held March. 10 at PJ O’Brien’s in Toronto. In solidarity with children fighting cancer, volunteers will shave their heads and raise money through donations. Jonathan Stephenson, managing director at…
EGI Financial Holdings reports 2009 profit of $4.5-million, down 24.5% from 2008
February 22, 2010 by Canadian UnderwriterEGI Financial Holdings Inc. is reporting a 2009 net income of $4.5 million, down 24.5% from its 2008 profit of $6 million.“We are pleased to report a profitable 2009, despite facing some of the most challenging economic and industry conditions…
Only one Class 4 impairment required for injury victim to be deemed catastrophically impaired: FSCO arbitrator
February 19, 2010 by Canadian UnderwriterA person injured in a motor vehicle accident requires only one marked (i.e. Class 4) impairment to be considered catastrophically impaired, a Financial Services Commission of Ontario (FSCO) arbitrator has ruled.“[FSCO] Arbitrator [Elizabeth] Nastasi in Pastore and Aviva Canada Inc…notes…
23% drop in auto insurance premiums since Nova Scotia auto cap introduced in 2003: IBC
February 19, 2010 by Canadian UnderwriterNova Scotia’s $2,500 cap on minor auto injuries has led to an average auto insurance premium reduction of 23% between the time the cap was implemented in 2003 and August 2009, the Insurance Bureau of Canada (IBC) says in a…
B.C. regulator takes legislative action in wake of Part XIII changes
February 19, 2010 by Canadian UnderwriterBritish Columbia’s Financial Institutions Commission (FICOM) has made legislative changes in the wake of recent amendments to Part XIII of the Insurance Companies Act, saying it believes the Part XIII amendments place the public at risk.The B.C. regulator contends the…
What’s New: In Brief (February 19, 2010)
February 19, 2010 by Canadian UnderwriterDisaster Kleenup Canada Ltd. has expanded its national network to include Restorex. The company will serve customers in the Melville, Yorkton and southeastern Saskatchewan area, as well as in the Regina, Moose Jaw, and south-central Saskatchewan area from their two…
Swiss Re reports “restored” capital position in 2009
February 18, 2010 by Canadian UnderwriterSwiss Re reports its capital position is now fully restored, announcing a 2009 net income of CHF 506 million (Cdn$489 million).That represents a far cry compared to Swiss Re’s loss of CHF 864 million (Cdn$835 million) in 2008.“Today, I am…
What’s New: In Brief (February 18, 2010)
February 18, 2010 by Canadian UnderwriterTracey Drew has been appointed director of sales for Cunningham Lindsey, where she will be expanding the firm’s customer base across the country and increasing awareness of specialized claim solutions. Drew brings with her more than 25 years experience in…
Fairfax expands U.S. business through acquisition
February 18, 2010 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH and FFH.U) has acquired Zenith National Insurance Corp (NYSE: ZNT) for approximately $1.4 billion, a premium of 34.5% to Zenith’s book value as at Dec. 31, 2009.Zenith is a California-based commercial insurer that specializes…
The Co-Operators reports growth in net income in 2009
February 18, 2010 by Canadian UnderwriterThe Co-operators General Insurance Company reported a net income of $74 million in 2009, marking an increase from 2008’s net income of $52.8 million.The insurer’s combined ratio dropped from 106.4% in 2008 to 103.1% last year.Its return on equity also…
Canadian P&C insurers’ financial results rebounding after 2008, SCOR Report suggests
February 17, 2010 by Canadian UnderwriterAfter the market crash that was 2008, financial results published in the SCOR Report 2009 suggests nine Canadian property and casualty insurers appear to be very much on the rebound in 2009.The SCOR Report 2009 shows both the individual and…