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US first quarter reinsurance results

June 3, 2005 by Canadian Underwriter

US property-casualty reinsurers experienced a combined ratio of 93.9% for the quarter ended March 31, compared to a combined ratio of 94% last year for a similar group of reinsurers. These results reflect a 68.2% loss ratio and a 25.7%…

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Correction: RIMS/Mercer statistical error reported

June 3, 2005 by Canadian Underwriter

A statistical error occurring in the original release of the RIMS/Mercer risk management compensation survey, resulted in incorrect information being published in Canadian Underwriter’s May 26 article, “Risk management compensation rises.” The error reflected the unintentional amalgamation of Canadian and…

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What’s New: In brief (June 03, 2005)

June 3, 2005 by Canadian Underwriter

Toyota Motor Co’s (TM.NYS) Prius petrol-electric hybrid sedan is facing investigation by the US regulatory authority, due to complaints of a sudden stalling of its engine. Preliminary evaluation of approximately 75,000 Prius models manufactured in 2004-2005 is being implemented by…

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IBC releases submission regarding Government’s consultation paper

June 2, 2005 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) recently sent its submission to the federal Department of Finance on the Government’s consultation paper, “An Effective and Efficient Legislative Framework for the Canadian Financial Services Sector.” Part of “Budget 2005,” the consultation paper…

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RS Group of Companies to merge with Strategy International Insurance Group

June 2, 2005 by Canadian Underwriter

RS Group of Companies, Inc. (OTCBB: RSG) has signed an exclusivity agreement to become a wholly-owned subsidiary of Strategy International Insurance Group, Inc (OTCBB: SGYI). The transaction identifies Strategy’s intent to acquire all RS’s outstanding shares of common stock, options…

News Climate ChangeInsuranceMergers and Aqcuisitions

US personal lines sector softening, but outlook remains stable

June 2, 2005 by Canadian Underwriter

The hard market that has dominating the US personal lines insurance sector is exhibiting a softening trend, a result of record catastrophe losses (about $27 billion) experienced in 2004. According to the report recently released by Standard & Poor’s Ratings…

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Canadian Underwriter Web Poll: May results

June 2, 2005 by Canadian Underwriter

The industry is pessimistic that the commercial insurance sector will be hard hit by an overall softening trend. The Canadian Underwriter Web Poll for May asked “Will commercial insurance rates soften significantly across the board through the remainder of 2005?”…

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Aon study shows insurers and reinsurers earnings least volatile (June 01, 2005)

June 1, 2005 by Canadian Underwriter

Aon (NYSE: AOC) recently announced the results of its 2004 Insurance Earnings Volatility Study, which reports that insurers and reinsurers exhibit the least volatile earnings. “Investors place a large amount of emphasis on earnings growth and earnings volatility when evaluating…

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Hurricane repair costs above average at onset of 2005 hurricane season

June 1, 2005 by Canadian Underwriter

Elevated labor and material costs resulting from last year’s hurricanes are likely to continue through the 2005 season, according to Risk Management Solutions (RMS). By tracking demand surge through analysis of its insurance claims data from the 2004 storms, RMS…

News InsuranceMergers and Aqcuisitions

What’s New: In brief (June 01, 2005)

June 1, 2005 by Canadian Underwriter

Computer Sciences Corporation (NYSE: CSC) recently announced that annual studies conducted by Celentm – global financial services information technology (IT) research and consulting firm identify CSC as a dominant provider of insurance software. This is the second consecutive year Celent’s…

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What’s New: In brief (May 31, 2005)

May 31, 2005 by Canadian Underwriter

Peel Regional Police participation in Canada’s Road Safety Week traffic campaign resulted in the issuance of 2,100 provincial offence notices (traffic tickets), 109 license suspensions, and 19 criminal of impaired driving related offences. The national campaign, which ended on May…

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Macdonald Chisholm, L.G. Trask acquisition to become one of Canada’s largest brokerages

May 31, 2005 by Canadian Underwriter

Macdonald Chisholm, a Nova Scotia insurance broker, recently acquired L.G. Trask Insurance Limited of Yarmouth. This acquisition reflects the commencement of one of the largest insurance brokerages in the Atlantic Provinces.“By combining the two organizations,” Mike Brien, president and CEO…