News

American International Group, Inc. (AIG) reported a 2009 Q3 profit of US$455 million, compared with a net loss of US$24.5 billion in 2008 Q3.“Our results reflect continued stabilization in performance and market trends,” AIG president and CEO Robert H. Benmosche…

Kingsway Financial Services Inc. believes it has turned a corner despite reporting a 2009 Q3 net loss of US$118.1 million.The 2009 Q3 loss represents a loss of US$128.8 million from run-off and discontinued businesses, including a loss of US$95.5 million…

Hannover Re’s non-life reinsurance group reported a net underwriting profit of EUR98.1 million (about Cdn$156.7 million) in 2009 Q3, marking an improvement from 2008 Q3’s net underwriting loss of EUR131.2 million (about Cdn$209.2 million).The non-life group reported a net income…

The financial strength ratings (FSR) and issuer credit ratings (ICR) of the domestic and international property/casualty and life/health subsidiaries of Berkshire Hathaway Inc. are under review with negative implications by A.M. Best Co. “These ratings actions follow the recent announcement…

The Registered Insurance Brokers of Ontario (RIBO), the self-regulating body for Ontario brokers, opened 113 new complaint files in 2008-09, comparable to the 92 new files it opened in 2007-08.Of those new complaint files opened in 2008-09, more came from…

Canada’s property and casualty industry has been lagging in the establishment of the Chief Risk Officer position, and the processes that accompany it, Julie Dickson, the superintendent of financial institutions, said.Dickson spoke at OSFI’s first risk management seminar for the…

Bermuda and the Cayman Islands are still the top two places to domicile insurance captives, but the United States is supplying some stiff competition — to the point where some say Bermuda is losing its status as a growth centre…

Zurich Financial Services has posted a discrete Q3 net income of US$909 million, a 490% increase over 2008 Q3. The company reported a net income of US$2.2 billion for the first nine months of 2009. Net earned premiums and policy…

Carstar Automotive Canada Inc. has opened two new locations — one in Montreal-North, Que. and one in Kelowna, B.C.Carstar Montréal Avenue Lausanne, located at 9934 Lausanne, is operated by Andrew Almeida and his business partner Angelo Ventola. CARSTAR Kelowna, located…

Swiss Re reported net income of CHF 334 million (about Cdn$349.2 million) for 2009 Q3, marking an improvement from 2008 Q3’s net loss of CHF 304 million (about Cdn$301 million). The reinsurer’s property and casualty businesses combined ratio improved to…

Canadian insurers and insurance brokers have responded favourably to the auto insurance reform package introduced by the Ontario government on Nov. 2, 2009.Insurance Bureau of Canada (IBC) said the government’s reforms to the Ontario auto insurance system “address affordability of…

Nineteen insurance companies representing the majority (55%) of market share currently use credit-based insurance scores, according to a 2009 survey completed for the Canadian Council of Insurance Regulators (CCIR).  The survey also found that six companies, representing a further 6%…