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OSFI data points to industry net income of $590 million in first quarter

June 1, 2004 by Canadian Underwriter

Federally-regulated insurers posted net income of $589.6 million in the first quarter of 2004, according to data from the Office of the Superintendent of Financial Institutions (OSFI).This result tops the $137.0 million in income insurers reported in the first quarter…

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“Driving lessons” begin well before the age of 16: survey

May 31, 2004 by Canadian Underwriter

Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult…

News Insurance

Outlook negative for North American life insurers

May 31, 2004 by Canadian Underwriter

Despite a strong recovery, downgrades are expected to continue to outpace upgrades for North American life insurers, says Standard & Poor’s.The rating agency applauds the industry’s ability to bounce back from the investment drought and weak corporate credit environment of…

News Insurance

Risk retention groups on the rise

May 31, 2004 by Canadian Underwriter

Risk retention groups (RRGs) are on the upswing, according to data compiled by the U.S.-based Risk Retention Reporter.In 2003, RRG premiums rose to US$1.73 billion dollars, up from US$1.27 billion in 2002. In the last 17 years, RRG premiums have…

News InsuranceMergers and Aqcuisitions

Newfoundland legislation prompts Dominion withdrawal

May 31, 2004 by Canadian Underwriter

Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance…

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What’s new: In brief (May 30, 2004)

May 30, 2004 by Canadian Underwriter

A.M. Best has placed the “B++” (very good) rating of Federated Life under review with developing implications as a result of its sale to Western Financial Group by parent Northbridge Financial. The rater says it will meet with Western management…

News Insurance

U.S. reinsurers post gains on underwriting success

May 30, 2004 by Canadian Underwriter

U.S. reinsurer results for the first quarter of 2004 show underwriting diligence is paying off with the members of the Reinsurance Association of America (RAA) posting a combined ratio of 94.0%. This compares with 96.4% in the first quarter of…

News Insurance

Legendary broker MacKinnon dies

May 30, 2004 by Canadian Underwriter

The Canadian insurance industry mourns the loss of veteran broker Cyril MacKinnon, who passed away suddenly on Thursday, May 27. A long-time representative of the Insurance Brokers Association of PEI, MacKinnon was its president and director to the Insurance Brokers…

News InsuranceMergers and Aqcuisitions

Final Alberta reform package promises overall 20% rate savings

May 28, 2004 by Canadian Underwriter

After months of wrangling, a final package of auto reforms has been released in Alberta, with a promised rate savings of 20% overall, the government says. The reforms are to be implemented by September, with the province’s Standing Policy Committee…

News InsuranceMergers and Aqcuisitions

Organized groups responsible for 1/5 of car thefts

May 27, 2004 by Canadian Underwriter

About one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of…

News Insurance

Study questions mold as cause of serious health problems

May 27, 2004 by Canadian Underwriter

No link can be found between the presence of dampness and mold in homes and the variety of serious health problems being claimed in court cases, suggests a new report by the Institute of Medicine (IOM) of the National Academies,…

News Insurance

Northbridge sells life unit to Western Financial

May 27, 2004 by Canadian Underwriter

Northbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding…