News
Kingsway’s 2009 Q2 result reflects major transition
August 7, 2009 by Canadian UnderwriterKingsway Financial Services Inc. (TSX/NYSE: KFS) reported a net loss of US$38.4 million in 2009 Q2, compared with a US$6.3-million profit in 2008 Q2.The result reflects a company in the middle of a major transformation strategy — including a previously…
Claimants need to meet threshold of due diligence before applying for benefits from Ontario’s insurer of last resort
August 6, 2009 by Canadian UnderwriterAn insurance claimant and his or her legal representative need to meet a minimal threshold of due diligence before they approach the Ontario Motor Vehicle Accident Claims Fund as a “first insurer,” a FSCO arbitrator has found.The Motor Vehicle Accident…
RSA Canada gains ground in first half of 2009
August 6, 2009 by Canadian UnderwriterRSA’s Canadian operations reported an underwriting profit of Cdn$57 million for the first half of 2009, marking a Cdn$5-million increase over the same period of 2008.The company reported a combined ratio of 93.1%, marking a slight decrease from 93.7% in…
Securities fraud suit filings outpace securities class action suit filings
August 5, 2009 by Canadian UnderwriterThe number of securities lawsuits filed in the United States dropped significantly in 2009 Q2 when compared to the first quarter of this year, but the decrease may only represent a temporary lull, reports Advisen.One hundred and forty securities cases…
Marsh’s 2009 Q2 fortunes linked to writedown related to Kroll
August 5, 2009 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a net loss in 2009 Q2 of US$193 million, compared to a profit of US$65 million in 2008 Q2.Marsh’s quarterly result includes a US$315-million writedown related to Kroll Government Services, a U.S. government…
What’s New: In Brief (August 04, 2009)
August 4, 2009 by Canadian UnderwriterMunich Re’s profit of US$1.4 billion in the first half of 2009 was down 20.1% over the same period last year, the company has reported.In property and casualty reinsurance, the company’s combined ratio came to 97.7% for the months of…
What’s New: In Brief (August 04, 2009)
August 4, 2009 by Canadian UnderwriterThe number of cars stolen in Quebec is decreasing, but the number of thefts of articles taken from inside cars is increasing, reports Insurance Bureau of Canada (IBC).More than 31,000 vehicles were reported stolen in Quebec in 2008, marking a…
Fairfax experiences a surge in Q2 results
July 31, 2009 by Canadian UnderwriterFairfax Financial Holding’s has reported a surge in its Q2 profit, increasing from US$27.6 million in 2008 Q2 to US$275.4 million in 2009 Q2.The company’s combined ratio for the quarter improved from 2008 Q2’s 105.8% to 98.4% in 2009 Q2.On…
What’s New: In Brief (July 31, 2009)
July 31, 2009 by Canadian UnderwriterAon has reported a net income of US$149 million for 2009 Q2, compared to US$1.1 billion for 2008 Q2.Total revenue decreased 4% to $1.9 billion due to a 9% decline resulting from foreign currency translation and a 69% decline in…
Commodity price top risk for food and beverage business
July 30, 2009 by Canadian UnderwriterCommodity price risk is ranked Number 1 on a list of greatest risks faced by the food system, agribusiness and beverage industry, according to the 2009 U.S. Food System, Agribusiness and Beverage Industry Report. The report, issued by Aon Corporation,…
What’s New: In Brief (July 30, 2009)
July 30, 2009 by Canadian UnderwriterLambert Morvan has been appointed chief agent for Canada and senior vice president of Odyssey Re. Morvan has served in senior management and actuarial positions within the Fairfax group of companies, most recently with Northbridge Financial Corporation. He has more than…
Commercial market bottoming out, capacity decreasing
July 29, 2009 by Canadian UnderwriterDespite the fact that capacity in the U.S. commercial insurance market is drying up, the market remains competitive, according to the Risk and Insurance Management Society (RIMS)’s 2009 Q2 Benchmark Survey.The survey was produced by Advisen Ltd. It is based…