News
Crawford reports decreased revenue in 2009 Q1
May 4, 2009 by Canadian UnderwriterCrawford & Company has reported net income for 2009 Q1 was US$3.1 million, as compared to US$9.1 million in the same quarter in 2008.Revenues, net income and diluted earnings per share in 2009 Q1 were negatively impacted by a number…
Time has come to “reset” Ontario auto system
May 4, 2009 by Canadian UnderwriterThe auto insurance reforms suggested by the Financial Services Commission of Ontario (FSCO) are essentially a wash, Barb Addie, a principal at Baron Actuaries, argued.Addie’s article, Ontario Auto – Control-Alt-Delete?, is featured in the MSA/Baron Outlook Report: Q4-2008.In it, she…
No sign of robust commercial market on the horizon
May 4, 2009 by Canadian UnderwriterThe grim results of 2008 are not enough to usher in a robust hard commercial market, according to Joel Baker, president and CEO of MSA Research Inc.In the MSA/Baron Outlook Report: Q4-2008, Baker outlines the reasons for his assessment.“Unlike personal…
Interest in capital relief reinsurance transactions increases in 2009
May 1, 2009 by Canadian UnderwriterCapital constraints amongst global insurers are likely to affect market conditions in 2009, as shareholders’ funds for 24 surveyed reinsurers declined 18% — down to US$127 billion — during 2008, according to a recent Aon Benfield report.“The problem at the…
What’s New: In Brief (May 01, 2009)
May 1, 2009 by Canadian UnderwriterA wildfire in Halifax that forced 1,200 residents to evacuate their homes and destroyed or damaged at least 15 homes is under control, according to CBC.ca. Insurance Bureau of Canada (IBC) is urging homeowners and tenants affected by the fire…
ACE Ltd. reports increase in 2009 Q1 net income
May 1, 2009 by Canadian UnderwriterACE Limited has reported a net income of US$567 million for 2009 Q1, as compared to US$377 million for 2008 Q1. The company’s net investment income increased 3% to US$502 million in the quarter, an ACE release says.Net loss reserves…
Fairfax Q1 investment income declines US$917 million
May 1, 2009 by Canadian UnderwriterFairfax Financial Holdings Ltd. (TSX and NYSE: FFH) reported a net loss of US$60.4 million in 2009 Q1, compared to a profit of US$631.8 million in 2008 Q1.The company attributes the year-over-year decline in earnings to the “significant net investment…
What’s New: In Brief (April 30, 2009)
April 30, 2009 by Canadian UnderwriterLecavalier has launched the first online catalog of recycled auto parts. The site will allow everyone to save an average of 50%, compared to the cost of an original new part, according to the company. Additionally, the purchase of a…
What’s New: In Brief (April 30, 2009)
April 30, 2009 by Canadian UnderwriterMore than 600 collision centre owners, managers and technicians have graduated from PPG’s Green Belt Training program. The training is a four-day comprehensive program blending Lean Six Sigma fundamentals and practical application implementation detail. Key program elements include: • success…
Drop in investment returns will lead to a capacity crunch, FM Global VP predicts
April 30, 2009 by Canadian UnderwriterThe drop in insurers’ investment returns and assets values will lead to a capacity crunch that will inhibit insurers from underwriting higher levels of business in a market where rates are becoming more profitable, said David M. Thompson, vice president…
Canada’s economic recession a “marathon,” Scotiabank executive tells CIP Society Symposium
April 30, 2009 by Canadian UnderwriterLongevity is a unique feature of Canada’s current recession and the country can expect to go three years without growth, Warren Jestin, senior vice president and chief economist of Scotiabank Canada, told insurance industry representatives attending the CIP Society Symposium…
Stakes are high for auto insurance industry: IBC
April 29, 2009 by Canadian UnderwriterThe stakes are quite high for Canada’s auto insurance system — one of the most highly regulated industries in the world — to show signs of a financial recovery, says the Insurance Bureau of Canada (IBC).The industry’s most recent financial…