News
Canada lacking investment for its national fire prevention strategy
February 13, 2009 by Canadian Underwriter*** CLARIFICATION Canada’s national fire prevention strategy and FireSmart are two separate programs. This clarifies information that was originally posted on Feb. 12. Canada has a national strategy for fire prevention that “is among the most progressive in the world,”…
Number of reported accidents not decreasing
February 12, 2009 by Canadian UnderwriterDespite a decrease in the distance motorists are driving, there is not a decrease in the number of accidents being reported, Rick Tuuri, president of Audatex told delegates at the Canadian Collision Industry Forum in Toronto.“The average collision happens within…
Swiss Re CEO steps down amidst economic turmoil
February 12, 2009 by Canadian UnderwriterJacques Aigrain has announced his resignation as CEO of Swiss Re, effective Feb. 18, 2009.The reinsurer’s board of directors has appointed Stefan Lippe, currently Deputy Chief Executive Officer and COO, as his successor. In early February, Swiss Re announced an…
Willis reports US$62 million Q4 profit
February 12, 2009 by Canadian UnderwriterWillis Group Holdings Limited (NYSE: WSH), a global insurance broker, reported a 2008 Q4 profit of US$62 million, compared with $95 million in 2007 Q4.For the entire year of 2008, Willis had a net income of US$303 million, down from…
What’s New: In Brief (February 11, 2009)
February 11, 2009 by Canadian UnderwriterXL Capital Ltd reported a net loss of $2.63 billion for 2008, marking a drop from 2007’s $205.4 million net income. The company’s insurance segment in 2008 Q4 accounted for gross premium written of $1.1 billion for property and casualty…
Ontario regulator reminds insurers of prohibition on use of credit scoring for determining auto rates
February 11, 2009 by Canadian UnderwriterOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), has issued a reminder to the province’s insurers that the use of credit scoring for the purpose of auto insurance quoting and underwriting is prohibited by law.It is also considering…
S&P’s downgrades Kingsway Financial Services to a ‘B’
February 11, 2009 by Canadian UnderwriterStandard & Poor’s (S&P’s) lowered its long-term counterparty credit and senior unsecured debt ratings of Kingsway Financial Services Inc. (TSX: KFS) three notches to ‘B’ from ‘BB.’The company’s subsidiaries also received downgrades for their debt ratings to ‘B’ from ‘BB.’…
Big pickup trucks earn poor rating in side impact tests
February 11, 2009 by Canadian UnderwriterThree 2009 models of large pickups provide side crash protection that is “wimpy at best,” despite their respective sizes, heights and weights, reports the Insurance Institute for Highway Safety (IIHS). The Nissan Titan, Chevrolet Silverado 1500 and Dodge Ram 1500…
Crawford reports increased net income for fourth quarter
February 10, 2009 by Canadian UnderwriterCrawford & Company has reported a 2008 Q4 net income of US$8.3 million, more than 150% over the US$3.3 million in 2007 Q4. Net income in 2008 Q4 included a US$25.5 million non-taxable gain on the sale of the company’s…
What’s New: In Brief (February 10, 2009)
February 10, 2009 by Canadian UnderwriterCrawford & Company (Canada) Inc. donated $50,000 to Women in Insurance Cancer Crusade (WICC) on behalf of its employees. The latest donation, provided during a celebration breakfast at the Fairmont Royal York Hotel on Feb. 10, brings Crawford’s five-year total…
Cunningham Lindsey to acquire multi-national firm and U.S. forensic engineering firm
February 10, 2009 by Canadian UnderwriterCunningham Lindsey has entered into a definitive agreement to purchase GAB Robins’ international businesses (excluding its UK operations) and its U.S. forensic engineering firm EFI Global. GAB Robins’ international businesses include operations in France, the Netherlands, Belgium, Ireland, South Africa,…
AXIS reports drop in 2008 profits
February 10, 2009 by Canadian UnderwriterAXIS Capital Holdings Limited reported a 2008 Q4 net income of $131 million, compared with a net income of $306 million in 2007 Q4.Net income for the full year of 2008 was $351 million, marking a decrease from 2007’s profit…