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Western Financial boosts earnings for 3-Q

November 25, 2003 by Canadian Underwriter

Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2c a…

News Insurance

SCOR fights back against rating agency

November 24, 2003 by Canadian Underwriter

French reinsurer SCOR Group is “formally contesting” the downgrade it suffered at the hands of rating agency Fitch. SCOR says the downgrade to BB+ from BBB- is “unfounded, ill-timed and causes serious damage to the company”.In a statement, the reinsurer…

News Insurance

RSA Canada combined ratio drops

November 24, 2003 by Canadian Underwriter

As parent company Royal & SunAlliance Group announced its overall losses had narrowed to 146 million pounds from 156 million pounds for the first nine months of 2003, the Canadian operation says its own results are improving.Despite losses due to…

News Insurance

US insurer profitability continues slide: ISO

November 21, 2003 by Canadian Underwriter

The US p&c industry will continue to see a downward trend in profitability despite rate increases, predicts the US Insurance Services Office (ISO). The ISO is projecting a combined ratio of 102.9% for 2003, and about 101% for 2004, but…

News InsuranceMergers and Aqcuisitions

Alberta auto reforms promise $250 million premium savings

November 21, 2003 by Canadian Underwriter

Introducing a new “premium grid” for auto insurance policyholders, the Alberta government says its reforms will lead to $250 million in savings for the province’s drivers.According to the grid, a “benchmark premium” for drivers with clean records would be set,…

News Climate ChangeInsurance

California wildfire loss estimate $2 billion: ISO

November 20, 2003 by Canadian Underwriter

Despite rating agency estimates of a much higher insured loss from last month’s California wildfires, insurers should face a bill of about US$2.04 billion says the US Insurance Services Office (ISO). The ISO’s property claim services unit says the fires…

News Insurance

Optimum General turnaround continues

November 20, 2003 by Canadian Underwriter

Montreal-based Optimum General continued to climb back into the black in the third quarter ending September 30, 2003, posting net profit of $411,000, or $0.04 per share, compared with a net loss of $743,000, or $0.07 per share, in third-quarter…

News Insurance

SCOR Canada CEO to take over SCOR US top spot

November 19, 2003 by Canadian Underwriter

SCOR Canada president & CEO Henry Klecan Jr. will be adding another title to his business card, with the parent company announcing he will assume responsibility for SCOR US. Klecan says he is “extremely flattered by the confidence SCOR Group…

News Insurance

Odyssey Re to sell $75 million in senior notes

November 19, 2003 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) says it has made an agreement with a syndicate of underwriters to sell US$75 million in 10-year senior notes. The notes will bear interest of 7.65% annually, paid semi-annually starting in May 2004.The…

News InsuranceMergers and Aqcuisitions

Co-operators reports income jump, claims improvement

November 18, 2003 by Canadian Underwriter

Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting solid net income of $10.93 million, or $0.48 per share, for the third quarter ending September 30, 2003, a turnaround from the net loss of $3.4 million, or $0.23 per…

News InsuranceMergers and Aqcuisitions

High claims satisfaction rates come despite auto rate concerns

November 18, 2003 by Canadian Underwriter

Responding to the high overall score by the Ontario auto insurance industry on the recent “claims satisfaction survey”, the Insurance Bureau of Canada (IBC) says the results highlight the need the make the private insurance system work.“Despite a lot of…

News Insurance

St. Paul, Travellers to merge in US$16 billion deal

November 17, 2003 by Canadian Underwriter

U.S.-based The St. Paul Companies Inc. and Travelers Property Casualty Corp. have announced they will merge to form the second-largest insurer south of the border. The deal, valued at US$16 billion, is a tax-free, stock-for-stock merger that has been approved…