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What’s New: In Brief (November 05, 2008)

November 5, 2008 by Canadian Underwriter

Standard & Poor (S&P)’s has affirmed the A+ financial ratings of ING Canada’s primary operating subsidiaries, with a stable outlook. S&P’s has withdrawn the ratings at the request of ING Canada, according to an ING Canada release. Gilles Gratton, vice…

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Swiss Re reports Cdn$1.484 billion loss quarter-over-quarter

November 4, 2008 by Canadian Underwriter

Swiss Re reported a net loss of CHF 304 million (about Cdn$301 million) for 2008 Q3. The company reported a profit of CHF1.469 billion (about Cdn$1.183 billion) in the same period of last year. Earnings for the first nine months…

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Court blames insurers for draining the public purse during coverage dispute

November 4, 2008 by Canadian Underwriter

An Ontario Superior Court judge has issued a strong rebuke to the insurance industry for failing to resolve coverage disputes between insurers quickly, thereby causing a public fund to pay statutory benefits to victims during the time it takes to…

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CNA Financial reports US$331 million Q3 hit

November 4, 2008 by Canadian Underwriter

CNA Financial Corporation (NYSE: CNA) has reported a net loss of US$331 million for 2008 Q3, a drop from last year’s Q3 profit of US$174 million.The company’s consolidated combined operating ratio was 114.1% for the quarter, up from 2007 Q3’s…

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What’s New: In Brief (November 04, 2008)

November 4, 2008 by Canadian Underwriter

Crawford & Company reported a net income of US$6.9 million in 2008 Q3, up from US$3.5 million for the same quarter last year. Net income in the first nine months of 2008 was US$23.9 million, up 87% from US$12.8 million…

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Study finds 6% of U.S. teen drivers report driving while unlicensed, unsupervised

November 3, 2008 by Canadian Underwriter

One out of 25 (or 4.2%) of Grade 9 to Grade 11 students in the United States report driving at least one hour a week without supervision, according to research undertaken by The Children’s Hospital of Philadelphia and State Farm…

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Canadian P&C industry sees 30% drop in profit in first half of ’08

November 3, 2008 by Canadian Underwriter

The Canadian property and casualty industry reported a profit of Cdn$1.4 billion in the first half of 2008, a 30% drop year-over-year, Swiss Re reports in its Canadian P&C Quarterly.During the first half of 2008, the industry’s return on equity…

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Co-Operators report slight decrease in Q3 profit

November 3, 2008 by Canadian Underwriter

Co-Operators General Insurance Company reported a net income of Cdn$29.3 million for 2008 Q3, compared to Cdn$30.3 million for the same period of 2007.The company saw its combined ratio increase to 103.5% in the quarter, from 99.9% in 2007 Q3.…

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S&P’s gauges impact of temporary and non-temporary unrealized losses

October 31, 2008 by Canadian Underwriter

Standard & Poor’s has distinguished between other-than-temporary-impairments (OTTI) and fixed maturity portfolios when gauging the potential impact of unrealized losses on insurers’ financial and credit ratings.The recognition of OTTIs is more likely to signal a true economic loss and result…

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Fairfax sees strong investment gains in 2008 Q3

October 31, 2008 by Canadian Underwriter

Fairfax Financial Holdings Limited (TSX: FFH) reported a 2008 Q3 net profit of US$467.6 million, an increase from 2007 Q3’s profit of US$253.2 million.These Q3 results include net gains on investments of US$856.8 million and US$274.6 million of net catastrophe…

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Ontario broker regulator issues advisory on record-keeping after banks go electronic

October 31, 2008 by Canadian Underwriter

RIBO has issued a bulletin advising Ontario brokers that they still need to maintain financial records for both trust and general accounts, even though the banking industry has moved into the paperless world of electronic record-keeping.“It has come to our…

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European insurers use economic capital more than Northen American counterparts

October 31, 2008 by Canadian Underwriter

European insurers lead their North American counterparts in using economic capital (EC) to guide their risk-based decision-making, a Towers Perrin study shows.“European insurers are giving greater short-term priority to the use of EC within their decision making processes (56%), compared…