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 S&P’s has withdrawn the ratings at the request of ING Canada, according to an ING Canada release.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…
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…
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…
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…
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…
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…
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…
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.…
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…
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…
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…
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…