News
Alberta to increase auto insurance rates by 5% in 2008-09
August 11, 2008 by Canadian UnderwriterThe Automobile Insurance Rate Board (AIRB) has announced it is allowing a 5% increase in premiums for mandatory auto insurance in Alberta as a result of its annual insurance rate review. As a result of the rate change, on average,…
TSR revises hurricane forecast, predicts stronger season
August 11, 2008 by Canadian UnderwriterBased on current and projected climate signals, Tropical Storm Risk (TSR) has increased its outlook for Atlantic hurricane activity in 2008. TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2008 will be 90% above the long-term norm, as…
Swiss Re reports strong P&C results for 2008 Q2, despite lower investments
August 8, 2008 by Canadian UnderwriterSwiss Re has reported a 2008 Q2 net income of CHF600 million (Cdn$592.7 million) for the second quarter of 2008.Return on equity was equivalent to an annualized rate of 8.5% for the quarter and 8.4% for the half year.In the…
EGI’s Q2 results falter on new lines of business
August 8, 2008 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a profit of Cdn$2.7 million for Q2, marking a 38.1% decrease over the same period last year (Cdn$4.3 million).The combined ratio for 2008 Q2 jumped nearly 20% when compared to last year, increasing…
Kingsway sees return to profitability in 2008 Q2 results
August 7, 2008 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported net income of US$6.3 million in 2008 Q2, marking what the company called “a significant improvement” over the net loss of US$34.4 million reported in the first quarter of 2008.Still, the result…
RSA Canada reports 21% growth in net written premium
August 7, 2008 by Canadian UnderwriterRSA Canada reported net written premium of Cdn$851 million for the first half of 2008, up 21% over the same period of last year. The company also reported an underwriting profit of Cdn$52 million, compared to Cdn$62 million over the…
Munich Re’s 2008 Q2 profit takes a hit due to market turmoil
August 6, 2008 by Canadian UnderwriterMunich Re Group has recorded a profit of EUR1.4 billion (Cdn$2.2 billion) in the first six months of 2008, down from its profit of EUR2.1 billion (Cdn$3.4 billion) during the first half of 2007.“Despite marked reductions in share prices and…
MMC’s 2008 Q2 profit falls US$112 million
August 6, 2008 by Canadian UnderwriterMarsh & McLennan Companies Inc. (MMC) reported a profit of US$65 million for 2008 Q2, a decrease from 2007 Q2’s US$177 million.For the first six months of the year, MMC’s net loss was US$145 million, reflecting a goodwill impairment charge…
In a coverage extension case, a series of policies counts as continuous coverage, Appeal Court finds
August 5, 2008 by Canadian UnderwriterIf an insurer provides continuous coverage by means of issuing a series of one-year policies, then this amounts to a single “system of successive insurance coverage” for the purpose of determining the application of an extension of coverage provision, the…
The Co-Operators report increasing claims costs in Q2
August 5, 2008 by Canadian Underwriter**CORRECTION** This item corrects information previously published on Aug. 5, in which the company’s six-month profit figures were mixed up with the gross written premium figures. Canadian Underwriter apologizes for the error. The Co-Operators General Insurance Company reported a 2008…
Fairfax reports 84% drop in Q2 profit
August 1, 2008 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH) reported profits of US$27.6 million for 2008 Q2, marking an 84% drop from the US$168.1 million reported in 2007 Q2.The results include the US$84.2-million impact of a reinsurance commutation initiated by Crum & Foster,…
What’s New: In Brief (August 01, 2008)
August 1, 2008 by Canadian UnderwriterAon Corporation (NYSE: AOC)’s 2008 Q2 profit increased 372%, to US$1.1 billion, compared to US$240 million over the same period last year.“Our second-quarter results reflect a 25% increase in adjusted earnings per share from continuing operations, highlighted by 2% organic…