News
A.M. Best predicts continued growth of insurance-linked securities market
August 13, 2007 by Canadian UnderwriterThe global reinsurance market is stable, and A.M. Best predicts continued growth in the insurance-linked securities market, moderating cyclicality and amplitude in global reinsurance pricing.In A.M. Bests Global Reinsurance 2006 Market Review researchers note that 2006 set a record for…
New Brunswick increases territories to 11
August 13, 2007 by Canadian UnderwriterIn an on-going commitment to ensuring that residents in New Brunswick have fair and affordable insurance premiums, the government has introduced a new 11-territory insurance rating system. Eleven new territories will replace the current, outdated four territories, T.J. Burke, justice…
Fairfax reports Q2 profit of Cdn$168.1 million
August 10, 2007 by Canadian UnderwriterFairfax Financial Holdings Limited (TSX: FFH) announced a 2007 Q2 profit of Cdn$168.1 million, down from 2006 Q2 earnings of Cdn$229.2 million. Northbridge Financial Corporation (TSX: NB) and Odyssey Re Holdings Corp, Fairfaxs respective primary insurance and reinsurance operations, announced…
Cataclysmic infrastructure collapse: Who pays?
August 10, 2007 by Canadian UnderwriterA recent Minneapolis bridge collapse and New York steam pipe explosion, both of which collectively caused the deaths of at least six people and more than US$250 million in damages, has brought infrastructure liability to the fore, according to a…
Soft pricing, increasing expenses mar Canadian 2007 Q1 results
August 9, 2007 by Canadian UnderwriterContinued soft pricing, expense inflation and a drop in investment income marred the 2007 Q1 results reported by the Canadian insurance industry, according to a recent report by MSA Research Inc. and Baron Insurance Services Inc.Despite a 4.2% increase in…
ICBC reports $256 million profit for first half of ’07
August 9, 2007 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) has reported a net income of Cdn$256 million for the first half of 2007, an increase from Cdn$110 million from the same period in 2006.Insurance premiums earned in the first six months of…
U.S. execs cite competition as top risk
August 8, 2007 by Canadian UnderwriterCompetition was viewed as the number one risk ranked by a survey of 150 U.S. executives in Protivitis 2007 U.S. Risk Barometer.Customer satisfaction, the regulatory environment, information systems and IT security, and changing markets make up the first five of…
ING Canada’s 2007 Q2 profit down 5.7% as a result of storms, property losses
August 8, 2007 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported a 2007 Q2 net income of Cdn$194.3 million, down 5.7% from the Cdn$206 million it reported in 2006 Q2.The company said its growth in direct premiums written remained strong during the quarter despite overall…
Swiss Re reports 68% increase in profits over 2006 Q2
August 7, 2007 by Canadian UnderwriterSwiss Re reported a 68% increase in its property and casualty business over 2006 Q2, with a total earnings of CHF 1.2 billion [approximately Cdn$1.05 billion] throughout 2007 Q2.Overall, compared to 2006 Q2, premiums earned increased 17% to CHF 8…
What’s New: In Brief (August 07, 2007)
August 7, 2007 by Canadian UnderwriterWestern Financial Group Inc. has completed the acquisition of Blonde & Blonde in Kelowna, B.C., Baxter Agencies, formerly a Trans West Insurance office, in Lac La Biche, AB, and Nielsen & Wolfe Agencies in Morrin, AB.“We are pleased to be…
What’s New: In Brief (August 03, 2007)
August 3, 2007 by Canadian UnderwriterGeneral Motors (GM) has announced that it will be using a PPG basecoat system in all of its dealership repairs. The PPG Envirobase High Performance and Nexa Autocolor Aquabase Plus waterborne basecoat systems from PPG Automotive Refinish recently received the…
Kingsway’s Canadian subsidiaries report good 2007 Q2 results
August 3, 2007 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS, NYSE:KFS) has reported a 2007 Q2 net income of US$41.7 million, a 4% increase over the same quarter last year.In a press release, Bill Star, the president and CEO, said he was pleased with the…