News
Lloyd’s profit jumps 152% in 2003
April 8, 2004 by Canadian UnderwriterThe Lloyd’s market is projecting overall profit of US$3.2 billion for 2003, up 152% over 2002’s result of US$1.3 billion.The market will also reduce its combined ratio by eight points, to 90.7% last year against 98.6% the year prior. At…
ING adds voice against public auto for New Brunswick
April 8, 2004 by Canadian UnderwriterResponding to the recent release of a report on potential public auto in New Brunswick, ING Insurance says if product reforms were achieved in the province, private insurers could provide a cheaper product that any public system.“Essentially, the Select Committee…
CCIR releases “referral agreement” feedback
April 8, 2004 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR), coming off their spring meetings, has released feedback on the January discussion paper on referral agreements. Among the respondents is the Registered Insurance Brokers of Ontario (RIBO), which outlined its policy on referral…
Proposal would see “sole occupation” rules loosened for agents
April 7, 2004 by Canadian UnderwriterIn a discussion paper, the Financial Services Commission of Ontario (FSCO) is looking at loosening the “sole occupation” restriction on general and life agents.The restrictions mean that agents in bigger communities must be full-time agents and not hold other jobs.…
Brokers in demand more than ever: Swiss Re study
April 7, 2004 by Canadian UnderwriterCommercial and reinsurance brokers are facing an increasing demand for their services, in light of the growing complexity of risks, according to the latest Swiss Re sigma study.The study looks at development of the broker market over the past 20…
IBC touts Facility depopulation in New Brunswick
April 7, 2004 by Canadian UnderwriterThe month of March saw 2,000 moved out of the Facility Association, the industry’s pool for high-risk drivers, says the Insurance Bureau of Canada (IBC). The announcement comes on the heels of a the release of a committee report on…
IASB provides “interim standards” for insurers
April 6, 2004 by Canadian UnderwriterWhile much of the guidance for insurers under new international accounting standards was to have been applied under phase two, set for 2008, the International Accounting Standards Board (IASB) has released interim standards for insurance contracts.The International Financial Reporting Standard…
Western Financial net income up 37% for 2003
April 6, 2004 by Canadian UnderwriterNet income for brokerage and bank Western Financial Group (TSX: WES) was up 37% in 2003, to $2.1 million from $1.6 million in 2002, being its own projections. This translates to earnings per share of $0.11 last year, versus $0.08…
Blais takes over top spot at AXA
April 6, 2004 by Canadian UnderwriterWith the announcement of the retirement of AXA Canada’s Jean-Denis Talon from the position of CEO, the company says the top spot will be assumed by Jean-Francois Blais.Talon, who recently won the “Canada-France personality of the year” from the French…
Scor rating affirmed on narrower loss
April 5, 2004 by Canadian UnderwriterAfter reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last…
Loyalist to make $1.25 million placement
April 5, 2004 by Canadian UnderwriterOntario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) says it has accepted a private placement of $1.25 million debenture.The 10.5% senior secured subordinated convertible debenture is due five years from date of closing (slated for April 23), and is convertible…
U.S. med mal awards level off
April 5, 2004 by Canadian UnderwriterOver the past three years, U.S. jury awards in medical malpractice cases have leveled off, following on several years of skyrocketing payouts.While median compensatory awards in med mal cases exploded 100% between 1996 and 2000, they have remained steady at…