News
S&P predicts “worst is over” for reinsurers
September 10, 2003 by Canadian UnderwriterDespite dire predictions for the global reinsurance sector in a report by A.M. Best earlier this week, rating agency Standard & Poor’s says reinsurers’ fate is not so bleak.“We’re nearing the point where we would stabilize our view of the…
Anthony Clark earnings down despite revenue growth
September 10, 2003 by Canadian UnderwriterStaffing costs took a bite out of earnings for Calgary-based brokerage Anthony Clark International Insurance Brokers Ltd. (TSX: ACL). The company posted revenue for the three months ending June 30 of $1.40 million, versus $1.25 million for the same period…
Loyalist loss narrows; brokerage revenues up
September 9, 2003 by Canadian UnderwriterThe Loyalist Insurance Group (TSX Venture: LOY) is reporting a loss of $338,067 for the first half of the year ending June 30, 2003, less than half the loss reported in first-half 2002, at $707,151. This amounts to a net…
Insurers gain stronger profit footing for 2-Q
September 9, 2003 by Canadian UnderwriterInsurers managed to bring their combined ratio to below the key 100% mark for the second quarter of this year as cover price increases finally began to outstrip the growth in claims costs, according to preliminary industry data collected by…
Global reinsurers continue to feel the heat: A.M. Best
September 8, 2003 by Canadian UnderwriterReinsurers worldwide continue to experience negative pressure on their financial strength as hard market rate increases fail to bolster capital or shareholder interest, says rating agency A.M. Best.In its “Global Reinsurance” report, the firm notes that reduced capital following September…
Hurricane Fabian could take US$350 million toll on insurers
September 8, 2003 by Canadian UnderwriterHurricane Fabian, which bashed the island of Bermuda on Friday with sustained winds of 120 mph, could cost insurers US$300-$350 million, according to risk modeling firm AIR Worldwide Inc.AIR Worldwide senior vice president, Pat Donahue, says the figure is based…
Odyssey Re declares quarterly dividend
September 8, 2003 by Canadian UnderwriterOn the back of strong second-quarter 2003 results, Fairfax’s Odyssey Re Holdings Corp. (TSX, NYSE: ORH) says it will pay a cash dividend of $0.025 per share. The dividend is payable on September 30, to stockholders of record as of…
Ontario auto battle heats up over public/private study
September 5, 2003 by Canadian UnderwriterAs Ontario heads into an early October election, auto insurance stands to be a key issue on the campaign trail. An early volley was thrown with the release of a study by The Fraser Institute, a conservative public policy organization…
Standard & Poor’s puts Allianz Canadian ops on watch
September 5, 2003 by Canadian UnderwriterRating agency Standard & Poor’s has put the Canadian operations of Allianz Allianz Insurance Co. of Canada and Trafalgar Insurance Co. of Canada on “creditwatch” with negative implications. The companies combined hold an “A+” financial strength rating currently.S&P says the…
U.S. insurer exposure to 9/11 reaches US$9.3 billion
September 5, 2003 by Canadian UnderwriterNet claims for U.S. p&c insurers resulting from the September 11, 2001 terrorist attacks have reached US$9.3 billion, according to U.S. rating agency Weiss Ratings Inc.Weiss says a review of claims filed with the National Association of Insurance Commissioners (NAIC)…
ICBC to increase rates 1.3% under new filing process
September 4, 2003 by Canadian UnderwriterFiling its rates for the first time to the B.C. Utilities Commission, the Insurance Corp. of B.C. (ICBC) is requesting a 1.3% increase to its basic auto insurance policies.The increase is made up of a 0.4% hike to cover premium…
Royal & SunAlliance scales back in U.S., remains in Canada
September 4, 2003 by Canadian UnderwriterAs part of further restructuring for U.K. insurance giant Royal & SunAlliance Insurance Group, the company says it remains committed to Canada, despite a decision to all but exit the U.S. market.The company’s standard personal lines and most of its…