Canadian Underwriter

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Risk Management


News Insurance

Willis Group reports drop in Q3 earnings

November 7, 2008 by Canadian Underwriter

Willis Group Holdings Limited (NYSE: WSH) reported a net income of US$36 million, compared with US$67 million a year ago.The results were impacted by financing and integration costs totalling US$10 million, associated with the acquisition of Hilb Rogal & Hobbs

News InsuranceMergers and Aqcuisitions

Kingsway cites underwriting and investment losses for poor Q3 results

November 5, 2008 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) reported a net loss of US$17.4 million in 2008 Q3, a 174% drop from 2007 Q3’s profit of US$23.6 million.The combined ratio was 113.6% in Q3 compared to 102.1% in the same

News InsuranceMergers and Aqcuisitions

CNA Financial reports US$331 million Q3 hit

November 4, 2008 by Canadian Underwriter

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

News InsuranceMergers and Aqcuisitions

Canadian P&C industry sees 30% drop in profit in first half of ’08

November 3, 2008 by Canadian Underwriter

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

News Insurance

Fairfax sees strong investment gains in 2008 Q3

October 31, 2008 by Canadian Underwriter

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

News Climate ChangeInsurance

Market turmoil ‘exacerbating’ rate erosion in specialty p&c lines

October 30, 2008 by Canadian Underwriter

Pricing in the property and casualty commercial specialty lines continues to soften in spite of damages wrought by Hurricane Ike and recent market turmoil, attendees of an A.M. Best Webinar heard.Anthony Markel, vice chairman of the Markel Insurance Group, sat

News Climate ChangeInsuranceMergers and Aqcuisitions

U.S. experiences most expensive Q3 property losses in a decade

October 29, 2008 by Canadian Underwriter

U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated US$11.5 billion for Q3 property losses, marking the fourth-largest insured property loss in a Q3 since 1998, according to ISO’s Property Claims Services.PCS estimates the 11 catastrophes of

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 29, 2008)

October 29, 2008 by Canadian Underwriter

Earl Cameron has been appointed acting president and CEO of SGI, effective Nov.1.Cameron is currently the vice president, claims and salvage, with SGI. He has been with the insurer for 35 years.He moves into the position following the resignation of

News Insurance

Survey finds gap between employment practice liability coverage and events

October 28, 2008 by Canadian Underwriter

Only 22% of 769 North American companies surveyed had employment practice liability policies, even though 34% of firms experienced and 25% expected to face in the future a management liability event, a Chubb survey found.The ‘2007 Chubb Private Company Risk

News InsuranceMergers and Aqcuisitions

What’s New: In Brief (October 27, 2008)

October 27, 2008 by Canadian Underwriter

David Brosnan has been appointed CEO of ACE Canada, contingent upon obtaining a work permit from Citizenship and Immigration Canada.Karen Barkley will now serve as COO of ACE Canada and president of ACE Canada’s property and casualty business, a release

News Insurance

Lower net income could signal turn in pricing cycle

October 24, 2008 by Canadian Underwriter

Lower insurance industry net income may signal a turn in the insurance pricing cycle, according to a RIMS Benchmark Survey. This is despite the failure of two major hurricanes and a global credit crunch to derail the soft commercial insurance

News Insurance

U.S. bond insurers change gears in volatile market

October 17, 2008 by Canadian Underwriter

U.S. bond insurers, which collectively underwrote at least US$1 billion of par in the first half of 2008, are refocusing their strategies towards the lower-risk public finance market in the wake of the U.S. financial crisis, according to Standard &