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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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 &…