Segment
Risk Management
Soft market pinches surplus lines market
August 26, 2008 by Canadian UnderwriterSurplus lines insurers outperformed the property and casualty industry in underwriting and operating performance in 2007, but the softening market and more aggressive competition portend deterioration in profitability for this sector (absent a catastrophe that curtails the incursion of standard…
Kingsway to sell York Fire & Casualty to La Capital General Insurance
August 25, 2008 by Canadian UnderwriterKingsway Financial Services Inc. is selling York Fire & Casualty Insurance Company to La Capitale General Insurance Inc., a member company of the mutual company La Capitale Financial Group Inc., which is owned by members of Quebec’s civil service. The…
What’s New: In Brief (August 20, 2008)
August 20, 2008 by Canadian UnderwriterFirstOnSite Restoration L.P. has acquired Ezi-Way Cleaning Services Ltd. of Charlottetown, P.E.I and Ezi-Way Disaster Kleenup (Moncton) Ltd. of Moncton, N.B.“With this acquisition we have considerably strengthened our position in the Maritimes,” said Ian Milne, FirstOnSite’s CEO. The new acquisitions…
Fitch predicts p&c market reserve cushion to diminish in coming years
August 19, 2008 by Canadian UnderwriterCanadian and U.S. property and casualty reserves were modest at year-end 2007, but Fitch Ratings predicts that reserve redundancy will begin to decline moving forward amid eroding market conditions and increasing accident-year loss ratios.In its report, Fitch Ratings examines the…
What’s New: In Brief (August 19, 2008)
August 19, 2008 by Canadian UnderwriterCarstar Automotive Canada has created two new regional director positions aimed to help the company develop three distinct regions of operation within Canada. Bob Gagnon will assume the role of regional director eastern Canada (Quebec and the Maritimes), bringing to…
Sluggish cyber-insurance market set to gain momentum
August 18, 2008 by Canadian UnderwriterThe rate of development of privacy and data security insurance products had been hampered by the fact that buyers were frustrated by the patchwork of non-standardized coverages and comparatively low limits available in the market, Advisen reports.“An inadequate understanding of…
Tropical Storm Fay may reach hurricane status as it hits Florida
August 18, 2008 by Canadian UnderwriterTropical Storm Fay is expected to cross the Florida Keys on Monday night arriving on the west coast on Tuesday afternoon, possibly at hurricane strength. The National Hurricane Center (NHC) has given a near 40% probability to Fay’s achieving hurricane…
Risks for oil business increase while risk management effectiveness decreases; study finds
August 14, 2008 by Canadian UnderwriterNational oil companies (NOCs) are failing to manage the risks of limited oil and gas resources, the recruitment and retention of a qualified workforce and energy price volatility, according to a Marsh study.In the Marsh Oil and Gas Risk Report:…
What’s New: In Brief (August 14, 2008)
August 14, 2008 by Canadian UnderwriterRisk Management Solutions (RMS) has launched winter and severe convective storm models for Canada and the U.S. The winter storm models explicitly assess losses from snow, ice, freezing temperatures, and extra-tropical winds. “Winter storms are complex weather systems that can…
Weather-related losses dampen ING’s profit in 2008 Q2
August 13, 2008 by Canadian UnderwriterING Canada Inc. (TSX: IIC) reported its profits declined to Cdn$112 million in 2008 Q2, down from the Cdn$194.3-million net income it reported last year.The company said the decline was due in part to severe winter weather storms, as well…
TSR revises hurricane forecast, predicts stronger season
August 11, 2008 by Canadian UnderwriterBased on current and projected climate signals, Tropical Storm Risk (TSR) has increased its outlook for Atlantic hurricane activity in 2008. TSR predicts Atlantic basin and U.S. landfalling hurricane activity in 2008 will be 90% above the long-term norm, as…
EGI’s Q2 results falter on new lines of business
August 8, 2008 by Canadian UnderwriterEGI Financial Holdings Inc. (TSX: EFH) reported a profit of Cdn$2.7 million for Q2, marking a 38.1% decrease over the same period last year (Cdn$4.3 million).The combined ratio for 2008 Q2 jumped nearly 20% when compared to last year, increasing…