Industry
Co-operators General Insurance Company reported Thursday its combined ratio improved 5.5 points to 98.2% in the three months ending March 31, from 103.7% in the first quarter of 2014, with a 12.2-point improvement in its loss ratio in Ontario and a 10.8-point improvement, nation-wide, in farm insurance, while Q1 net earned premiums increased $11.9 million […]
By Canadian Underwriter | May 1, 2015
4 min read
Aon plc announced on Friday that “double-digit new business growth in Canada and Latin America” was responsible for an organic revenue increase of 4% in Q1 for its Americas businesses. The company reported a net income of US$328 million for the three months ending March 31, compared to US$325 million for the prior year quarter. […]
2 min read
Intact Financial Corporation (IFC) announced on Friday that it has completed its acquisition of Canadian Direct Insurance Inc. (CDI), extending its direct-to-consumer operations from coast to coast. Canadian Underwriter reported in February that IFC had entered into a definitive agreement with Canadian Western Bank to acquire CDI for $197 million. In Alberta, CDI will be […]
American International Group, Inc. (AIG) today reported net income attributable to AIG of $2.5 billion for 2015 Q1, up substantially from US$1.6 billion for the same quarter in 2014. “Operating results in the first quarter of 2015 reflected improved underwriting results in Commercial Insurance, lower alternative investment returns compared to the strong level a year […]
3 min read
Vehicle-buying preferences in Canada and the United States differ, with the former favouring compact over the latter's love of mid-size. Preferences related to model year and vehicle size, however, can have a big impact on claims cost, total loss rate and alternate parts use.
By Greg Horn, Vice President, Industry Relations, Mitchell International|Greg Horn, Vice President, Industry Relations, Mitchell International | April 30, 2015
A panel of experts on auto insurance contributions, whose mandate was to examine the insurance contributions proposed by the Société de l’assurance automobile du Québec (SAAQ) for 2016 2018, has concluded that no changes need to be made to the proposed insurance contributions, but issued 13 recommendations. “We believe that the insurance contributions proposed by […]
By Canadian Underwriter | April 30, 2015
XL Group plc, a global insurer that offers property, liability, professional, surety, aviation and marine coverage from offices in Toronto, Vancouver, Calgary and Montreal, saw a p&c combined ratio of 88.9% for Q1 2015, compared to 89.7% in the prior year quarter. The first quarter results for the three-month period ending March 31, announced by […]
Kingsway Financial Services Inc. of Toronto, whose offerings include non-standard auto insurance in the United States, reported Thursday its second consecutive quarter of profitability after losing $36 million and $11.2 million in 2013 and 2014 respectively. Kingsway reported net income of $3.4 million in the first three months of 2015, compared to a loss of […]
Sound underwriting and a benign natural catastrophe experience in 2015 Q1 resulted in Swiss Re’s property and casualty reinsurance arm posting net income of US$808 million compared with US$909 million in 2014 Q1, contributing to the company’s overall 17% increase in net income for the first quarter of this year. The underwriting and benign cat […]
Arch Capital Group Ltd. released Tuesday its financial results for the three months ending March 31, reporting a 21.5% drop in reinsurance net premiums written, a 0.7% drop in insurance net premiums written and a 2.9-point increase in its combined ratio. Hamilton, Bermuda-based Arch’s subsidiaries include Toronto-based Arch Insurance Canada. Arch Capital reported a 1.3% […]
By Canadian Underwriter | April 29, 2015
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