Industry
A.M. Best Company has removed ratings of Aviva Canada and its affiliates from under review and affirmed its financial strength rating of “A,” or excellent, after the insurer’s parent company has shown improving risk adjusted capitalization. A.M. Best maintained Aviva Canada’s under review status in June because of strategic evaluation and management changes of its […]
By Canadian Underwriter | October 31, 2012
1 min read
The perception that settlement terms were fair drove claimant satisfaction with their claims experience for auto physical damage loss higher in 2012, despite the fact that overall consumers in the United States are paying more for out-of-pocket expenses, notes a new J.D. Power and Associates study. Data for the J.D. Power and Associates 2012 U.S. […]
2 min read
Several independent claims services and restoration companies are ramping up their resources for the inevitable losses to occur from Hurricane Sandy in the eastern United States and Canada. Crawford and Company Canada has said its adjusters in southern Ontario, southern Quebec and Atlantic Canada are ready to assist with claims. “The adjusters we have in […]
By Canadian Underwriter | October 29, 2012
3 min read
Spanish insurance company Mapfre announced Oct. 26 its financial results for the first nine months of 2012, recording a 13% increase in gross written and accepted premiums, from 14.66 billion euros in 2011 to 16.57 billion euros this year. Mapfre’s activities in Canada are carried out by Norassist Inc. and Canadian Roadside and Recovery Inc., […]
By Canadian Underwriter | October 26, 2012
Toronto-based insurance and investment firm Fairfax Financial Holdings Ltd. has released financial results for the period ending Sept. 30, recording a 43% drop year-over-year in third-quarter revenue, a 96% drop in net earnings and a 5.6% increase in net premiums written by the insurance and reinsurance operations. Though premiums increased, the third-quarter results were affected […]
Co-operators General Insurance Company announced its third quarter financials for 2012 on Oct. 25, including consolidated net income of $12.6 million compared with $6.2 million for the same period last year. Direct written premium (DWP) in the third quarter, ended Sept. 30, has increased by 2.7% to $561.4 million compared to Q3 2011. Those figures […]
By Canadian Underwriter | October 25, 2012
Online insurance marketplace Kanetix, known for comparing auto and property insurance rates, has expanded its mortgage rate comparison services to allow Ontario consumers to lock in rates and get pre-approved online. The company has partnered with credit reporting agency Equifax, as well as Invis-Mortgage Intelligence, which has a wide network of lenders in Canada for […]
The modest organic growth recorded by Willis Group Holdings plc in the third quarter of 2012 was below the level hoped for, but still encouraging, notes the global insurance broker. Reported net income from continuing operations for 2012 Q3 was $26 million, or $0.15 per diluted share, compared to $60 million, or $0.34 per diluted […]
Businesses around the world are increasingly buying transactional risk insurance in a bid to protect revenue and assets from the risks they face on acquisition and upon exit or sale, notes a new update from Marsh. Total policy limits for insurance purchased by clients rose by 35% to $2.3 billion in the first half of […]
By Canadian Underwriter | October 24, 2012
Although the Ontario legislature is prorogued, there is still a possibility that some auto insurance reforms can be implemented, says the head of the province’s financial regulatory body. “I know there has been a lot of angst in the past week by (Premier Dalton McGuinty’s) decision not so much to announce his resignation but to […]
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