Annual Report 2014-2015

Table of contents

 

Superintendent's Report On Insurance 2014

TABLE OF CONTENTS

 

The following information was obtained from the annual filings and, in the case of federally registered insurers, from the Office of the Superintendent of Financial Institutions. While every effort has been made to ensure the accuracy of this report, decisions should not be made solely on the information contained in it. Other sources should also be consulted. Any material changes to this information will be reported to the Minister of Finance and published in The Ontario Gazette.

 

The information is organized by type of insurer, and insurers are listed alphabetically within each group.

 

 

LETTER TO MINISTER OF FINANCE

 

The Honourable Charles Sousa
Minister of Finance
7 Queen’s Park Crescent
Toronto ON M7A 1Y7

 

Dear Minister:

 

I am pleased to present the 136th annual report under Section 36 of the Insurance Act for the year ended December 31, 2014. Prior to the creation of the Financial Services Commission of Ontario, this report was issued by the Superintendent of Insurance.

 

In addition to the information contained in this report, a listing of all licensed insurers is published each July in The Ontario Gazette. This list contains the names of the insurers, their addresses, telephone numbers, chief agents, and the classes for which they are licensed. During the year, information concerning newly licensed insurers and changes to existing licences is also published in Bulletins issued by the Financial Services Commission of Ontario. Any broker or member of the public can verify whether a particular insurer is licensed by calling our offices at 416-250-7250 or checking our website at — www.fsco.gov.on.ca.

 

News releases and warning notices containing other information of public interest are made throughout the year. These announcements effectively reach a large number of Ontario residents. Information is also supplied to industry trade associations for inclusion in their publications to reach more specialized audiences. The Financial Services Commission of Ontario issues Bulletins as required to provide information to insurers and other individuals interested in the insurance industry.

 

Yours sincerely,

Approved by:

Signature of Brian Mills, Chief Executive Officer and Superintendent of Financial Services, Financial Services Commission of Ontario


 

 

Brian Mills
Chief Executive Officer and Superintendent of Financial Services

 

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SUMMARY FINANCIAL INFORMATION

Summary of Companies Licenced by Type of Business Activity

as of December 31, 2014, and December 31, 2013

Analysis of 2014 total  

Business TypeTotal 2013AdditionsWithdrawalsTotal 2014OntarioExtra ProvincialFederal
Property & Casualty Companies2101102014916136
Life Insurance Companies72056701354
Reinsurance Companies3522352132
Reciprocal Exchanges110011731
Fraternal Societies1500152013
Totals3433173296033236

Notes:

1. Companies writing both property & casualty and life business are listed under Life in the above summary. Their financial performance is shown separately by business type in the following report.

2. Branch operations are included in the Federal totals.

3. The Superintendent’s Report 2014 records figures as of the end of the calendar year (December 31, 2014), based on the companies’ annual filings. The Financial Services Commission of Ontario Annual Report 2014-15 records figures as of the end of the fiscal year (March 31, 2015).

 

INSURER STATISTICS

To gauge the level of competition, FSCO calculates how many companies represent 80 percent of the market for key products. These figures are based on individual companies rather than groups of affiliated companies.

 

2014 Property and Casualty Insurers
Number of Companies Representing 80% of Ontario market share

2014 Property and Casualty Insurers: Number of Companies Representing 80% of Ontario market share

Description of 2014 Property and Casualty Insurers image [New Window]

 

2014 Life Insurers
Number of Companies Representing 80% of the Ontario market share

2013 Life Insurers: Number of Companies Representing 80% of Ontario market share

Description of 2014 Life Insurers image [New Window]

 

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PREMIUM STATISTICS

Insurance is a $43 billion business in Ontario. In 2014, of the the total premium dollar volume, 51.3 percent went to the property and casualty (including automobile) insurance industry and 47.9 percent went to the life insurance industry.

 

2014 Direct Premium Volume in Ontario

2014 Direct Premium Volume in Ontario 

Description of 2014 Direct Premium Volume in Ontario image [New Window]


Property and casualty insurers received $22.3 billion in premiums in 2014. The split among automobile, property and liability insurance remained constant compared to 2013.

 

 

2014 Property & Casualty Companies
Direct Written Premiums in Ontario by Line

2014 Property & Casualty Companies Direct Written Premiums in Ontario By Line

 

Description of 2014 Property & Casualty Companies image [New Window]


The broad pattern among life insurance companies likewise remained constant. Of the $20.8 billion spent on ppremiums to the life insurers, 14 percent went to buy annuities, 42 percent to purchase individual and group life coverage and 44 percent to obtain accident and sickness insurance.

 

 

2014 Life Insurance Companies
Direct Written Premiums in Ontario

2014 Life Insurance Companies Direct Written Premiums in Ontario

Description of 2014 Life Insurance Companies Direct Written Premiums in Ontario image [New Window]

 

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PROPERTY & CASUALTY INSURANCE COMPANIES

 
 ONTARIO BUSINESSTOTAL COMPANY
FINANCIAL SUMMARY
Year ended
December 31, 2014

(in thousands)
Direct Written Premiums

$
Direct Claims Incurred

$
Total Assets

$
Total
Liabilities

$
Excess of Assets Over Liabilities

$
Claims Incurred to Earned premium

%
Net Income/ (Loss)

$
ONTARIO
ALGOMA MUTUAL INSURANCE COMPANY8,9164,99320,78813,9416,84754%517
AMHERST ISLAND MUTUAL INSURANCE COMPANY9391973,2768242,45223%268
AYR FARMERS’ MUTUAL INSURANCE COMPANY24,49616,53379,53934,70644,83360%3,554
BAY OF QUINTE MUTUAL INSURANCE CO.22,87810,53855,64822,72332,92552%3,494
BERTIE AND CLINTON MUTUAL INSURANCE COMPANY12,6506,34170,81131,86038,95139%3,180
BRANT MUTUAL INSURANCE COMPANY6,0753,41416,8849,9646,92058%-32
CAA INSURANCE COMPANY (ONTARIO)170,296104,043505,271371,909133,36262%11,229
CARADOC DELAWARE MUTUAL FIRE INSURANCE COMPANY2,0191,3139,3522,0257,32750%382
CAYUGA MUTUAL INSURANCE COMPANY8,8422,22728,66511,95716,70846%1,518
COACHMAN INSURANCE COMPANY58,25134,565226,689162,10664,58364%8,435
DUFFERIN MUTUAL INSURANCE COMPANY5,628-29319,35412,3556,99929%590
DUMFRIES MUTUAL INSURANCE COMPANY13,77211,54159,65126,92232,72963%2,905
ERIE MUTUAL FIRE INSURANCE COMPANY6,1695,25925,5277,91917,60859%1,217
FENCHURCH GENERAL INSURANCE COMPANY10,4257,22726,24821,3284,92056%-843
GERMANIA MUTUAL INSURANCE COMPANY18,00312,38048,32126,41021,91155%1,874
GRENVILLE MUTUAL INSURANCE COMPANY21,29911,81967,72229,26538,45756%1,807
HALWELL MUTUAL INSURANCE COMPANY17,4969,77760,50432,31928,18557%1,543
HAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY22,39411,51672,12945,13126,99851%2,725
HAY MUTUAL INSURANCE COMPANY9,2463,25247,53214,39633,13648%1,771
HOWARD MUTUAL INSURANCE COMPANY10,6115,72149,11817,80331,31560%2,061
HOWICK MUTUAL INSURANCE COMPANY17,85911,82639,88824,77415,11465%976
KENT & ESSEX MUTUAL INSURANCE COMPANY25,39615,38585,79742,16843,62964%3,396
L&A MUTUAL INSURANCE COMPANY9,1369,25620,75413,4247,33073%193
LAMBTON MUTUAL INSURANCE COMPANY18,9747,83265,26533,39131,87463%2,991
LAWYERS’ PROFESSIONAL INDEMNITY COMPANY121,945104,656681,909473,284208,62587%17,060
MARKHAM GENERAL INSURANCE COMPANY (IN LIQUIDATION)100000n/a0
MAX CANADA INSURANCE COMPANY5,0011,86824,21516,9727,24356%465
MCKILLOP MUTUAL INSURANCE COMPANY8,9013,36624,95010,91714,03340%2,052
MIDDLESEX MUTUAL INSURANCE CO.10,2754,85444,03820,72323,31545%3,123
NORFOLK MUTUAL INSURANCE COMPANY7,1812,85021,5169,44312,07344%1,085
NORTH BLENHEIM MUTUAL INSURANCE COMPANY9,3455,42530,35011,13419,21654%953
NORTH KENT MUTUAL FIRE INSURANCE COMPANY7,9002,26435,51712,97622,54145%1,764
OXFORD MUTUAL INSURANCE COMPANY11,2244,61031,75213,92617,82649%1,925
PEEL MARYBOROUGH MUTUAL INSURANCE COMPANY22,06220,93469,50946,70122,80864%784
PEEL MUTUAL INSURANCE COMPANY38,80827,976118,05475,70442,35057%5,538
PRO-DEMNITY INSURANCE COMPANY20,5737,84286,19558,51627,67967%748
SOUTH EASTHOPE MUTUAL INSURANCE COMPANY14,6535,30158,17025,47932,69147%3,874
THE COMMONWELL MUTUAL INSURANCE GROUP2126,53978,696393,339211,520181,81963%12,831
THE WEST WAWANOSH MUTUAL INSURANCE COMPANY15,3885,77449,81522,38427,43144%2,855
THE WESTMINSTER MUTUAL INSURANCE COMPANY8,7585,32721,49213,2978,19576%145
TOWN & COUNTRY MUTUAL INSURANCE COMPANY12,0897,75643,29924,44818,85168%1,240
TOWNSEND FARMERS’ MUTUAL FIRE INSURANCE COMPANY7,7365,09021,82711,8489,97970%311
TRADITION MUTUAL INSURANCE COMPANY13,0613,96342,10620,11121,99542%2,926
TRILLIUM MUTUAL INSURANCE COMPANY40,54225,151106,57455,58450,99067%2,419
TTC INSURANCE COMPANY LIMITED300158,823158,723100n/a0
USBORNE AND HIBBERT MUTUAL FIRE INSURANCE COMPANY6,2263,97839,9766,98432,99268%1,012
WABISA MUTUAL INSURANCE COMPANY7,0934,90924,50615,5049,00257%595
WEST ELGIN MUTUAL INSURANCE COMPANY11,5463,82645,08320,78524,29873%1,493
YARMOUTH MUTUAL INSURANCE COMPANY48,7109,03224,57013,28811,28286%-910
 1,057,326652,1103,902,3182,359,8711,542,447120,039
EXTRA PROVINCIAL
ALBERTA MOTOR ASSOCIATION INSURANCE COMPANY380647,447493,829153,61881%6,668
AXA INSURANCE INC.500000n/a0
BELAIR INSURANCE COMPANY INC.70,07934,2121,547,4441,276,546270,89865%31,587
CANADIAN FARM INSURANCE CORP.451215,4355,20110,23447%2,112
CANASSURANCE INSURANCE COMPANY2,004871150,263135,73514,52851%3,347
GMS INSURANCE INC.8,8715,18124,55813,50511,05360%-394
INDUSTRIAL ALLIANCE PACIFIC GENERAL INSURANCE CORPORATION12,9955,664307,024250,15856,86622%9,229
LA MUTUELLE D’ÉGLISE DE L’INTER-OUEST605,5884685,120108%-189
L’UNIQUE GENERAL INSURANCE INC.416232347,816276,66871,14865%7,222
MILLENNIUM INSURANCE CORPORATION18,7913,864509,151324,554184,59758%31,851
OPTIMUM INSURANCE COMPANY INC.47,9100224,356166,76357,59355%7,140
ORION TRAVEL INSURANCE COMPANY28,01510,15353,08632,62420,46256%-2,166
SGI CANADA INSURANCE SERVICES LTD.14634,697429,914295,775134,13966%11,709
THE MUTUAL FIRE INSURANCE COMPANY OF BRITISH COLUMBIA1,481944113,09775,77237,32563%581
TRANS GLOBAL INSURANCE COMPANY2,743219,5583,9315,6271%642
UNICA INSURANCE INC.114,67777,830353,591243,649109,94267%10,638
 308,217173,6814,738,3283,595,1781,143,150119,977
FEDERAL
ACE INA INSURANCE130,215117,2491,540,6621,176,413364,24982%29,387
AIG INSURANCE COMPANY OF CANADA372,89381,7484,688,6473,204,4311,484,21612%406,968
ALLSTATE INSURANCE COMPANY OF CANADA701,603602,4483,096,6742,381,234715,44066%127,457
ALTA SURETY COMPAN 00000n/a0
ARCH INSURANCE CANADA LTD.34,15116,343466,300363,733102,56748%1,672
ASCENTUS INSURANCE LTD.313-2238,0324,4253,607-21%161
AVIVA INSURANCE COMPANY
OF CANADA
1,583,7491,054,7146,822,3505,755,1671,067,18368%142,015
AXA INSURANCE (CANADA)
AXA ASSURANCES (CANADA)7
00000n/a0
AXA PACIFIC INSURANCE COMPANY800000n/a0
CANADA GUARANTY MORTGAGE INSURANCE COMPANY90,9534,2231,057,627512,057545,57013%52,535
CANADIAN NORTHERN SHIELD INSURANCE COMPANY2192,691394,422304,65489,76862%-2,889
CERTAS DIRECT
INSURANCE COMPANY
315,043230,7551,368,5751,189,127179,44865%36,811
CERTAS HOME AND AUTO
INSURANCE COMPANY
53793051,19822,73328,46538%-52,993
CHUBB INSURANCE COMPANY
OF CANADA
357,260217,2482,459,5161,665,608793,90856%81,019
CO-OPERATORS GENERAL INSURANCE COMPANY818,711675,0685,307,8153,816,2041,491,61169%137,557
COSECO INSURANCE COMPANY165,71397,546646,110490,427155,68365%35,016
CUMIS GENERAL
INSURANCE COMPANY
63,81541,207245,269175,10070,16963%5,588
DAS LEGAL PROTECTION
INSURANCE COMPANY LIMITED
6,8071,64222,63815,9626,67657%-3,918
ECHELON INSURANCE94,78351,982458,474351,634106,84058%11,500
ECONOMICAL MUTUAL
INSURANCE COMPANY
899,440733,1025,240,3133,559,1791,681,13470%84,191
ELITE INSURANCE COMPANY90,86020,566849,866735,044114,82268%14,771
EVEREST INSURANCE COMPANY
OF CANADA
23,42512,057152,76199,92252,839104%-2,551
FCT INSURANCE COMPANY LTD.75,81326,914225,438157,08568,35331%11,081
FEDERATED INSURANCE COMPANY
OF CANADA
76,64342,129502,041342,545159,49659%29,153
FEDERATION INSURANCE COMPANY
OF CANADA
358-721505,689366,041139,64870%6,948
FIRST NORTH AMERICAN
INSURANCE COMPANY
3,46280711,2264,1367,09019%674
GENWORTH FINANCIAL MORTGAGE INSURANCE COMPANY CANADA246,56116,6175,627,2922,102,1883,525,10420%401,248
GORE MUTUAL INSURANCE COMPANY289,606176,202899,214632,166267,04863%32,558
GRANITE INSURANCE COMPANY900000n/a0
INTACT INSURANCE COMPANY2,249,9341,405,11815,875,24611,791,4774,083,76965%477,574
INTERNATIONAL INSURANCE COMPANY OF HANNOVER SE15,4486,77881,65467,48214,17296%-141
JEVCO INSURANCE COMPANY69,54540,8861,310,5121,086,835223,67765%34,259
LEGACY GENERAL
INSURANCE COMPANY
5,5821,25518,498-74919,24728%2,023
MIC INSURANCE COMPANY CANADA100-139,4241,09538,3290%1,669
NORTHBRIDGE COMMERCIAL INSURANCE CORPORATION66,61365,098617,355449,599167,756103%1,322
NORTHBRIDGE GENERAL
INSURANCE CORPORATION
200,233218,5883,921,6232,740,7651,180,85854%248,326
NORTHBRIDGE PERSONAL
INSURANCE CORPORATION
111,41781,115832,661577,383255,27860%34,068
NOVEX INSURANCE COMPANY184,745134,8201,251,8091,035,143216,66665%29,805
OLD REPUBLIC INSURANCE
COMPANY OF CANADA
60,81739,951246,011186,24159,77067%5,477
OMEGA GENERAL
INSURANCE COMPANY
11,7057,22236,29925,76910,53056%64
PAFCO INSURANCE COMPANY67,49935,950265,388202,50162,88753%20,986
PEMBRIDGE INSURANCE COMPANY181,378119,972582,070433,261148,80972%6,468
PERTH INSURANCE COMPANY99,90555,809466,175385,18980,98670%3,958
PILOT INSURANCE COMPANY-20819472,068417,53554,53368%7,354
PRIMMUM INSURANCE COMPANY306,316268,6592,199,8941,912,916286,97885%-15,428
QUEBEC ASSURANCE COMPANY00127,28396,73030,55359%3,491
RBC GENERAL INSURANCE COMPANY590,317360,3111,577,7281,259,841317,88771%32,104
RBC INSURANCE COMPANY
OF CANADA
84,07665,408381,653240,093141,56051%33,215
ROYAL & SUN ALLIANCE
INSURANCE COMPANY OF CANADA
552,495204,2284,593,2023,617,972975,23059%155,599
S & Y INSURANCE COMPANY-7-2,481211,997190,90121,09668%3,270
SAFETY NATIONAL CASUALTY CORPORATION0-66152,90928,18824,721n/a-707
SCOTIA GENERAL
INSURANCE COMPANY
007,162567,106n/a-26
SCOTTISH & YORK
INSURANCE CO. LIMITED
138,58076,924667,841582,83085,01168%13,260
SECURITY NATIONAL
INSURANCE COMPANY
1,056,4421,540,6207,718,9276,342,0891,376,83884%133,088
TD DIRECT INSURANCE INC.110016,0697715,992n/a298
TD GENERAL INSURANCE COMPANY109,30598,163953,642801,011152,63175%28,978
TD HOME AND AUTO
INSURANCE COMPANY
338,397310,2561,679,6021,451,533228,06983%24,616
TEMPLE INSURANCE COMPANY62,19333,410872,661726,993145,66863%10,347
THE BOILER INSPECTION AND INSURANCE COMPANY OF CANADA12,6443,826213,197133,80579,39230%20,053
THE DOMINION OF CANADA
GENERAL INSURANCE COMPANY
912,161644,2613,570,5262,711,701858,82572%17,867
THE GUARANTEE COMPANY
OF NORTH AMERICA
243,276165,4971,396,893905,030491,86363%3,722
THE MISSISQUOI
INSURANCE COMPANY
63-51506,339365,705140,63470%7,069
THE NORDIC INSURANCE
COMPANY OF CANADA
352,794268,2921,684,2661,491,328192,93865%34,473
THE NORTH WATERLOO FARMERS MUTUAL INSURANCE COMPANY93,85362,776200,015139,03760,97866%1,434
THE PERSONAL
INSURANCE COMPANY
517,185410,4112,403,3012,055,236348,06569%49,773
THE PORTAGE LA PRAIRIE
MUTUAL INSURANCE COMPANY
46,89642,537446,485323,541122,94476%-6,326
THE SOVEREIGN GENERAL
INSURANCE COMPANY
88,10449,365792,510547,399245,11161%19,834
THE WAWANESA MUTUAL
INSURANCE COMPANY
596,572471,3907,657,8014,681,4312,976,37080%160,713
TRADERS GENERAL
INSURANCE COMPANY
271,910165,0651,296,6711,112,174184,49768%23,239
TRAFALGAR INSURANCE
COMPANY OF CANADA
157,56999,8871,005,900812,144193,75665%32,340
TRAVELERS INSURANCE
COMPANY OF CANADA
81,07033,905936,816469,106467,71033%25,691
TRISURA GUARANTEE
INSURANCE COMPANY
38,6169,313188,672128,00460,66817%8,206
UNIFUND ASSURANCE COMPANY504,863390,2092,204,9241,799,239405,68585%-41,761
WATERLOO INSURANCE COMPANY119,85276,687466,805384,17282,63370%3,946
WESTERN ASSURANCE COMPANY156,789100,685896,427753,210143,21759%16,552
WESTERN FINANCIAL
INSURANCE COMPANY
21,57013,17650,23333,53316,70057%1,808
WESTERN SURETY COMPANY3,16641959,60137,00722,59416%1,176
WYNWARD INSURANCE GROUP18,65610,069142,222102,76539,45762%6,822
ZENITH INSURANCE COMPANY53,18711,928249,302174,30075,00236%20,856
 17,296,64412,421,108116,094,41885,237,83830,856,580 3,288,763
BRANCH
AFFILIATED FM INSURANCE COMPANY32,86816,244302,387171,196131,19184%-386
ALLIANZ GLOBAL RISKS US INSURANCE COMPANY107,585167,9991,189,455904,386285,06979%5,134
ALLIED WORLD SPECIALTY INSURANCE COMPANY123,5081,43044,55027,43717,11370%-5,677
ALLSTATE INSURANCE COMPANY007,9501,1546,796n/a124
AMERICAN BANKERS INSURANCE COMPANY OF FLORIDA168,29141,413536,837373,165163,67244%17,256
ASSOCIATED ELECTRIC & GAS INSURANCE SERVICES LIMITED7,812-11,561326,119231,61294,507213%-18,081
ATRADIUS CREDIT INSURANCE N.V.2,4691,56025,14918,4706,67953%-1,039
AXA ART INSURANCE CORPORATION1,4152478,3482,4585,89037%-185
BERKLEY INSURANCE COMPANY22,62922,121243,338160,64082,69880%-10,242
CHEROKEE INSURANCE COMPANY4,3012,70521,64210,03011,61280%644
CHICAGO TITLE INSURANCE COMPANY14,8914,63155,62229,59526,02728%4,289
COMPAGNIE FRANCAISE D’ASSURANCE POUR LE COMMERCE EXTERIEUR9,56410,54771,82229,32542,49756%2,182
CONTINENTAL CASUALTY COMPANY95,18968,6011,239,403763,973475,43056%48,674
COREPOINTE INSURANCE COMPANY17-1,70212,9711,60911,362-612%921
ECCLESIASTICAL INSURANCE OFFICE PUBLIC LIMITED COMPANY26,0349,446177,896113,20364,69355%3,926
ELECTRIC INSURANCE COMPANY3,9563,71599,61244,74554,86776%721
EMPLOYERS INSURANCE COMPANY OF WAUSAU0-2634,7322,41332,319n/a534
EULER HERMES NORTH AMERICA INSURANCE COMPANY26,36220,046136,70994,03242,67759%2,798
FACTORY MUTUAL INSURANCE COMPANY75,18353,347958,020508,580449,440111%-38,954
FEDERAL INSURANCE COMPANY5681,090147,53381,17666,35746%4,500
FIRST AMERICAN TITLE INSURANCE COMPANY4,688-27174,33626,22748,10950%1,899
GENERAL REINSURANCE CORPORATION00363,652200,754162,898-37%45,989
GREAT AMERICAN INSURANCE COMPANY18,4747,497263,162125,402137,76032%10,445
GROUPAMA S.A.0010,4499110,3588350%143
HARTFORD FIRE INSURANCE COMPANY5,4666,318170,39431,682138,71286%834
HDI-GERLING INDUSTRIE VERSICHERUNG AG12,0985,013169,002126,07842,92480%894
IRONSHORE INSURANCE LTD126118531,38210,19621,18672%-777
JEWELERS MUTUAL INSURANCE COMPANY4,0722,12214,3724,9829,39048%872
LIBERTY MUTUAL INSURANCE COMPANY85,55635,9561,549,219842,112707,10762%54,699
LLOYD’S UNDERWRITERS601,606455,9268,036,9445,808,6182,228,32659%603,442
MITSUI SUMITOMO INSURANCE COMPANY, LIMITED12,4086,465108,07662,83045,24654%3,881
MOTORS INSURANCE CORPORATION74,76436,198543,890335,071208,81955%25,115
MUNICH REINSURANCE AMERICA, INC.0553216,789103,848112,94160%7,338
NATIONAL LIABILITY & FIRE INSURANCE COMPANY4,9849,822400,695147,582253,113-61%16,826
PROGRESSIVE CASUALTY INSURANCE COMPANY1306069,3973,5545,843-85%-502
PROTECTIVE INSURANCE COMPANY1,4356,07427,40514,65012,755378%-3,038
RELIANCE INSURANCE COMPANY1400000n/a0
SECURITY INSURANCE COMPANY OF HARTFORD0-15443,7749,82033,954n/a1,056
SENTRY INSURANCE A MUTUAL COMPANY88049339,9176,08133,83632%1,156
SOMPO JAPAN INSURANCE INC.4,15342390,75311,55079,20330%2,510
ST. PAUL FIRE AND MARINE INSURANCE COMPANY48,60430,3381,253,597561,561692,03663%22,949
STARR INSURANCE & REINSURANCE LIMITED1,17622828,00310,45717,54660%-489
STATE FARM FIRE AND CASUALTY COMPANY429,852262,8861,487,289701,697785,59261%11,458
STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY1,064,046837,8397,233,5265,179,2322,054,29482%169,430
STEWART TITLE GUARANTY COMPANY76,43823,217186,973100,62886,34530%12,514
SUNDERLAND MARINE MUTUAL INSURANCE COMPANY5359958,86744,91913,94871%-3,092
T.H.E. INSURANCE COMPANY6424575,1031,7733,33067%285
THE AMERICAN ROAD INSURANCE COMPANY1,990-69520,5981,08219,516116%-1,138
THE SHIPOWNERS' MUTUAL PROTECTION AND INDEMNITY ASSOCIATION (LUXEMBOURG)812650,74022,10328,637216%-4,880
TIG INSURANCE COMPANY150016,3276816,259n/a-1,212
TOKIO MARINE & NICHIDO FIRE INSURANCE CO., LTD.16,2166,868136,88169,32967,55247%5,518
TRITON INSURANCE COMPANY12,9142,617183,94678,569105,37722%22,464
VIRGINIA SURETY COMPANY, INC.16,2849,69759,09237,54421,54883%23
WESTPORT INSURANCE CORPORATION41,51218,217703,920596,657107,2639%24,196
XL INSURANCE COMPANY LIMITED58,76962,195779,272508,731270,54146%20,566
XL REINSURANCE AMERICA INC.9,1867,389362,950222,819140,13151%7,512
ZURICH INSURANCE COMPANY LTD413,884432,7243,699,1872,998,765700,422111%-137,063
 3,625,8932,679,18134,069,97422,576,26111,493,713938,962
TOTAL22,288,08015,926,080158,805,038113,769,14845,035,8904,467,741

 

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LIFE INSURANCE COMPANIES

 ONTARIO BUSINESSTOTAL COMPANY
FINANCIAL SUMMARY
year ended
December 31, 2014

(in thousands)
Direct Written Premiums

$
Benefits and payments to policyholders

$
Total Assets

$
Total liabilities

$
Excess of assets over liabilities

$
Net Income / (loss)

$
EXTRA PROVINCIAL
ACADIA LIFE299205,853161,67644,1777,659
ASSUMPTION MUTUAL LIFE INSURANCE COMPANY20,8078,5051,526,2221,416,384109,8389,483
CANASSURANCE INSURANCE COMPANY165,7651,765207,245186,02321,222-2,841
DESJARDINS FINANCIAL SECURITY LIFE ASSURANCE COMPANY682,861536,31430,012,14627,746,7552,265,391255,674
FIRST CANADIAN INSURANCE CORPORATION27,2882,113540,326331,830208,49630,338
HUMANIA ASSURANCE INC.2,1071,406470,224417,67152,5534,912
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC.1,158,404870,17447,378,15843,457,8353,920,323434,383
LA CAPITALE INSURANCE AND FINANCIAL SERVICES INC.149,91272,3851,156,4291,001,229155,2008,767
LS-TRAVEL INSURANCE COMPANY5,9482,30318,61011,5227,088948
NATIONAL BANK LIFE INSURANCE COMPANY11,2582,537174,00385,67488,32940,220
SSQ, LIFE INSURANCE COMPANY INC.222,234146,7138,937,7918,196,476741,31549,684
THE UNION LIFE MUTUAL ASSURANCE COMPANY (UNION LIFE)7,8502821,957,2901,746,944210,34617,529
TRANS GLOBAL LIFE INSURANCE COMPANY1,237439,6932,9436,750799
 2,295,7001,644,54992,593,99084,762,9627,831,028857,555
FEDERAL
ACE INA LIFE INSURANCE88,58224,803144,72599,86444,86116,619
ALLSTATE LIFE INSURANCE COMPANY OF CANADA003,786283,7588
ASSURANT LIFE OF CANADA122,52250,2831,540,7161,438,838101,87813,858
BMO LIFE ASSURANCE COMPANY450,250273,1957,725,1116,846,314878,797153,225
BMO LIFE INSURANCE COMPANY19,458798681,878146,154535,72426,871
CANADIAN PREMIER LIFE INSURANCE COMPANY81,83818,624226,906136,61190,2954,060
CIBC LIFE INSURANCE COMPANY LIMITED21,0316,12486,834-107,687194,52124,271
CIGNA LIFE INSURANCE COMPANY OF CANADA01,33973,46333,74639,7179,118
COMPCORP LIFE INSURANCE COMPANY0010,0006299,371-59
CO-OPERATORS LIFE INSURANCE COMPANY249,512159,6595,760,0514,832,222927,82930,440
CUMIS LIFE INSURANCE COMPANY60,53031,7661,260,545998,361262,18415,159
FORESTERS LIFE INSURANCE COMPANY75,45572,0411,499,0071,341,384157,62310,417
GIRAFFE & FRIENDS LIFE INSURANCE COMPANY2208,3031,7886,515-1,979
LA CAPITALE FINANCIAL SECURITY INSURANCE COMPANY2026,87412,727533,635407,586126,04913,053
LONDON LIFE INSURANCE COMPANY1,428,2521,514,10183,006,34979,237,3613,768,988538,462
MD LIFE INSURANCE COMPANY003,263,4033,256,3837,0202,725
PRIMERICA LIFE INSURANCE COMPANY OF CANADA137,18353,1123,049,4692,707,376342,09350,520
RBC LIFE INSURANCE COMPANY543,425347,79610,053,2538,526,3341,526,919124,801
RELIABLE LIFE INSURANCE COMPANY36,97618,08491,59360,00331,590-1,047
SCOTIA LIFE INSURANCE COMPANY22,1813,694129,959-58,470188,42927,078
SUN LIFE ASSURANCE COMPANY OF CANADA4,001,6753,579,161190,585,119176,489,15414,095,9651,557,335
SUN LIFE INSURANCE (CANADA) LIMITED47,82117,30915,676,72314,065,9631,610,760144,279
TD LIFE INSURANCE COMPANY50,70415,906110,05954,19855,8613,250
THE CANADA LIFE ASSURANCE COMPANY2,038,7721,627,96149,132,20840,080,1109,052,0981,431,224
THE EMPIRE LIFE INSURANCE COMPANY461,947361,14913,238,40512,176,1261,062,27998,869
THE EQUITABLE LIFE INSURANCE COMPANY OF CANADA303,309223,9573,306,6992,853,262453,43752,361
THE GREAT-WEST LIFE ASSURANCE COMPANY2,632,6382,126,93850,929,34133,422,26817,507,0732,602,103
THE MANUFACTURERS LIFE INSURANCE COMPANY4,342,9943,933,511162,867,076126,320,45836,546,6183,657,985
THE STANDARD LIFE ASSURANCE COMPANY OF CANADA542,488547,98151,474,35749,360,2812,114,076248,178
THE WAWANESA LIFE INSURANCE COMPANY26,69121,1991,029,992884,023145,9696,392
TRANSAMERICA LIFE CANADA270,719216,12410,984,5849,620,5671,364,01765,125
VSP CANADA VISION CARE INSURANCE59709,514989,416-807
WESTERN LIFE ASSURANCE COMPANY50,29011,301199,935143,93456,0018,011
 18,134,19815,270,713668,692,998575,375,26793,317,73110,931,905
BRANCH
AETNA LIFE INSURANCE COMPANY7360069,34612,44656,9002,070
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA116873,10831,87941,2291,165
AMERICAN BANKERS LIFE ASSURANCE COMPANY OF FLORIDA113,58013,690199,449117,09182,35810,963
AMERICAN HEALTH AND LIFE INSURANCE COMPANY3,59179840,95015,72825,2226,865
AMERICAN INCOME LIFE INSURANCE COMPANY31,2826,172300,175151,826148,34916,371
AXA EQUITABLE LIFE INSURANCE COMPANY295175,19027,06048,130969
COMBINED INSURANCE COMPANY OF AMERICA39,32115,622809,081345,863463,21843,198
CONNECTICUT GENERAL LIFE INSURANCE COMPANY2,8251,074140,950101,49339,4574,930
GERBER LIFE INSURANCE COMPANY1,63028141,14426,45414,690-943
HARTFORD LIFE INSURANCE COMPANY170509,7613,8745,887-40
JACKSON NATIONAL LIFE INSURANCE COMPANY183179,2896,8832,406-625
LIBERTY LIFE ASSURANCE COMPANY OF BOSTON48539915,1533,32011,833-1,157
LIFE INSURANCE COMPANY OF NORTH AMERICA4,1184,11659,92228,60631,316-614
METROPOLITAN LIFE INSURANCE COMPANY1900106,13789106,048581
NEW YORK LIFE INSURANCE COMPANY33,11527,438443,515131,480312,03526,575
PAVONIA LIFE INSURANCE COMPANY OF MICHIGAN5,0871,20872,58928,64743,9429,012
PHOENIX LIFE INSURANCE COMPANY002,7373852,352-41
PRINCIPAL LIFE INSURANCE COMPANY3030010,6199,3541,265-1,677
STANDARD LIFE ASSURANCE LIMITED20,06125,2991,742,2061,735,6886,51862
STATE FARM INTERNATIONAL LIFE INSURANCE COMPANY LTD121,05873,2681,601,2761,270,182331,094-22,694
UNITED AMERICAN INSURANCE COMPANY1628213,8794,0119,868446
 376,461170,5335,836,4764,052,3591,784,11795,416
TOTAL20,806,35917,085,795767,123,464664,190,588102,932,87611,884,876

 

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REINSURANCE COMPANIES

 ONTARIO BUSINESSTOTAL COMPANY
FINANCIAL SUMMARY
year ended December 31, 2014

(in thousands)
Premiums Assumed

$
Net Losses Incurred

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Claims incurred to earned premium

%
Net Income/ (loss)

$
This table lists only those companies which are licensed solely for the business of reinsurance
ONTARIO
FARM MUTUAL REINSURANCE PLAN INC.116,68562,314806,726474,572332,15469%49,350
GLOBAL REINSURANCE COMPANY321,91426,68521,0195,66614322%-2,547
 16,71764,228833,411495,591337,82046,803
EXTRA PROVINCIAL
OPTIMUM REASSURANCE INC.58,2467,6332,403,0842,322,84780,237n/a10,059
FEDERAL
ARCH REINSURANCE COMPANY2000000n/a0
ASPEN INSURANCE UK LIMITED13,153-44,249475,336275,955199,381106%-2,711
AURIGEN REINSURANCE COMPANY42,27117,213234,173169,89264,281n/a-3,702
MUNICH REINSURANCE COMPANY
OF CANADA
88,01942,2721,242,671954,427288,24452%54,310
PARTNER REINSURANCE COMPANY
OF THE U.S.
21,9067,868574,281354,420219,86140%42,612
RGA LIFE REINSURANCE COMPANY
OF CANADA
370,29552,0887,313,5136,250,0271,063,486n/a248,532
SCOR CANADA REINSURANCE COMPANY37,05332,381619,856463,900155,95659%23,598
SUECIA REINSURANCE COMPANY-38-539,0963,6675,429139%-237
THE CANADA LIFE INSURANCE COMPANY OF CANADA651,240398,12111,907,76910,978,257929,512n/a48,491
THE MORTGAGE INSURANCE COMPANY OF CANADA01214,32935013,97916%-51
 1,223,899505,65322,391,02419,450,8952,940,129410,842
BRANCH
ALEA (BERMUDA) LTD.4-16421,3195,96715,352-6504%3,827
AMERICAN AGRICULTURAL INSURANCE COMPANY14,9093,82286,59733,91952,67842%6,060
AXIS REINSURANCE COMPANY7,50813,521283,728231,75051,97863%974
BRITISH INSURANCE COMPANY OF CAYMAN34,32729,775398,930207,893191,037n/a-13,192
CAISSE CENTRALE DE RÉASSURANCE17,3266,736242,478166,91975,55949%15,194
COLISEE RE.03,327121,78963,78558,00410572%-4,397
EMPLOYERS REASSURANCE CORPORATION73,17197,299791,726-167,208958,934n/a70,118
EVEREST REINSURANCE COMPANY86,871-12,1861,115,378695,149420,229-46%69,550
GENERAL AMERICAN LIFE INSURANCE COMPANY105,12570,5632,224,8971,015,6511,209,246n/a214,282
GENERAL RE LIFE CORPORATION49416615,7722,04913,723n/a866
HANNOVER RÜCK SE149,23263,3471,105,289705,582399,70776%19,479
MUNICH REINSURANCE COMPANY4,263,3453,135,2215,824,0392,692,5273,131,512n/a330,905
NATIONWIDE MUTUAL INSURANCE COMPANY21007,9622,6505,312n/a43
ODYSSEY REINSURANCE COMPANY30,704-9,903423,487224,813198,67450%28,404
PARTNER REINSURANCE COMPANY LTD.12,5503,522346,424292,55453,870n/a8,519
PARTNER REINSURANCE EUROPE SE8,5391,9786,85606,856n/a33,251
RELIASTAR LIFE INSURANCE COMPANY014052,52713,46639,061n/a2,324
SCOR GLOBAL LIFE33,75223,042512,227263,863248,364n/a10,902
SIRIUS AMERICA INSURANCE COMPANY2,262-1,16691,16032,48558,675-10%8,579
SWISS REINSURANCE COMPANY LTD536,59841,0221,723,0281,307,766415,2629%71,616
THE TOA REINSURANCE COMPANY
OF AMERICA
15,8857,793288,777200,67788,10063%6,734
TRANSATLANTIC REINSURANCE COMPANY34,8837,697627,110279,325347,78542%45,505
 5,427,4853,485,55216,311,5008,271,5828,039,918929,543
TOTAL6,826,3474,063,06641,939,01930,540,91511,398,1041,397,247

 

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RECIPROCAL OR INTERINSURANCE EXCHANGES

 ONTARIO BUSINESSTOTAL BUSINESS
FINANCIAL SUMMARY
year ended December 31, 2014

(in thousands)
Direct Written Premiums

$
Direct Claims Incurred

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Claims Incurred to earned premium

%
Net Income/ (Loss)

$
ONTARIO
CANADIAN UNIVERSITIES RECIPROCAL INSURANCE EXCHANGE12,1858,815148,75974,52874,23185%7,789
COMMUNITY NEWSPAPERS RECIPROCAL INSURANCE EXCHANGE761660615045611%8
HEALTHCARE INSURANCE RECIPROCAL OF CANADA104,1362,7381,365,626865,930499,696100%13,087
MUNICIPAL ELECTRIC ASSOCIATION RECIPROCAL INSURANCE EXCHANGE12,7776,024100,00132,90267,09923%7,799
ONTARIO MUNICIPAL INSURANCE EXCHANGE41,47268,207216,276188,00228,27447%18,779
ONTARIO SCHOOL BOARDS’ INSURANCE EXCHANGE42,42026,375242,663146,01496,64967%17,834
POULTRY INSURANCE EXCHANGE RECIPROCAL OF CANADA2,727568,8163,0755,7413%1,912
 215,793112,2312,082,7471,310,601772,14667,20
EXTRA PROVINCIAL
CANADIAN AIRPORTS RECIPROCAL INSURANCE EXCHANGE (CARIE)258-76,2483,1413,10778%-279
CANADIAN EGG INDUSTRY RECIPROCAL ALLIANCE0011,8672,0839,78440%1,351
CANADIAN LAWYERS LIABILITY ASSURANCE SOCIETY8,14811,96098,64684,99313,65312%366
 8,40611,953116,76190,21726,5441,438
BRANCH
LUMBERMEN’S UNDERWRITING ALLIANCE0203,66203,662n/a542
TOTAL224,199124,2042,203,1701,400,818802,35269,188

 

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FRATERNAL SOCIETIES

 ONTARIO BUSINESSTOTAL COMPANY
FINANCIAL SUMMARY
year ended December 31, 2014

(in thousands)
Direct Written Premiums

$
Benefits and payments to policyholders

$
Total Assets

$
Total Liabilities

$
Excess of assets over liabilities

$
Net Income / (loss)

$
ONTARIO
GUARANTEED FUNERAL DEPOSITS OF CANADA (FRATERNAL)22000000
TORONTO POLICE WIDOWS AND ORPHANS FUND1,8252,614101,03091,8809,150218
 1,8252,614101,03091,8809,150218
FEDERAL
ACTRA FRATERNAL BENEFIT SOCIETY8,8335,851647,830626,32321,507-476
FAITHLIFE FINANCIAL12,58615,254455,458415,79439,664-1,000
SONS OF SCOTLAND BENEVOLENT ASSOCIATION1,09169514,88511,6913,19448
TEACHERS LIFE INSURANCE SOCIETY (FRATERNAL)11,9805,85371,83657,30514,5311,498
THE GRAND ORANGE LODGE OF BRITISH AMERICA1,0651,04127,34723,2974,050-427
THE INDEPENDENT ORDER OF FORESTERS18,98816,21811,981,75610,076,2101,905,546102,773
THE ORDER OF ITALO-CANADIANS23000000
UKRAINIAN FRATERNAL SOCIETY OF CANADA157410,2858,6961,589322
 54,55844,98613,209,39711,219,3161,990,081102,738
BRANCH
CROATIAN FRATERNAL UNION OF AMERICA39747313,80011,9261,874-334
KNIGHTS OF COLUMBUS81,28845,2153,273,2842,402,627870,657-1,674
THE ROYAL ARCANUM, SUPREME COUNCIL OF9947012,7767,9654,811-99
UKRAINIAN NATIONAL ASSOCIATION301088,8705,5773,29380
UNITED COMMERCIAL TRAVELERS OF AMERICA, ORDER OF65395,2653,4561,809-279
 81,87946,3053,313,9952,431,551882,444-2,306
TOTAL138,26293,90516,624,42213,742,7472,881,675100,650

 

FINANCIAL SUMMARY NOTES

 

  1. No financial information was reported for Markham General Insurance Company in 2014. The company was ordered into liquidation effective July 24, 2002.
  2. The company is created as a result of a merger of three companies: Farmers Mutual Insurance Company (Lindsay), Glengarry Mutual Insurance Company and Lanark Mutual Insurance Company
  3. The company’s licence is limited to automobile risks of Toronto Transit Commission.
  4. The former name of Yarmouth Mutual Insurance Company was the Yarmouth Mutual Fire Insurance Company.
  5. No financial information was reported for AXA Insurance Inc. in 2014. Company was in the process of winding down.
  6. No financial information was reported for Alta Surety Company in 2014. Company has been in liquidation since June 2002.
  7. No financial information was reported for AXA Insurance (Canada) AXA Assurances (Canada) in 2014. Company was in the process of winding down.
  8. No financial information was reported for AXA Pacific Insurance Company in 2014. Company was in the process of winding down.
  9. No financial information was reported for Granite Insurance Company in 2014. Company has been inactive since November 1992.
  10. The former name of MIC Insurance Company of Canada was PMI Mortgage Insurance Company of Canada.
  11. The company has a licence condition not to undertake or renew insurance contracts in Ontario after May 30, 1995.
  12. The former name of Allied World Specialty Insurance Company was Darwin National Assurance Company.
  13. The company has a licence condition not to undertake or renew insurance contracts in Ontario after January 9, 2006.
  14. No financial information was reported for Reliance Insurance Company in 2014 Company has been in liquidation since August 2001.
  15. The company has a licence condition not to undertake or renew insurance contracts in Ontario after June 20, 2007.
  16. Company is licenced to write both life and property and casualty insurance.
  17. The company has a licence condition to service existing policies only.
  18. The former name of Jackson National Life Insurance Company was Reassure America Life Insurance Company.
  19. The company has a licence condition not to undertake or renew insurance contracts in Ontario after March 9, 2006.
  20. No financial information was received for the Arch Reinsurance Company in 2014.
  21. The company has a licence condition not to undertake or renew insurance contracts in Ontario after March 27, 2006.
  22. No financial information was received for Guaranteed Funeral Deposits of Canada (Fraternal) in 2014.
  23. No financial information was received for the Order of Italo-Canadians in 2014.

 

Financial Services Commission of Ontario
5160 Yonge Street, Box 85
Toronto ON M2N 6L9

 

Telephone: (416) 250-7250
Toll-free: 1-800-668-0128
TTY toll-free: 1-800-387-0584
Email: contactcentre@fsco.gov.on.ca
Website: www.fsco.gov.on.ca
Twitter: @FSCOTweets [New Window]

 

© Queen’s Printer for Ontario, 2015
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