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JP Morgan to buy 7.8 million AXIS shares in block trade

August 9, 2005 by Canadian Underwriter

AXIS Capital Holdings Limited (NYSE: AXS) recently implemented an agreement with JPMorgan Partners a private equity affiliate of JPMorgan Chase & Co. and related entities to buy approximately 7.8 million of AXIS Capital’s common shares in a block trade. These

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Potential hazardous chemical found at CN derailment

August 9, 2005 by Canadian Underwriter

A Government of Alberta investigation at the site of the recent CN train derailment near Wabamun has uncovered evidence that a hazardous chemical might have leaked into Lake Wabamun. As a precaution, area residents are being told to avoid using

News Insurance

U.S. company to secure Alberta Oil Sands

August 8, 2005 by Canadian Underwriter

An international takeover of Alberta’s oil sands is at hand according to recent statements by Bank of Montreal strategists. The U.S. Securities and Exchange Commission is deciding whether to update the original 1970 rules on measuring oil reserves. Under current

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Toxic spill “poisons” B.C. river

August 8, 2005 by Canadian Underwriter

A Canadian National tank car that recently derailed causing toxic chemicals to spill into the Cheakamus River.The possible cause of the derailment may be a faulty section of track, according to Canadian National officials. The damaged track was removed for

News Insurance

ICBC reports record profit, consumer association requests reduced auto rates

August 8, 2005 by Canadian Underwriter

The Consumers’ Association of Canada recently called on Insurance Corporation of British Columbia (ICBC) to make further cuts to auto insurance rates for BC drivers.“ICBC again announced record profits,” Bruce Cran, president of the association, says. “By the end of

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Greenberg points at current AIG management

August 5, 2005 by Canadian Underwriter

Former chief executive officer of American International Group Ltd. (AIG) Maurice “Hank” Greenberg recently claimed, through legal representation, that he questioned the misrepresentation of the Company’s net worth.A white paper submitted to the Securities and Exchange Commission in representation of

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Investigators lack tools to decode Flight 358’s black boxes

August 5, 2005 by Canadian Underwriter

Canada’s Transportation Safety Board investigators examining the recent Air France Flight 358 crash at Toronto’s Pearson International Airport are not able to analyze the black box flight recorders because the appropriate tools to decode it are not available. Instead, the

News Insurance

RIMS study reveal a stubborn soft market

August 4, 2005 by Canadian Underwriter

Premiums in the commercial insurance industry continued along the path of an 18-month long down market, according to the RIMS Benchmark Survey – compiled by Advisen Ltd. yet the market suggests it may still be poised for a change.Renewal prices

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Kingsway grows in Q2 (August 04, 2005)

August 4, 2005 by Canadian Underwriter

Kingsway Financial Services Inc. financial results for the second quarter and six months ended June 30, 2005 indicate that the Company’s net income increased 10% to $36.7 million compared to $33.3 million in the second quarter of 2004. The Company

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More guilty pleas added to Spitzer’s roster

August 4, 2005 by Canadian Underwriter

Four more guilty pleas have recently been added to the roster of charges relating to the Spitzer’s bid rigging investigations.The most recent please come from three former Marsh & McLennan brokers. In addition, a former Zurich Financial underwriter divulged his

News Insurance

Marsh & McLennan profits drop

August 3, 2005 by Canadian Underwriter

Marsh & McLennan Companies Inc. earnings have recently been lowered in its insurance services and investment management divisions. In addition, the Company’s restructuring charges have reduced the second-quarter profit to 57%.In the April to June period, the Company’s net income

News Insurance

Airbus crashed at Pearson covered by French pool

August 3, 2005 by Canadian Underwriter

La Runion Arienne of Paris an aviation insurance pool is responsible for the hull and liability coverage for the Air France jetm (the airbus A340-300 plane) that recently crashed on Toronto Pearson International Airport’s landing.Approaching to Toronto from Paris, carrying