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OSFI data shows $2.51 billion industry net income for 2004

March 15, 2005 by Canadian Underwriter

Data published by the Office of the Superintendent of Financial Institutions (OSFI) puts the property & casualty insurance industry’s net income at $2.51 billion for 2004, up from $1.29 billion in 2003.The OSFI data represents the combined filings of all

News InsuranceMergers and Aqcuisitions

Small cars, SUVs top driver-death rates in crashes: IIHS

March 15, 2005 by Canadian Underwriter

In a new “Status Report” by the Insurance Institute for Highway Safety (IIHS), small cars and small to mid-size SUVs ranked as the worst in terms of driver death rates in crashes. The two-door, two-wheel-drive Chevrolet Blazer tops the list

News Insurance

S&P outlines concerns around finite re

March 15, 2005 by Canadian Underwriter

In a new report, rating agency Standard & Poor’s explains its concerns and method for detecting finite reinsurance transactions in the financial information of company’s it analyzes.Finite re, also called financial reinsurance or financial engineering, has come under fire from

News Insurance

Raters cast wary eye to Greenberg departure

March 15, 2005 by Canadian Underwriter

Rating agencies have taken a dim view to confirmation late Monday that AIG CEO and chair Maurice “Hank” Greenberg will retire. But it was not only news of the 79-year-old industry veteran’s exodus which caught rater’s attention AIG also announced

News Insurance

Lloyd’s reaches settlement with Central Fund insurers

March 14, 2005 by Canadian Underwriter

Lloyd’s of London has reached a financial settlement with insurers of its new Central Fund which will see the London market paid a total of GBP152 million.Lloyd’s and the six insurers began arbitration in early 2003 following a dispute over

News InsuranceMergers and Aqcuisitions

Pethealth loss narrows on 60% revenue increase for 2004

March 14, 2005 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture: PTZ) saw its annual net loss narrow to $422,540, or $0.01 per share last year, a 79% improvement over the loss of $1.99 million, or $0.01 per share, posted in 2003.Revenue was

News Climate ChangeInsurance

Tsunami losses likely to be US$2.5-$4 billion: Guy Carpenter

March 14, 2005 by Canadian Underwriter

In a report on the December 26, 2004 Indian Ocean tsunami, reinsurance broker Guy Carpenter & Co. Inc. says insured losses from the disaster should reach US$2.5-$4 billion, plus US$1 billion in life & health losses.In “Tsunami: Indian Ocean Event

News Insurance

What’s new: In brief (March 14, 2005)

March 14, 2005 by Canadian Underwriter

U.S. legislators are looking to the insurance industry to provide a long-term roadmap for providing terrorism coverage before agreeing to extend the Terrorism Risk Insurance Act beyond its December 31, 2005 sunset. In an editorial written for the Property Casualty

News Insurance

Reinsurance holding companies face significant challenges: S&P

March 13, 2005 by Canadian Underwriter

In its “report card” on North American insurance holding companies, reinsurers stand out as facing significant challenges, says Standard & Poor’s.The rater says these challenges come on three fronts, including the devastation wrought by last year’s record U.S. hurricane losses

News Climate ChangeInsurance

2004 “a year of freakish weather”: Aon

March 13, 2005 by Canadian Underwriter

2004 will stand out as one of the most active years for violent weather events, according to Aon’s “2004 Global Climate and Catastrophe Report”.The report, produced by Aon Re Global and Aon’s Impact Forecasting subsidiary, chronicles a year of “freakish

News Climate ChangeInsurance

Lloyd’s chairman touts need for contract certainty

March 13, 2005 by Canadian Underwriter

The insurance coverage trial which followed the felling of the World Trade Center towers in the September 11, 2001 terrorist attacks highlights the need for greater contract certainty, says Lloyd’s chair Lord Peter Levene.Levene, speaking to a group of insurers,

News InsuranceMergers and Aqcuisitions

What’s new: In brief (March 13, 2005)

March 13, 2005 by Canadian Underwriter

Former Quebec Justice Minister Marc Bellemare has announced he will run for mayor of Quebec City in the November municipal election. Bellemare resigned his provincial role last year after a failed attempt to reform Quebec’s auto insurance system. The Insurance