Canadian Underwriter

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News Insurance

What’s new: In brief (February 24, 2005)

February 24, 2005 by Canadian Underwriter

Florida is the second state this week to introduce legislation to prioritize asbestos and silica lawsuits. Republican representative Joe Pickens has put forward House Bill 1019 which would require claimants to meet specific medical criteria in order to have their

News Insurance

California regulator targets title insurers

February 23, 2005 by Canadian Underwriter

California Insurance Commissioner John Garamendi has issued subpoenas against title insurers in the state.In a media event set at a new home development in Sacramento, Garamendi announced he was investigating “a scam perpetrated by title insurers, realtors, lenders and developers”.

News InsuranceMergers and Aqcuisitions

FSCO publishes series of consumer brochures

February 23, 2005 by Canadian Underwriter

In additional to its annual version of “Understanding Automobile Insurance”, the Financial Services Commission of Ontario (FSCO) has published a series of pamphlets to assist consumers in buying insurance and filing claims.“What to do After an Auto Accident” is intended

News Insurance

Talbot acquisition lowers Hub earnings for 2004

February 23, 2005 by Canadian Underwriter

Charges related to the acquisition of Talbot Financial Corp. in July caused earnings for broker network Hub International Ltd. (TSX, NYSE: HBG) to drop 28% in 2004.The company posted earnings last year of $26.24 million, or $0.80 per share, for

News Insurance

What’s new: In brief (February 23, 2005)

February 23, 2005 by Canadian Underwriter

Life and health insurers applauded the unveiling of Canada’s federal budget on Wednesday. The Canadian Life & Health Insurance Association (CLHIA) praises the balanced budget proposed by the minority Liberal government. The CLHIA also praised the reduction of personal and

News Insurance

Guy Carpenter “cautiously optimistic” on silica claims

February 22, 2005 by Canadian Underwriter

Insurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well

News Insurance

Vancouver Ear Bank faces class action suit

February 22, 2005 by Canadian Underwriter

A class action lawsuit has been filed against the B.C. Ear Bank by A Vancouver woman, on behalf of those who have received transplant tissue and bone from the University of B.C.-directed facility. Margaret Birrell says she was among those

News Insurance

RenaissanceRe to restate 2001-2003 financials

February 22, 2005 by Canadian Underwriter

Bermuda-based RenaissanceRe Holdings Ltd. says it will restate its financial results for the years 2001, 2002 and 2003, but the net result will be an increase in shareholders’ equity.The restatement will increase earnings for 2001 by US$20.6 million, and increase

News InsuranceMergers and Aqcuisitions

Alberta to review auto premiums following 2004 industry earnings release

February 22, 2005 by Canadian Underwriter

Alberta’s Auto Insurance Rate Board is set to review auto insurance premiums “to determine if further reduction for drivers are recommended”, according to a press release from the office of the province’s finance minister, Shirley McClellan.While a formal review will

News Climate ChangeInsurance

2004 hurricane losses continue to dampen fortunes

February 21, 2005 by Canadian Underwriter

The rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss

News Climate ChangeInsurance

Increase in capacity not deterring European reinsurer discipline

February 21, 2005 by Canadian Underwriter

Based on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop

News Insurance

Tobacco class action certified in Quebec

February 21, 2005 by Canadian Underwriter

Two class actions against three tobacco manufacturers for “smoking addiction” have been certified in Quebec Superior Court.The suits involved tobacco companies Imperial Tobacco Canada, Rothmans Benson & Hedges, and JTI MacDonald, with plaintiffs alleging the companies did not disclose the