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Earthquake strikes southern Japan

March 21, 2005 by Canadian Underwriter

An earthquake measuring 7.0 on the Richter-scale emanated off the south coast of Japan on Sunday morning, believing to have resulted in the death of one person and injuries of up to a further 381 people, according to early television

News Insurance

Western Financial achieves earnings boon for 2004

March 21, 2005 by Canadian Underwriter

Financial services group and broker network consolidator Western Financial Group (TSX: WES) saw net income almost double last year to $4.22 million compared with the $2.12 million reported for 2003. This equates to earnings of 18c a share for the

News Insurance

U.S. reinsurers’ returns show growing weakness

March 18, 2005 by Canadian Underwriter

Reinsurers operating in the U.S. likely finished last year with deteriorating business indicators with companies reporting declines in premium volume while higher claims costs appear to have boosted the sector’s combined ratio, according to data released by the Reinsurance Association

News Insurance

S&P affirms Kingsway group’s financial strength ratings

March 18, 2005 by Canadian Underwriter

Rating agency Standard & Poor’s has reaffirmed the financial strength ratings of Kingsway Financial Services Inc. and the group’s U.S. operational holding company, Kingsway America Inc.A significant factor cited by the rating agency for its affirmed position of the Kingsway

News Insurance

Western Financial enters joint expansion deal

March 17, 2005 by Canadian Underwriter

Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has entered into a joint venture with Harvard Developments Inc. to begin a new expansion of brokerages into major urban centers of western Canada. Although the terms

News Insurance

Ace reveals depth of external investigations into bid rigging allegations

March 17, 2005 by Canadian Underwriter

In a filing recently made with the Securities and Exchange Commission (SEC), Bermuda-based Ace Ltd. disclosed that the company had received 43 subpoenas and legal enquiries relating to its alleged involvement in bid rigging and price fixing of insurance arrangements

News Insurance

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