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Fairfax declares dividend

January 2, 2003 by Canadian Underwriter

Canadian financial services conglomerate Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of $1.50 each on multiple voting and subordinate voting shares for 2002.The dividend comes per Fairfax’s decision in 2000 that it would pay a modest annual

News Insurance

2002 cat losses below average: Swiss Re study

January 2, 2003 by Canadian Underwriter

While 2002 was a relatively easy year for insurers in terms of cat losses, significant flooding in Europe points to potential concerns in the future, suggests a Swiss Re sigma report.In total, more than 300 man-made and natural catastrophes last

News Insurance

Hub acquires U.S. midwest brokerage

January 2, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd (TSX, NYSE: HBG) has acquired Cincinnati-based Fifth Third Insurance Services Inc. from Fifth Third Bancorp, creating a midwest “hub”.Hub paid $37 million cash for the agency, which has annual revenue of US$25 million from its

News InsuranceMergers and Aqcuisitions

IBC disappointed with Newfoundland auto package

December 20, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is expressing dismay over the package of reforms to Newfoundland’s auto system introduced in Bill 28 this week. In a release, the IBC says the reforms will not help control the costs of auto

News Insurance

The troubled Royal & SunAlliance group names new CEO

December 20, 2002 by Canadian Underwriter

The U.K.-based Royal & SunAlliance Insurance Group plc has appointed Andy Haste as the new group CEO. Haste will take up his position from the beginning of April next year. Former CEO Bob Mendelsohn resigned earlier this year against a

News InsuranceMergers and Aqcuisitions

Industry claims satisfaction rate rises for 2002

December 19, 2002 by Canadian Underwriter

With the release of the 2002 Auto Claims Satisfaction survey from the Financial Services Commission of Ontario (FSCO), the industry saw its satisfaction level rise to 86%, its highest level since the survey’s introduction five years ago.Topping the survey was

News Insurance

U.S. winter storms produce US$360 million insured loss

December 19, 2002 by Canadian Underwriter

Storms that hit several U.S. states in early December have caused US$360 million in insured damage, according to estimates from the Property Claims Services (PCS) unit of the Insurance Services Office (ISO).All in all, it has been a relatively high

News Insurance

Newfoundland auto reform tabled with no tort reform

December 18, 2002 by Canadian Underwriter

Industry concerns over rising auto claims costs in Newfoundland received little response in new legislation tabled by Government Services and Lands Minister Walter Noel. Bill 28, which would amend the Automobile Insurance Act, Insurance Companies Act and Highway Traffic Act,

News Insurance

U.S. insurers regain profitability for first nine months

December 18, 2002 by Canadian Underwriter

U.S. insurers brought home a taxed profit of US$9.3 billion for the first nine months of this year compared to a net loss of US$2.6 billion reported for the same period a year ago. The turnaround largely resulted from higher

News Insurance

Fairfax restructures TIG; implications for Commonwealth

December 17, 2002 by Canadian Underwriter

Financial giant Fairfax Financial Holdings has restructured its Dallas-based TIG Insurance Group, a move which will impact B.C.’s Commonwealth Insurance Company and reinsurer Odyssey Re.Among the restructuring moves, TIG’s outstanding shares of Odyssey Re, Commonwealth and Ranger Insurance Company will

News Insurance

III analyst survey indicates inadequate U.S. returns for 2003

December 17, 2002 by Canadian Underwriter

A survey conducted by the Insurance Information Institute (III) of 12 industry investment analysts suggests that growth in premium income within the U.S. property and casualty insurance industry will decrease in 2003. The analysts also forecast a drop in the

News Insurance

IBC pleased with sanctions against “road racing”

December 16, 2002 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is pleased to see new controls to prevent “road racing” along with other road safety measures introduced in Bill 241, The Road Safety Act of 2002, by Ontario’s legislature. Transportation Minister Norm Sterling has