Topic
Insurance
Fairfax earnings drop slightly on market softening
May 1, 2005 by Canadian UnderwriterInsurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) saw its net income dip slightly in the first quarter ending March 31, 2005 as a result of deteriorating underwriting conditions in the reinsurance segment.First-quarter 2005 net income was US$35.2 million,…
Canadian Underwriter Web Poll: April results
May 1, 2005 by Canadian UnderwriterThe industry was overwhelmingly in favor of the Insurance Bureau of Canada’s decision to release consolidated financial data for its members as early as possible. The Canadian Underwriter Web Poll for April asked “Was it a good decision to release…
Significant first-quarter cat losses for U.S. insurers: ISO
May 1, 2005 by Canadian UnderwriterOn the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS)…
Lindsey Morden earnings rebound in first quarter 2005
May 1, 2005 by Canadian UnderwriterInternational adjusters Lindsey Morden (TSX: LM), which operates in Canada as Cunningham Lindsey, saw its earnings rebound for the first quarter ending March 31, 2005 to post net income of $5.2 million versus a loss of $21.1 million in the…
Terrorism insurance uptake rises substantially in 2004: Marsh
April 28, 2005 by Canadian UnderwriterAlmost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but…
London market issues blueprint for achieving contract certainty
April 28, 2005 by Canadian UnderwriterWith the deadline for achieving contract certainty standards looming, a blueprint for change has been sent to all brokers and insurers in the London markets, including Lloyd’s.The U.K. Financial Services Authority (FSA) has given insurers until the end of 2006…
What’s new: In brief (April 28, 2005)
April 28, 2005 by Canadian UnderwriterWith the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling…
E-L Financial posts improved first-quarter earnings on general insurance gains
April 28, 2005 by Canadian UnderwriterE-L Financial (TSX: ELF), parent company of the Dominion of Canada General Insurance Co., posted net income for the first quarter of 2005 of $65.3 million, or $15.93 per share, up from $61.8 million, or $15.38 per share in first-quarter…
Hub reports 71% earnings rise in first quarter
April 27, 2005 by Canadian UnderwriterChicago-based broker network Hub International Ltd. (NYSE, TSX: HBG) says its net earnings rose 71% in the first quarter of 2005 to reach US$16.5 million, or US$0.47 per share. This compares to earnings of US$9.6 million, or US$0.29 per share…
Arthur J. Gallagher sets aside US$35 million to deal with investigations
April 27, 2005 by Canadian UnderwriterBroker Arthur J. Gallagher says it has set aside US$35 million to resolve current state investigations into insurance practices.The company made the announcement as part of its first-quarter 2005 results release. In that release, the company states: “The insurance industry…
Industry’s profit position difficult to maintain: Smith
April 27, 2005 by Canadian UnderwriterDespite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this…
What’s new: In brief (April 27, 2005)
April 27, 2005 by Canadian UnderwriterThe Risk and Insurance Management Society (RIMS) has added two new tools to its Quality Improvement Process (QIP). These include the “claims service provider and risk manager partnership tool” and the “safety and loss control service provider and risk manager…