Features
Western Financial sees 2004 earnings boon
April 1, 2005 by Canadian UnderwriterFinancial 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 18 a share for the…
Newfoundland scraps “benchmark” rating
April 1, 2005 by Canadian UnderwriterThe Newfoundland government says it will stop the “benchmark” system for auto insurance rate-setting in the province and move to individual approval of company rates. Newfoundland has used a system which set maximum and minimum rates – companies whose rates…
AIG admits to improper Gen Re reporting
April 1, 2005 by Canadian UnderwriterAIG has admitted that finite reinsurance transactions dating back to 2000-2001 regarding Berkshire Hathaway’s Gen Re were improperly documented, and as such, the company would be even later in filing its 10-K annual financial reports. AIG says it will not…
Views (April 01, 2005)
April 1, 2005 by Canadian UnderwriterThe board of directors of the Insurance Brokers Association of Canada (IBAC) met earlier this year with a number of insurance company CEOs, and on a suggestion from IBAC vice president Danny Craig, the group raised over $5,000 in individual…
On the Move (April 01, 2005)
April 1, 2005 by Canadian UnderwriterAIG president, CEO and chairman Maurice “Hank” Greenberg is retiring. Greenberg will be replaced as CEO and president by current vice chair and co-COO Martin J. Sullivan, while fellow co-COO Donald P. Kanak will take over the full COO role…
U.S. reinsurers experience a poor 2004
April 1, 2005 by Canadian UnderwriterU.S. reinsurers’ net income for 2004 came in at US$3.14 billion, reflecting a moderate increase on the US$3.08 billion reported by companies the year prior, according to financial data released by the Reinsurance Association of America (RAA). Last year’s modest…
Alberta proposes opening door to public insurers
April 1, 2005 by Canadian UnderwriterNew reforms tabled in the Alberta legislature would see public insurers allowed to sell auto insurance in the province. Bill-34, the “Insurance Amendment Act, 2005” was introduced by Peace River MLA Frank Oberle. “We are following through on a commitment…
Views (March 01, 2005)
March 1, 2005 by Canadian UnderwriterThe Insurance Institute of Ontario’s 106th Convocation and Awards Night for CIP and FCIP graduates was held at the John Labatt Theatre of Toronto’s Metro Convention Centre recently, with guest speaker two-time Olympic gold-medalist Catriona LeMay Doan. K&K Insurance Group’s…
On the Move (March 01, 2005)
March 1, 2005 by Canadian UnderwriterRoyal & SunAlliance Canada Group has named two new board members: Robert G. McFarlane and Shelley Miller. McFarlane is executive vice president and CFO of TELUS Corp and vice chair of the Business Council of B.C. Miller is a partner…
Fairfax 2004 performance undermined by hurricane losses
March 1, 2005 by Canadian UnderwriterFairfax Financial Holdings (TSX: FFH) produced a net loss of US$17.8 million, or US$2.16 a share for 2004. The company attributes the red ink to a total loss of US$252.7 million stemming from the four U.S. hurricanes that struck in…
Aon creates fund to settle commission investigations
March 1, 2005 by Canadian UnderwriterAon Corp. has created a US$190 million fund to compensate clients as a result of investigations in three U.S. states into contingent commissions and business practices. The fund applies to policies incepted or renewed from January 2001 through to the…
Lindsey Morden benefits from 2004 hurricane activity
March 1, 2005 by Canadian UnderwriterFairfax’s claims adjusting operation, Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004’s fourth quarter with net earnings of $4.81 million, or 35 a share. This compares with a net loss of $21.18 million,…