Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record…
Intense competition, increasing litigation and the rising cost of claims is decreasing profitability in directors and officers (D&O) liability insurance market, a panel of executives told the D&O Liability and Issues Symposium sponsored by the Professional Liability Underwriting Society (PLUS).…
In January, more than two hundred of the world’s leading scientists met in Geneva to discuss what we should do about our changing weather. This gathering is part of an even larger working group that has been making steady research…
The CICMA and CIAA 99 Joint Conference – held in Toronto in February – focused on the competitive challenges reshaping the p&c insurance industry. The overall message delivered at the event was clear: the process of industry change, mainly as…
Lindsey Morden Claims Services Ltd. has officially changed its name to Cunningham Lindsey Canada Ltd., a move to harmonize the company’s identity worldwide. “As a large, strong global company, sharing this common identity amongst our claims and risk management services…
This month, insurer General Accident will officially change its name to CGU Group Ltd. The Canadian operation will operate as CGU Insurance Company of Canada. According to head of corporate communications Diane Scott, the change harmonizes the Canadian name with…
Despite a $11.7 million decline in after-tax income for the financial year ended December 1998, the Co-operators General Insurance Company says it is encouraged by the 7.4% marketshare it notched up during the year. After-tax income for the year amounted…
TSE-listed Kingsway Financial Services Inc. (KFS) disclosed an 18% rise in earnings to 86c a share for the 1998 financial year ended December compared with that of the previous year. The return on equity for the year clocked in at…
January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs,…
Property & casualty insurance is a pure risk product that must be kept separate from the financial, wealth management and investment-based services provided by life insurers and banks, George Cooke, president of Dominion of Canada General Insurance Company, told a…
January 1999 was the third-costliest January for the U.S. in terms of catastrophe claims on record with insurers paying an estimated $1.75 billion in damages. The claims result from four events, according to Insurance Services Office, Inc.’s Property Claim Services…
In response to the growing need for alternative and effective mechanisms in dealing with potential legal disputes, British Columbia’s insurance industry recently launched the Insurance Dispute Resolution Services of B.C. One of the more innovative features of this resolution process…