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Higher loss exposure from Florida’s new hurricane deductible limited

May 2, 2005 by Canadian Underwriter

Insured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according…

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Significant first-quarter cat losses for U.S. insurers: ISO

May 1, 2005 by Canadian Underwriter

On 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)…

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Lindsey Morden earnings rebound in first quarter 2005

May 1, 2005 by Canadian Underwriter

International 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…

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Fairfax earnings drop slightly on market softening

May 1, 2005 by Canadian Underwriter

Insurance 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,…

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Canadian Underwriter Web Poll: April results

May 1, 2005 by Canadian Underwriter

The 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…

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Terrorism insurance uptake rises substantially in 2004: Marsh

April 28, 2005 by Canadian Underwriter

Almost 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…

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London market issues blueprint for achieving contract certainty

April 28, 2005 by Canadian Underwriter

With 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…

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What’s new: In brief (April 28, 2005)

April 28, 2005 by Canadian Underwriter

With 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…

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E-L Financial posts improved first-quarter earnings on general insurance gains

April 28, 2005 by Canadian Underwriter

E-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…

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Hub reports 71% earnings rise in first quarter

April 27, 2005 by Canadian Underwriter

Chicago-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…

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Arthur J. Gallagher sets aside US$35 million to deal with investigations

April 27, 2005 by Canadian Underwriter

Broker 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…

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Industry’s profit position difficult to maintain: Smith

April 27, 2005 by Canadian Underwriter

Despite 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…