Canadian Underwriter

News


News Insurance

Anthony Clark buys second U.S. brokerage; faces $500,000 judgement in civil case

November 12, 2003 by Canadian Underwriter

It was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000…

News InsuranceMergers and Aqcuisitions

Public auto rates higher, says Fraser Institute report

November 11, 2003 by Canadian Underwriter

A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually…

News Insurance

New risks challenge insurers and corporate clients

November 11, 2003 by Canadian Underwriter

As Canadian businesses face a new host of risks, the applicability of insurance as the proper means to cover those risks is coming into question, according to experts from KPMG LLP.SARS, blackouts, floods and hurricanes experienced through 2003 have put…

News Insurance

Employers’ Re to exit life & health business in Canada

November 11, 2003 by Canadian Underwriter

General Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company…

News InsuranceMergers and Aqcuisitions

Tiburon tops IBC “most stolen vehicles” list for fourth year

November 10, 2003 by Canadian Underwriter

For the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have…

News Insurance

Downgrades more frequent than upgrades again this year

November 10, 2003 by Canadian Underwriter

For the third year in a row, downgrades have outpaced upgrades from rating agency A.M. Best, with adverse reserve development and liability exposures among the culprits.The rating agency says that asbestos and environmental liability exposures, medical cost inflation, weather catastrophes,…

News Insurance

E-L Financial recovery hampered by investments

November 10, 2003 by Canadian Underwriter

Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3…

News Insurance

Lindsey Morden loss narrows

November 7, 2003 by Canadian Underwriter

While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is…

News Insurance

Northbridge earnings up on strong underwriting and investments

November 7, 2003 by Canadian Underwriter

Northbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for…

News Insurance

Odyssey reports income drop on lower realized gains

November 7, 2003 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares…

News Climate ChangeInsurance

Hurricane Juan damage pegged at $85 million

November 7, 2003 by Canadian Underwriter

Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million.…

News Insurance

ISO warns against “hyper competition” as U.S. pricing peaks

November 6, 2003 by Canadian Underwriter

Rate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently,…