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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…

News Insurance

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…

News Insurance

What’s new: In brief (April 27, 2005)

April 27, 2005 by Canadian Underwriter

The 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…

News Insurance

European reinsurers show restraint in 2004

April 26, 2005 by Canadian Underwriter

In the face of the worst year on record for natural catastrophes, European reinsurers showed the necessary restraint in top-line growth to produce bottom-line results, according to the latest quarterly report by broker Benfield Group.In “Rewards of Restraint”, Benfield says…

News Insurance

AIG to be audited for workers’ comp premiums

April 26, 2005 by Canadian Underwriter

AIG will be audited for “years of alleged improper booking” of workers’ compensation premiums, New York Attorney General Eliot Spitzer and Insurance Superintendent Howard Mills announced Tuesday.Authorities say a consultant will be appointed by the insurance department to look into…