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Facility expecting significant losses in 2003

June 2, 2003 by Canadian Underwriter

The industry’s pool for high-risk drivers is expecting to post significant losses this fiscal year, particularly in Ontario. The Facility Association (FA) residual market stands to lose $313.9 million for the fiscal year, which runs from November 1, 2002 to…

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2003 sets record for digital attacks

May 30, 2003 by Canadian Underwriter

Not yet mid-way through the year, 2003 has already set the record for digital attacks, and those attacks are becoming more dangerous, says digital security firm mi2g.As of May 25, 87,903 overt digital attacks were verified worldwide, while the previous…

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Willis capitalizes on rebuilding of Iraq

May 30, 2003 by Canadian Underwriter

Insurance broker Willis says it is forming a special unit to capitalize on the risk market created by the rebuilding of Iraq following its invasion by U.S.-led forces.The company says more than US$10 billion in reconstruction projects are expected to…

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Fairfax sees realized gains of $425 million in Q2

May 29, 2003 by Canadian Underwriter

Fairfax Financial Holdings (TSX, NYSE: FFH) says it has realized pre-tax gains of more than $425 million from the investment portfolios of its various companies thus far in the second quarter 2003. This is largely the result of the sale…

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Industry’s ability to generate underwriting profit in question: S&P

May 29, 2003 by Canadian Underwriter

In the full version of its “industry report card” on Canada’s p&c sector, rating agency Standard & Poor’s shows little hope that an underwriting profit can be achieved.Following on comments from a press release issued in conjunction with the report…

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Canadian p&c industry gets failing grade: S&P

May 28, 2003 by Canadian Underwriter

The Canadian p&c insurance industry did not fare well on its “industry report card” from rating agency Standard & Poor’s (S&P).S&P said the outlook for the industry remains negative despite price hikes over the past year.“Intense competition, unrelenting claims costs,…

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Atlantic Canada storms cost insurers $14.3 million

May 28, 2003 by Canadian Underwriter

Severe rain storms which hit Atlantic Canada in the beginning of April this year will likely cost insurers about $14.3 million as a result of auto, home and other property covers, says the Insurance Bureau of Canada (IBC).Nova Scotia bore…

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Bank West start-up drags Western Financial income

May 27, 2003 by Canadian Underwriter

Revenue was up for broker consolidator Western Financial Group (TSX: WES) despite a drag on earnings from the start-up of its new banking operation. Consolidated net income for the first quarter ending March 31, 2003 was $175,000, representing no earnings…

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P&c operations drag Desjardins earnings in first quarter

May 27, 2003 by Canadian Underwriter

The group general insurance division of Desjardins Financial Corp. was a drag on overall earnings in the first quarter ending March 31, 2003, the Montreal-based financial services company says.Gross written premiums were up 17% compared to the first quarter 2002,…

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U.S. insurers laud class action and asbestos legislation

May 26, 2003 by Canadian Underwriter

U.S. insurers celebrated a successful week on Capital Hill with the introduction of a bill to resolve the asbestos crisis and a House committee vote in favor of class action reform late last week.Republican senator Orrin Hatch of Utah put…

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Loyalist yearend loss follows exit from personal lines

May 26, 2003 by Canadian Underwriter

As The Loyalist Insurance Co. wrote its last personal lines policy in December 2002, the market departure was too late to save yearend results, although the company sees promise for 2003.Overall, parent The Loyalist Insurance Group Ltd. (TSX: LOY) posted…

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Kingsway completes second private debt placement of US$15 million

May 26, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) has completed the second private placement of 30-year floating rate trust preferred securities amounting to US$15 million. The company will receive about US$14.5 million in proceeds from the placement. Kingsway recently made a similar…