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Broker consolidator Hub produces healthy 3-Q revenue and earnings gain

November 16, 2001 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted…

News Insurance

Allianz increases Sept. 11 loss estimate

November 15, 2001 by Canadian Underwriter

In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the…

News InsuranceMergers and Aqcuisitions

Chubb tops FSCO claims survey

November 15, 2001 by Canadian Underwriter

Once again Chubb has taken top spot in the Financial Services Commission of Ontario’s (FSCO) claims satisfaction survey. The survey, which uses a random sample of insurer auto claims files, also shows that 85% of respondents were very or somewhat…

News Insurance

U.S. insurers issue terrorism exclusion endorsements countrywide

November 14, 2001 by Canadian Underwriter

Approximately 600 insurers represented by the American Association of Insurance Services (AAIS) have begun filing endorsements excluding terrorism cover from commercial policies. AAIS president Paul Baiocchi says the filings are being made countrywide as an immediate step in reaction to…

News Insurance

New capital will bolster reinsurance market

November 14, 2001 by Canadian Underwriter

Rating agency Standard and Poor’s says between US$10 billion and US$20 billion of new capital will enter the insurance market in the next six months, the majority of which will be in reinsurance.Already new companies have brought more than US$5…

News Insurance

Insurers face terrorism “coverage gap”, says study

November 13, 2001 by Canadian Underwriter

A new study from A.M. Best Canada suggests Canadian insurers will face a “coverage gap”, with reinsurers reluctant to write terrorism coverage in their January 1 renewals, despite primary contracts covering the risk that go well into 2002.The report, authored…

News Insurance

Corporate Canada will face insurer scrutiny, says KPMG

November 13, 2001 by Canadian Underwriter

In light of the events of September 11, Canadian companies can expect to see rising insurance rates, reduced availability of cover and closer scrutiny paid to business risk, say representatives of KPMG’s insurance practice. At the consulting firm’s annual Insurance…

News Insurance

Lloyd’s among insurers affected by New York plane crash

November 12, 2001 by Canadian Underwriter

Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…

News Insurance

Kingsway reports record results in Q3

November 9, 2001 by Canadian Underwriter

Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…

News Insurance

Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite

November 7, 2001 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…

News Insurance

Fairfax 3-Q performance shows widening loss spiral

November 7, 2001 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…

News InsuranceMergers and Aqcuisitions

ISO puts insured property losses from September 11 at US$16.6 billion

November 6, 2001 by Canadian Underwriter

Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…