Canadian Underwriter

News


News Climate ChangeInsurance

Alberta committee asked for measures to reduce flood damage

November 7, 2005 by Canadian Underwriter

The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George…

News Climate ChangeInsuranceMergers and Aqcuisitions

Ontario DACs to be eliminated March 1, 2006

November 7, 2005 by Canadian Underwriter

The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment…

News Insurance

Kingsway reports profit

November 4, 2005 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX:KFS) saw a third-quarter profit increase of 22.5% due to a decrease in expenses, which resulted in offsetting a drop in revenues.The insurer of high-risk drivers also reported a net income of $37.5 million ($0.66 per…

News Climate ChangeInsurance

Montpelier Re reports US$875.1 million loss in third quarter

November 4, 2005 by Canadian Underwriter

Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes…

News Insurance

Kingsway files for normal course issuer bid

November 4, 2005 by Canadian Underwriter

The Toronto Stock Exchange has accepted a notice filed by Kingsway Financial Services Inc. (TSX:KFS) that states the insurers intention to make a Normal Course Issuer Bid.The notice provides that Kingsway may during the 12-month period commencing November 8, 2005…

News Insurance

Investigations changing insurance buyers-brokers’ relationship: study

November 4, 2005 by Canadian Underwriter

Commercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a…

News Climate ChangeInsurance

P&C market strong until 2007, despite cat losses

November 3, 2005 by Canadian Underwriter

Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast &…

News Insurance

Willis reports 3Q net income of $49 million

November 3, 2005 by Canadian Underwriter

Willis Group Holdings Limited (NYSE: WSH) recently reported a decline in net profits for the 3Q of 2005, in comparison to results announced in the third quarter of 2004.The Company ‘s net income for the 3Q in 2005 was $49…

News Climate ChangeInsurance

Manulife reports 3Q net income of $746 million

November 3, 2005 by Canadian Underwriter

Manulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax…

News Insurance

RenaissanceRe CEO resigns

November 3, 2005 by Canadian Underwriter

James N. Stanard resigned as chair and CEO of RenaissanceRe in light of ongoing regulatory investigations resulting from the company’s restatement of its financial results earlier this year, the company has announced.Stanard received a “Wells Notice” from the U.S. Securities…

News Climate ChangeInsurance

RenaissanceRe reports 3Q loss of $327 million

November 2, 2005 by Canadian Underwriter

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a…

News InsuranceMergers and Aqcuisitions

Soaring claims costs hit ICBC’s bottom line

November 2, 2005 by Canadian Underwriter

ICBC says the rising cost of claims accounts for its reported net income of Cdn $195 million for the first nine months of 2005 down from $317 million for the same period last year.Despite the drop in net income, ICBC’s…