News
RenaissanceRe reports 3Q loss of $327 million
November 2, 2005 by Canadian UnderwriterRenaissanceRe 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…
Soaring claims costs hit ICBC’s bottom line
November 2, 2005 by Canadian UnderwriterICBC 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…
Swiss Re predicts hurricane losses of $750 million
November 2, 2005 by Canadian UnderwriterSwiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business…
XL Capital takes US$1.05-billion third-quarter hit
November 2, 2005 by Canadian UnderwriterAs the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million…
Marsh’s third-quarter net income triples
November 1, 2005 by Canadian UnderwriterMarsh & McLennan Companies, Inc. (MMC) reported its net income in the third quarter tripled from $21 million to $65 million.“Marsh’s parent company, MMC, continued in the quarter to make progress and take the steps which will make it a…
Canadian mortgage insurer asked to drop title insurance plans
November 1, 2005 by Canadian UnderwriterFederally owned Canadian mortgage insurer Canada Mort-gage and Housing Corp. (CMHC) is the target of recent lobbying efforts from Canadian lawyers who want the Company to cease with its move to include title insurance in its package for people who…
Insurance may not respond favourably in class action lawsuit
November 1, 2005 by Canadian UnderwriterCommercial animal nutrition manufacturer Ridley Inc. (TSX:RCL) was recently named as a co-defendant in proposed class action lawsuits filed in four Canadian provinces (Qubec, Ontario, Alberta and Saskatchewan) and is examining its insurance position in respect of these lawsuits. The…
Kingsway’s acquisition HI Holdings finalized
November 1, 2005 by Canadian UnderwriterKingsway Financial Services Inc. (TSE:KFS) recently closed its acquisition of HI Holdings, Inc. (HI) for approximately US$25 million. The transaction includes HI’s wholly owned Zephyr Insurance Company Inc. (Zephyr). HI and Zephyr were formed in 2000 by its current shareholders…
Swiss Re report questions insurability of D&O
October 31, 2005 by Canadian UnderwriterA recent Swiss Re report includes an analysis about the long-term viability of D&O insurance in the United States.The report, “Innovating to insure the uninsurable,” gives a general overview of the limits of insurability and uses practical examples to demonstrate…
Report predicts avian flu impact
October 31, 2005 by Canadian UnderwriterIf a worldwide outbreak of the avian flu which so far as been confirmed in only 117 humans were to shut down parts of the global economy, how much of the resultant economic damages would be covered by insurance?The answer…
WorldCom settlement gets little insurance coverage
October 31, 2005 by Canadian UnderwriterA group of investors into WorldCom Inc. that purchased the Company’s bonds and stock from 1998 to 2001, recently reached a US$651 million settlement with the telecommunications company and its investment bank but most of these monies will not be…
Wireless phone companies deal with radiation-related cases
October 31, 2005 by Canadian UnderwriterFive class-action lawsuits, originally introduced and dismissed in 2004, against wireless telephone companies over radiation emissions will be able to go forward, after the U.S. Supreme Court U.S. Supreme Court on Monday declined to hear an appeal by the companies.…