News
Hub International reports Q3 results
October 27, 2005 by Canadian UnderwriterHub International Ltd. (TSX:HBG) recently announced that it generated a 7% increase to $98.3 million – from $92 million the previous year – in consolidated revenue due to 5% organic growth, even though the company incurred a small loss for…
Cunningham Lindsey call center responds to Hurricane Wilma
October 27, 2005 by Canadian UnderwriterCunningham Lindsey Canada recently responded to claims associated with Hurricane Wilma through processing calls from their Hamilton, Ontario-based call center, Echo Intake Solutions. “Since the storm hit on Monday, we have taken in excess of 4,000 calls and expect that…
Transatlantic loses $144 million in third quarter
October 27, 2005 by Canadian UnderwriterTransatlantic Holdings, Inc. (NYSE: TRH) has reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over the same quarter last year.Third quarter 2005 results include the aggregate estimated pre-tax impact…
PartnerRe raises $550 million; predicts Wilma losses
October 27, 2005 by Canadian UnderwriterPartnerRe Ltd. (NYSE: PRE) has raised $550 million in additional capital, saying in a statement that it “intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.”The Company secured $400…
Alberta project targets safer highway construction zones
October 26, 2005 by Canadian UnderwriterA pilot project using a digital display to notify drivers of their speed was recently launched in Alberta in order to test the impact of speed monitoring on motorists’ driving habits in highway construction zones.The Alberta Solicitor General and Public…
Large company insolvency increasingly common
October 26, 2005 by Canadian UnderwriterThe recent rumblings about large companies possibly seeking bankruptcy protection should serve as a warning to the Large company insolvency that is sweeping the market may hurt smaller businesses and, according to global trade credit insurer Euler Hermes Canada, the…
XL Capital, ACE Ltd. announce third-quarter losses
October 26, 2005 by Canadian UnderwriterXL Capital Ltd. and ACE Limited both announced taking financial hits as a result of a particularly fierce hurricane season in 2005.XL Capital (NYSE:XL) announced its third-quarter net losses from catastrophes amount to $1.47 billion, ensuring a net loss by…
Chubb Corp and Stone Point LLC to create new reinsurer
October 26, 2005 by Canadian UnderwriterChubb Corporation [NYSE: CB] is teaming up with private equity firm Stone Point Capital LLC to start a new global reinsurance company named Harbor Point Limited.Harbor Point, which is to be based in Bermuda, is expected to have an initial…
Wilma losses between $6 billion and $10 billion: RMS
October 25, 2005 by Canadian UnderwriterInsured losses in the U.S. from Hurricane Wilma are likely to range between $6 million and $10 billion, according to Risk Management Solutions (RMS).RMS says its estimate is based on current information about landfall location and wind speeds. It says…
GoshawK to sell Rosemont Re
October 25, 2005 by Canadian UnderwriterGoshawK has agreed to sell Rosemont Re to a consortium of private equity investors headed by Don Kramer, the former vice chair of ACE Ltd.GoshawK and Rosemont Re have agreed to terms with a consortium of private equity investors, who…
Hurricanes hinder Partner Re’s Q3 results
October 25, 2005 by Canadian UnderwriterA tumultuous hurricane season has partially contributed to PartnerRe Ltd.’s (NYSE: PRE) net loss of $288.7 million, or $5.48 per share, for the third quarter of 2005, compared with a profit of $83.2 million for the same period in 2004.The…
The IBC joins SMARTRISK to reduce injuries nationwide
October 25, 2005 by Canadian UnderwriterCanadian p&c insurers recently joined forces with SMARTRISK and other consultative partners, in calling on the federal government to implement the recommendations contained in their National Injury Prevention Strategy “Ending Canada’s Invisible Epidemic: A Strategy for Injury Prevention.”The research released…