News

Lloyd’s of London says pre-tax profits for the 2004 year of account will be GBP1.36 billion, despite net claims of GBP1.2 billion from the U.S. hurricanes. 2004 does represent a decline from 2003, when the London market recorded GBP1.89 billion…

Residents of Toronto who may be forced to drive or car-pool temporarily as a result of the possible public transit strike will not have to buy additional insurance, the Insurance Bureau of Canada says.The Toronto Transit Commission strike, which has…

GE Insurance Solutions Corp. (formerly called Employers Re) has been downgraded by Standard & Poor’s to financial strength “A” from “A+”, and counterparty credit rating “BBB+” from “A-“. The move follows a review of the group’s poor operating performance over…

Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase…

The U.K. non-life insurance market has enjoyed stronger results in the past two year, but this kind of improvement is unlikely to last, predicts Fitch Ratings.In a new report, “Enjoy it While it Lasts but not too much”, the rating…

B.C.’s public auto insurer says its program to uncover fraudulent claims resulted in $70 million in savings in 2004.The Insurance Corp. of B.C. (ICBC) says these savings include denied claims, money recovered and its estimate of savings generated through fraud…

New York Attorney General Eliot Spitzer says the current investigation into AIG will likely result in a civil resolution.Spitzer’s office is currently investigating certain non-traditional insurance transactions undertaken by AIG, and the accounting for those transactions. In a statement, Spitzer…

On the heels of last year’s unprecedented Atlantic hurricane season, well-known forecaster Prof. William Gray is anticipating another stormy season for 2005.Gray and his team of researchers at Colorado State University say 2005 will likely see above-average hurricane activity during…

Global broker Aon Corp. has named Gregory C. Case as president and CEO. The move follows the previously announced retirement of founding CEO Patrick G. Ryan, who will serve as executive chairman of the board for Aon.Case was most recently…

The Catholic diocese of St. George’s in Newfoundland is seeking a 45-day extension to file its proposal for bankruptcy. The filing is a means to stay proceedings in civil actions against the dioceses by 36 victims of sexual abuse. The…

The Canadian Association of Mutual Insurance Companies (CAMIC) told membership it will be looking to respond to federal legislation and increase its own numbers through the rest of 2005, at the association’s “Mid-Year Meeting” in Toronto last week.CAMIC president Normand…

Moody’s Investor Service says the Lloyd’s market could produce overall profit of GBP1.2 billion, or 9% of capacity for the 2005 year of account. The “meaningful” profit expected by Moody’s assumes a normal loss year, and would lead to an…