News
Talbot acquisition lowers Hub earnings for 2004
February 23, 2005 by Canadian UnderwriterCharges related to the acquisition of Talbot Financial Corp. in July caused earnings for broker network Hub International Ltd. (TSX, NYSE: HBG) to drop 28% in 2004.The company posted earnings last year of $26.24 million, or $0.80 per share, for…
What’s new: In brief (February 23, 2005)
February 23, 2005 by Canadian UnderwriterLife and health insurers applauded the unveiling of Canada’s federal budget on Wednesday. The Canadian Life & Health Insurance Association (CLHIA) praises the balanced budget proposed by the minority Liberal government. The CLHIA also praised the reduction of personal and…
Guy Carpenter “cautiously optimistic” on silica claims
February 22, 2005 by Canadian UnderwriterInsurers have some reason for “cautious optimism” when it comes to silica claims, according to a new report by reinsurance broker Guy Carpenter.The report, which is a follow-up on a fall, 2004 study, notes two recent developments which auger well…
Vancouver Ear Bank faces class action suit
February 22, 2005 by Canadian UnderwriterA class action lawsuit has been filed against the B.C. Ear Bank by A Vancouver woman, on behalf of those who have received transplant tissue and bone from the University of B.C.-directed facility. Margaret Birrell says she was among those…
RenaissanceRe to restate 2001-2003 financials
February 22, 2005 by Canadian UnderwriterBermuda-based RenaissanceRe Holdings Ltd. says it will restate its financial results for the years 2001, 2002 and 2003, but the net result will be an increase in shareholders’ equity.The restatement will increase earnings for 2001 by US$20.6 million, and increase…
Alberta to review auto premiums following 2004 industry earnings release
February 22, 2005 by Canadian UnderwriterAlberta’s Auto Insurance Rate Board is set to review auto insurance premiums “to determine if further reduction for drivers are recommended”, according to a press release from the office of the province’s finance minister, Shirley McClellan.While a formal review will…
2004 hurricane losses continue to dampen fortunes
February 21, 2005 by Canadian UnderwriterThe rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss…
Increase in capacity not deterring European reinsurer discipline
February 21, 2005 by Canadian UnderwriterBased on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop…
Tobacco class action certified in Quebec
February 21, 2005 by Canadian UnderwriterTwo class actions against three tobacco manufacturers for “smoking addiction” have been certified in Quebec Superior Court.The suits involved tobacco companies Imperial Tobacco Canada, Rothmans Benson & Hedges, and JTI MacDonald, with plaintiffs alleging the companies did not disclose the…
What’s new: In brief (February 21, 2005)
February 21, 2005 by Canadian UnderwriterA bill to extend the Terrorism Risk Insurance Act (TRIA) two years past its December 31, 2005 sunset has been introduced in the U.S. Senate, crafted by Sens. Robert Bennett and Christopher Dodd. The same two men had introduced a…
Three insurers face lawsuit on “blackout” claims
February 20, 2005 by Canadian UnderwriterThree Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of…
Anthony Clark losses widen, but U.S. revenue rises
February 20, 2005 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is reporting deeper losses for the first nine months ending December 31, 2004 of $2.39 million, or $0.30 per share. This compares with a loss of $969,400, or $0.12 per…