News
What’s new: In brief (February 15, 2005)
February 15, 2005 by Canadian UnderwriterThe Co-operators has teamed up with the Infant & Toddler Safety Association (ITSA) and the Ontario Ministry of Transportation to produce a “Booster Seat Guide” and DVD to educate the public on the use of child booster seats in vehicles.…
U.S. insurer failure rate on the decline: S&P
February 14, 2005 by Canadian UnderwriterThe rate of failure for U.S. insurers has been on the decline since 2000, and last year reached its lowest level since 1996, says Standard & Poor’s.In a special report, S&P notes 19 insurers were placed under regulatory supervision in…
Northbridge earnings top $162 million for 2004
February 14, 2005 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial, posted record earnings of $162.2 million, or $3.19 per share, for 2004. This follows earnings of $153.0 million, or $3.07 per share, in 2003.For the fourth quarter ending December…
Lindsey Morden turns profit for fourth-quarter 2004
February 14, 2005 by Canadian UnderwriterFairfax’s Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004 on a high note, posting earnings of $4.81 million, or $0.35 per share, for the fourth quarter of 2004. This compares with a net…
What’s new: In brief (February 14, 2005)
February 14, 2005 by Canadian UnderwriterAIG announced Monday it has received subpoenas from the U.S. Securities Exchange Commission (SEC) and the office of New York Attorney General Eliot Spitzer. In a statement, AIG says, “subsequent to the earnings conference call on Wednesday, February 9, AIG…
U.S. insurers celebrate class action reform passage
February 13, 2005 by Canadian UnderwriterU.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar…
Kingsway earnings jump 54% in 2004
February 13, 2005 by Canadian UnderwriterInsurance giant Kingsway Financial Services (TSX, NYSE: KFS) saw its net income rise 54% to hit a record $131.0 million, or $2.32 per share, in 2004. The company had pulled in a previous record $85.3 million, or $1.63 per share,…
Fairfax 2004 earnings hit by hurricanes
February 13, 2005 by Canadian UnderwriterFairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year.…
What’s new: In brief (February 13, 2005)
February 13, 2005 by Canadian UnderwriterThe Cayman Islands Monetary Authority says it licensed 76 new captives in 2004 to bring the total number of active captives domiciled in the Caymans to 694. The nearly 700 captives write about US$6 billion in annual premium, and report…
What’s new: In brief (February 10, 2005)
February 10, 2005 by Canadian UnderwriterAon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while…
Hurricanes drive up 2004 cat costs: ISO
February 10, 2005 by Canadian UnderwriterThe quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade…
U.S. auto rates expected to rise 1.5% in 2005: III
February 10, 2005 by Canadian UnderwriterThe Insurance Information Institute (III) says auto rates in the U.S. should increase 1.5% in 2005, the smallest increase in the last five years.The average auto premium per vehicle this year should be US$870, up US$13 over last year. In…