News
Odyssey Re posts strong earnings despite storm losses
February 16, 2005 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) was able to post net income of US$186.9 million, or US$2.71 per share, in 2004, despite losses from the U.S. hurricane season. Earnings did decline from the US$249.2 million, or US$3.59 per share,…
What’s new: In brief (February 16, 2005)
February 16, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) says its “Injury Prevention Month” campaign in North Bay is progressing well. Events already staged include the official kick-off at a North Bay Skyhawks game, as well as a “Cars on Ice” demonstration by…
One Marsh, two AIG execs plead guilty in Spitzer probe
February 15, 2005 by Canadian UnderwriterOne Marsh and two AIG executives offered guilty pleas today in New York Supreme Court in the ongoing investigation into insurance industry practices spurred by New York Attorney General Eliot Spitzer.The guilty pleas stem from criminal charges of fraud and…
IBC sets up Atlantic commercial insurance task force
February 15, 2005 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has set up a task force to address availability and affordability of commercial insurance in Atlantic Canada. The “Atlantic Task Force” includes insurance industry and government representatives, as well as representatives of commercial and…
ICLR calls for federal strategy on climate change
February 15, 2005 by Canadian UnderwriterIn a letter to Canadian Prime Minister Paul Martin, the Institute for Catastrophic Loss Reduction (ICLR) is urging the federal government to establish a comprehensive strategy on climate change. The ICLR, which was created by Canada’s property & casualty insurers…
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,…