News
Lindsey Morden losses continue on U.S. woes
July 29, 2004 by Canadian UnderwriterInternational adjuster Lindsey Morden (TSX: LM) says its net loss widen to $2.9 million ($0.21 per share) for the second quarter ending June 30, 2004. This compares to a net loss of $2.6 million ($0.19 per share) for the same…
Modest improvement for U.K. insurers in 2003
July 29, 2004 by Canadian UnderwriterU.K. non-life insurers posted modest underwriting gains in 2003, according to statistics from A.M. Best.Returns filed with the rater indicate an industry combined ratio of 94%, down from 98% for 2002. A.M. Best says, however, that results have probably peaked,…
Northbridge combined ratio down to 90.6%
July 29, 2004 by Canadian UnderwriterNorthbridge Financial (TSX: NB), the Canadian operations of Fairfax Financial, saw its net earnings decline to $43.3 million ($0.85 per share) for the first quarter of 2004 from $57.5 million ($1.16 per share) for the same period a year earlier…
Fairfax earnings drop on investment slide
July 29, 2004 by Canadian UnderwriterA steep decline in realized gains has put a damper on earnings growth for Fairfax Financial Holdings (TSX, NYSE: FFH). Net earnings for the second quarter ending June 30, 2004 were down to US$46.0 million (US$3.13 per share) from US$173.7…
Compensation culture distracting business from core operations: U.K. survey
July 28, 2004 by Canadian UnderwriterBusinesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends…
Property crime rises in 2003: StatsCan
July 28, 2004 by Canadian UnderwriterProperty crime, including vehicle thefts and break-ins were on the rise in 2003, according to figures from Statistics Canada.StatsCan data shows the national property crime rate rose 4% in 2003, despite hitting a 20-year low in 2002. The 2003 rates…
What’s new: In brief (July 28, 2004)
July 28, 2004 by Canadian UnderwriterFairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to…
Fitch gives reinsurance sector stable outlook
July 27, 2004 by Canadian UnderwriterGlobal reinsurers are cleaning up their act, prompting Fitch Ratings to change its outlook on the sector to stable from negative, where it has been since 2001.Fitch says there should be fewer rating changes in the near term, and downgrades…
Paralegal rules come into effect in September: FSCO
July 27, 2004 by Canadian UnderwriterStatutory accident benefits (SABS) representatives will face new rules coming into effect September 1, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those…
Japan storms cost US$137 million; Europe’s oil industry hit by refinery fires
July 26, 2004 by Canadian UnderwriterLast week’s heavy rains in Japan are expected to cost insurers US$137 million, according to the General Insurance Association of Japan. At the same time, the oil industry in Europe is reeling from two refinery firs in the past month…
Event cancellation market stabilizing: Willis
July 26, 2004 by Canadian UnderwriterThe event cancellation insurance market which took a roller-coaster ride after 9/11 is leveling off, according to a new report from international broker Willis.The study says premiums and terms in the event cancellation market are stabilizing despite ongoing turmoil in…
Raters have mixed reaction to St. Paul Travelers reserve hit
July 25, 2004 by Canadian UnderwriterRaters gave mixed reviews, although generally produced a fast ratings hit to correspond with the announcement of a US$1.625 billion reserve boost by the newly merged St. Paul Travelers. St. Paul Travelers says the reserve addition, which will be recorded…