News

A new study by A.M. Best gives ample evidence to the perils of mismanaged reserves for p&c insurers. The study, which covers U.S. insurers from 1969-2004, shows that most impairments when an insurer has their ability to write business limited…

Jury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful…

Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced…

Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit…

Inefficient business processes are costing insurers as much as US$10 per policy in waste, says a new report by Exigen Group. In the U.S., so-called “corporate cholesterol” amounts to more than US$2 billion, with insurers spending up to 30% more…

French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in…

Despite strong premium growth, many European reinsurers saw their results dragged by a lackluster investment environment, says a report by reinsurance broker Benfield Group.In the yearend review, “Impairment Drag”, Benfield notes, “The favorable trends in pricing and terms noted through…

On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six…

Two Fairfax operations are under the eye of rating agencies, with one set for possible upgrade.Odyssey Re’s operations may see its financial strength rating upgraded by Moody’s Investors Service on the back of strong first quarter results. Moody’s says it…

Quebec-based financial services company Desjardins Group is reporting its general insurance division, Desjardins General Insurance Group, posted strong net earnings of $13.6 million for the first quarter ending March 31, 2004. This is up from $4.7 million the year prior.…

Individuals arrested Sunday in Flamborough, Ontario, in a police raid of what is being reported as possibly one of the largest chop-shop operations in Ontario history, are said to have close ties to a Cambridge used auto parts shop accused…

Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May…