News
IBC and ICLR promote emergency preparedness
May 6, 2004 by Canadian UnderwriterConcurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore…
“Solid start” to 2004 for Kingsway Financial
May 6, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from…
ICBC to reward safe driving communities
May 5, 2004 by Canadian UnderwriterThe Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between…
FSA sets out Lloyd’s regulation proposals
May 5, 2004 by Canadian UnderwriterThe U.K.’s regulator, the Financial Services Authority (FSA) has set out proposals for the regulation of Lloyd’s, including capital requirements for managing agents.The FSA says the capital requirements will be similar to those set out for other general insurers. Senior…
ISO prepares terrorism exclusion wordings in advance of TRIA extension discussions
May 5, 2004 by Canadian UnderwriterWith the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails…
RS Group placement nets US$8.5 million
May 5, 2004 by Canadian UnderwriterA previously announce private equity placement by RS Group of Companies (formerly Rent Shield) has yielded proceeds of US$8.5 million.The company originally intended to raise US$5 million, but the placement was oversubscribed.“Today’s announcement provides RS Group of Companies with the…
Western to buy back shares, expands in Alberta
May 4, 2004 by Canadian UnderwriterAlberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued…
Swiss Re wins another round against Silverstein
May 4, 2004 by Canadian UnderwriterSwiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of…
Hurricane Juan toll hits $113 million
May 4, 2004 by Canadian UnderwriterThe insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from…
Odyssey Re ROE hits 17%
May 3, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million…
E-L Financial earnings up on premium gains
May 3, 2004 by Canadian UnderwriterToronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.Overall, net income for the…
ICBC net income jumps to $81.6 million in first quarter
May 3, 2004 by Canadian UnderwriterB.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums…