News
Hub profits up 8% in first quarter
April 29, 2004 by Canadian UnderwriterBroker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move…
Loyalist completes turnaround for profitable 2003
April 29, 2004 by Canadian UnderwriterAfter successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results…
Olympics acquires US$170 million insurance policy
April 29, 2004 by Canadian UnderwriterThe International Olympic Committee (IOC) has, for the first time, purchased a large-scale insurance policy on its next games, to be held in Athens this summer.The US$170 million policy covers the interests of National Olympic Committees and International Federations, and…
OSFI issues further guidance on transactions
April 29, 2004 by Canadian UnderwriterInsurers can access new guidance on transactions from the Office of the Superintendent of Financial Institutions (OSFI), which the regulator says will assist in preparing applications for regulatory approval.Among the areas covered by the new guidance are orders to commence…
Hub brokerage amongst those subpoenaed in New York broker probe (April 28, 2004)
April 28, 2004 by Canadian UnderwriterHub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh,…
M&A activity set to pick up in 2004: Conning
April 28, 2004 by Canadian UnderwriterWith 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity…
Quebec Justice Minister resigns
April 28, 2004 by Canadian UnderwriterQuebec’s Justice Minister, Marc Bellemare, has resigned his cabinet post, and will retire from political life.The news may signal a bright note for insurers, as Minister Bellemare was the lead force working to change Quebec’s auto insurance system. Bellemare wanted…
FA delivers postmortem on difficult 2003
April 28, 2004 by Canadian UnderwriterThe Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was…
Plaintiffs’ lawyers decry proposed Alberta auto regs
April 27, 2004 by Canadian UnderwriterIn a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says…
Cat bond market grows 42% in 2003
April 27, 2004 by Canadian UnderwriterThe global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions…
Hub buys Washington construction specialty broker
April 27, 2004 by Canadian UnderwriterHub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington,…
Northbridge posts 92.8% combined ratio in first quarter
April 26, 2004 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when…