Segment
P&C Companies
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…
Shareholder class actions settlements hit record high in 2004: NERA
February 16, 2005 by Canadian UnderwriterWhile the number of shareholder class action lawsuits has not increased since the passage of Sarbanes-Oxley in mid-2002, the value of settlements has skyrocketed to reach record levels in 2004, says NERA Economic Consulting in its annual study of shareholder…
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,…
Death of contingent commissions “may be greatly exaggerated”: Conning
February 16, 2005 by Canadian UnderwriterReports of the death of contingent commissions may be premature, according to a new report by Conning Research.In a study of relationships between brokers and insurers, Conning finds this dynamic is being transformed by investigations into compensation and other industry…
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…
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…
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.…
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. 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…