Segment
P&C Companies
U.S. insurers celebrate class action reform passage
February 13, 2005 by Canadian UnderwriterU.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar…
What’s new: In brief (February 13, 2005)
February 13, 2005 by Canadian UnderwriterThe Cayman Islands Monetary Authority says it licensed 76 new captives in 2004 to bring the total number of active captives domiciled in the Caymans to 694. The nearly 700 captives write about US$6 billion in annual premium, and report…
Kingsway earnings jump 54% in 2004
February 13, 2005 by Canadian UnderwriterInsurance giant Kingsway Financial Services (TSX, NYSE: KFS) saw its net income rise 54% to hit a record $131.0 million, or $2.32 per share, in 2004. The company had pulled in a previous record $85.3 million, or $1.63 per share,…
Fairfax 2004 earnings hit by hurricanes
February 13, 2005 by Canadian UnderwriterFairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year.…
What’s new: In brief (February 10, 2005)
February 10, 2005 by Canadian UnderwriterAon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while…
Hurricanes drive up 2004 cat costs: ISO
February 10, 2005 by Canadian UnderwriterThe quartet of Atlantic hurricanes this past fall drove catastrophe losses in the U.S. up to a record US$27.3 billion in 2004, according to the Insurance Services Office’s (ISO) Property Claims Services (PCS) unit.The only year in the past decade…
U.S. auto rates expected to rise 1.5% in 2005: III
February 10, 2005 by Canadian UnderwriterThe Insurance Information Institute (III) says auto rates in the U.S. should increase 1.5% in 2005, the smallest increase in the last five years.The average auto premium per vehicle this year should be US$870, up US$13 over last year. In…
Interest in small bank formation growing: LePan
February 10, 2005 by Canadian UnderwriterSpeaking before the Standing Senate Committee on Banking, Trade and Commerce on Thursday, the federal financial services regulator says thus far Bill C-8’s changes have generated interested in the creation of small banks.So far, six “small, closely held domestic banks”…
FSCO issues cease and desist against paralegal
February 9, 2005 by Canadian UnderwriterOntario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of…
What’s new: In brief (February 09, 2005)
February 9, 2005 by Canadian UnderwriterLife and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal…
“Good news” for D&O buyers, says Willis
February 8, 2005 by Canadian UnderwriterIn its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004…
What’s new: In brief (February 08, 2005)
February 8, 2005 by Canadian UnderwriterU.S.-based MarketScout says p&c premiums rose 1% in January, indicating significant softening compared to January, 2004 when premiums rose 11%. According to MarketScout’s “market barometer”, rate increases peaked in March, 2003 with a 28% jump, but increases have fallen back…