Segment
P&C Companies
U.K. asbestos situation could lead to $22.4 billion in claims
November 3, 2004 by Canadian UnderwriterThe total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession,…
Omega created to fill market “gaps”: Cook
November 3, 2004 by Canadian UnderwriterCanada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up…
U.S. reinsurers producing “mixed results”: Benfield
November 3, 2004 by Canadian UnderwriterIn its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined…
What’s new: In brief (November 03, 2004)
November 3, 2004 by Canadian UnderwriterThe “Feed the Minds of Youth” luncheon hosted by the Insurance Institute of Ontario’s (IIO) chapters Wednesday saw more than 150 students participating in the “Take Our Kids to Work” day learn more about the insurance industry from guest speakers…
Odyssey Re income drops on storm losses
November 2, 2004 by Canadian UnderwriterFairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) saw its income decline for the third quarter of 2004 on the back of losses suffered from the U.S. hurricane season.The company suffered heavy claims as a results of Hurricanes Charley, Frances, Ivan…
Kingsway net jumps 96% on underwriting gains
November 2, 2004 by Canadian UnderwriterKingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% in the third quarter of 2004 on underwriting gains, specifically with improvement in its Canadian operations. Overall, the Toronto-based insurance holding company produced net income…
E-L Financial general insurance ops continue to shine in third quarter
November 2, 2004 by Canadian UnderwriterThe general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), which include Dominion of Canada General and Chieftain, continued to produce strong results contributing to the parent’s overall success in the third quarter ending September 30, 2004.Overall, E-L Financial…
Hub buys Vancouver financial services firm
November 2, 2004 by Canadian UnderwriterThe Canadian life and financial services branch of Hub International, Hub Financial Inc., says it will acquire Vancouver-based financial services firm TILCO. "TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and…
ICBC net income almost triples in first nine months of 2004
November 1, 2004 by Canadian UnderwriterThe Insurance Corporation of B.C (ICBC) saw its net income almost triple in the first nine months ending September 30, 2004. The province’s public insurer saw net income rise to $317 million during the nine-month period, up from $112 million…
Liability explosion a global headache: Swiss Re
November 1, 2004 by Canadian UnderwriterWhile much has been written about the explosion of liability claims in the U.S., the trend has taken on global proportions, according to a new sigma study released by Swiss Re.In “The economic of liability losses”, the U.S. does come…
Fitch maintains stable outlook on commercial lines despite Spitzer probe
November 1, 2004 by Canadian UnderwriterEven with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a…
Lindsey Morden results improve in Q3 2004
November 1, 2004 by Canadian UnderwriterAdjuster Lindsey Morden (TSX: LM), part of Fairfax Financial, saw its losses narrow in the third quarter of 2004, with continuing operations providing an earnings boost.The company posted a net loss of $1.6 million ($0.11 per share) for the quarter…