Segment
P&C Companies
Hurricane Charley loss estimates rise
August 17, 2004 by Canadian UnderwriterEarly insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped…
What’s new: In brief (August 17, 2004)
August 17, 2004 by Canadian UnderwriterToronto-based Accident Support Services International Ltd. (ASSI) has launched its “Collision Reporting and Occurrence Management System” or CROMS II, to allow brokers and insurers to view all post-collision information for policyholders from their desktops. The system, ASSI says, will not…
Optimum General net rises on underwriting gains
August 17, 2004 by Canadian UnderwriterMontreal-based Optimum General Inc. (TSX: OGI.A) saw its net income more than double for the second quarter ending June 30, 2004 to $2.21 million ($0.19 per share), up from $783,000 ($0.07 per share) in the same quarter last year.Much of…
Hurricane Charley loss less than expected
August 16, 2004 by Canadian UnderwriterThe estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due…
Royal & SunAlliance’s Canadian operations improve combined ratio
August 16, 2004 by Canadian UnderwriterThe U.K.-based Royal & SunAlliance group produced an overall operating profit for the first six months of this year of 192 million pound sterling compared with the 119 million pounds reported for the same period in 2003. Although the insurers’…
Western Financial completes private placement
August 16, 2004 by Canadian UnderwriterWestern Financial Group (TSX: WES) has closed the second tranche of a private placement of 1.7 million common shares valued at $4.2 million. The recent transaction completes the private placement which had been announced on May 26 of this year,…
U.S. insurers winning battles, if not war, on litigation
August 12, 2004 by Canadian UnderwriterTwo recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In…
Florida braces for hurricane blast
August 12, 2004 by Canadian UnderwriterAbout 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of…
Lloyd’ rating upgraded on capital and performance gains
August 12, 2004 by Canadian UnderwriterRating agency A.M. Best has upgraded the financial strength rating of Lloyd’s of London to “A” from “A-“, citing overall improvement for the London market and the expectation of further growth.A.M. Best predicts the market’s central solvency capital will rise…
Second study finds teens learn driving habits from parents
August 11, 2004 by Canadian UnderwriterAnother study has come out showing teen drivers take most of their cues from their parents’ driving habits. The 2004 Liberty Mutual/SADD Teen Driving Study finds almost 60% of high school drivers say their parents are the biggest influence on…
Mold remediation documentation guidelines released
August 11, 2004 by Canadian UnderwriterNew guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors are being released via a national roadshow. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was…
Western Financial earnings up 104.4% in first-half 2004
August 11, 2004 by Canadian UnderwriterAlberta-based broker network and bank Western Financial Group (TSX: WES) saw its earnings rise 104.4% in the first half of 2004, up to $2.0 million from $957,000 in the first six months of 2003. Earnings per share were up to…