Fairfax 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.…
Aon 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…
In its “2004 Marsh Canada Corporate Risk Review”, the broker finds several key threats are front-of-mind for small and medium-sized businesses, and these threats go well beyond traditional property hazards.In a survey of organizations from a variety of industries where…
The “lingering cloud” of reserve strengthening promises to hang over U.S. p&c insurers 2004 results, despite rising profits, says a new report by Standard & Poor’s.S&P says insurers were looking for vastly improved returns last year on the back of…
In 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…
Insurers are making progress in their efforts to implement enterprise risk management (ERM), but their success depends to some extent on their ability to link ERM to economic capital, says a new report by Tillinghast.While insurers say they want to…
The London market needs to bring about a change in behavior if it is to meet the expectations of clients and regulators in a shifting insurance world, Lloyd’s CEO Nick Prettejohhn told the Insurance Institute of London this week.Given the…
Despite the tumult of hurricanes, typhoons and tsunamis in 2004, insurers maintained a discipline last year that they hope will carry into 2005, according to the annual “State of the Market” report by broker Heath Lambert.2004 saw insurers display “a…
Zurich Financial Services Group says claims relating to the South Asian tsunami disaster of December 26, 2004 will cost US$65 million, after tax and net of reinsurance (US$90 million pre-tax). Zurich also revised upward its estimate of losses from the…
Zurich Financial Services Group says it will pay Equitas US$547 million to commute policies purchased from Zurich’s Centre operation by Lloyd’s syndicates reinsured by Equitas. Zurich says the agreement ends Centre’s exposure to those syndicates. “This commutation represents significant progress…
In a conference call last week, ACE Ltd. CEO Evan Greenberg says the insurer will ask the court to dismiss civil charges filed by Connecticut Attorney General Richard Blumenthal.Blumenthal filed the civil case late last month, alleging ACE paid broker…
With no clear indication that the U.S. Congress will extend the Terrorism Risk Insurance Act (TRIA) beyond its December 31, 2005 sunset, the insurance industry is already seeing the potential impact of TRIA’s non-renewal, says a new report by Standard…