Claims
Three Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of Canada face suits filed by Windsor and Toronto area businesses which, if certified, could include […]
By Canadian Underwriter | February 20, 2005
1 min read
The U.S. House of Representatives quickly passed the “Class Action Fairness Act” Thursday, by a vote of 279-149. The bill’s passage means it could be signed into law as early as Friday by President George W. Bush. Royal & SunAlliance has announced a GBP160 million loss reserve charge, but the move will not prompt rating […]
By Canadian Underwriter | February 17, 2005
Fairfax’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, posted in 2003, a result of storm losses as well as a drop on realized […]
By Canadian Underwriter | February 16, 2005
2 min read
The 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 Bridgestone/Firestone, as well as a like snowmobile rescue staged at Trout Lake. This coming weekend, […]
In 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 to address severe weather and other catastrophes through research, says climate change is leading to […]
By Canadian Underwriter | February 15, 2005
The 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. Only 11% of children who should be in a booster seat (i.e. those from ages […]
AIG 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 received subpoenas from the Office of the Attorney General for the State of New York […]
By Canadian Underwriter | February 14, 2005
Fairfax’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 loss of $21.18 million, or $1.54 per share, in the fourth quarter of 2003.The fourth-quarter […]
The 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 which even approached 2004’s loss total was 2001, following the September 11 terrorist attacks, when […]
By Canadian Underwriter | February 10, 2005
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 four U.S. hurricanes last fall to US$520 million after tax and net of reinsurance (US$700 […]
By Canadian Underwriter | February 7, 2005
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