Claims
GE has priced the IPO of its investment/life insurance spin-off, Genworth Financial (NYSE: GNW), which could net US$2.5-2.9 billion. After the offering, GE will own about 70% of the company. More than 500 people have been killed by flooding in the Caribbean. Hardest hit have been Haiti and the Dominican Republic, specifically Hispaniola (an island […]
By Canadian Underwriter | May 26, 2004
1 min read
Saskatchewan Government Insurance (SGI) has introduced a new deductible payment plan which allows claimants to finance the payment of their deductible after an accident over a period of 10 months. While SGI does not charge interest, it will charge claimants $30 to use the program. The Institute for Catastrophic Loss Reduction (ICLR) has a new […]
By Canadian Underwriter | May 25, 2004
Insurers need to be aware of a potential new geohazard which could increase the likelihood of extreme weather events, according to research by the Benfield Hazard Research Center (BHRC). Gas hydrates, ice-like deposits of water and gas, are being influenced by global warming, a trend which could increase floods, droughts, wildfires and other phenomena.Gas hydrates […]
By Canadian Underwriter | May 24, 2004
2 min read
Jury awards in employment practices liability (EPL) cases in the U.S. rose 18% last year, according to new research by Pennsylvania-based Jury Verdict Research. The study notes the median EPL award rose to US$250,000, including cases for discrimination and wrongful termination.However, compensatory damages awards in discrimination cases alone actually fell last year, by just 2% […]
French reinsurer SCOR reported overall net income of EUR31.8 million for the first quarter of 2004, with its non-life sector posting a combined ratio of 98.8%. This compares with 121.3% for the segment a year ago. However, operating income in the non-life segment dropped significantly on the heels of reduced currency and capital gains. Swiss […]
By Canadian Underwriter | May 20, 2004
On the eve of the start of the Atlantic hurricane season, which begins June 1, The National Oceanic and Atmospheric Administration (NOAA) confirms expectations of an above-average Atlantic hurricane season this year.The outlook is for 12-15 tropical storms, with six to eight deteriorating into hurricanes. In the past, similar seasons have seen two to three […]
Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross written premiums were up 3.5% for the comparative period, to $30.9 million from $29.7 million […]
By Canadian Underwriter | May 18, 2004
A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs, but could encompass thousands of claimants if certified. Insurers facing the lawsuit include State Farm […]
By Canadian Underwriter | May 13, 2004
Citigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With more than half of California’s homes facing potential risk of wildfire, the loss potential is […]
By Canadian Underwriter | May 11, 2004
Oakville, Ontario-based Pethealth Inc. (TSX Venture: PTZ) says revenue for the first quarter ending March 31, 2004 was up 75% over the same period a year ago, at $2.55 million.The company, which provides pet insurance in Canada and the U.S. underwritten by companies including Kingsway General and ING Novex, did post a net loss for […]
By Canadian Underwriter | May 10, 2004
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