Claims
The U.S. Congress has finally put the seal on a terrorism legislation package, approved by both the House and Senate and signed into law by president George Bush. The “Terrorism Reinsurance Act” sets up excess coverage for terrorism losses wherein insurers will pay a deductible equal to 7% of the previous year’s direct written premiums. […]
November 30, 2002
2 min read
Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s net income for the first nine months of this year clocked in at $24 million […]
1 min read
Following the recent Senate approval of the “Terrorism Reinsurance Act”, which will be signed into effect by U.S. president George Bush early next week, insurance companies represented by the National Association of Independent Insurers (NAII) have come out in full support of the legislation. Among its provisions, the bill will make availability of terrorism cover […]
By Canadian Underwriter | November 22, 2002
Insurers, represented by the Insurance Bureau of Canada (IBC), were among those calling for the elimination of capital taxes in a submission to the federal government’s Standing Committee on Finance.A new association of business groups known as the Association for the Abolition of Capital Taxes (AACT) made the submission urging the tax be immediately repealed.The […]
By Canadian Underwriter | November 18, 2002
Despite posting a loss for the third quarter 2002, Toronto-based Goran Capital (TSE: GNC; OTCBB: GNCNF) seems poised for a rebound. This year’s net loss of $3.32 million, or $0.62 per share, for the quarter ending September 30 is a vast improvement over the loss of $9.04 million, or $1.57 per share, reported last year […]
The Co-operators General Insurance Co. (TSX: CCS.PR.A) produced a net loss of $3.3 million for the third quarter of this year compared with an after-tax profit of $267,000 for the same period a year prior. The insurer’s net income for the first nine months of this amounted to $1.4 million, a significant turnaround from the […]
By Canadian Underwriter | November 15, 2002
Tornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO), focused on catastrophe modeling. The III notes the storms could figure among the top five […]
Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period a year earlier. This gave the company net earnings of $124,000, versus a loss of […]
By Canadian Underwriter | November 12, 2002
The downward spiral shows little sign of abating for Montreal-based Optimum General Inc. (TSX: OGI.A). Third quarter results see losses deepen, including a big dip in underwriting results.Overall, the company saw a net loss of $743,000, or $0.07 per share for the quarter ending September 30, 2002, as compared to net profit of $475,000, or […]
By Canadian Underwriter | November 7, 2002
By Canadian Underwriter | November 5, 2002
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