Industry
La Runion Arienne of Paris an aviation insurance pool is responsible for the hull and liability coverage for the Air France jetm (the airbus A340-300 plane) that recently crashed on Toronto Pearson International Airport’s landing.Approaching to Toronto from Paris, carrying 297 passengers and 12 crew members, the plan ran off the runway and subsequently burst […]
By Canadian Underwriter | August 3, 2005
1 min read
Hub International Limited (TSX: HBG) and The Chubb Corporation (NYSE: CB) recently entered into an agreement for Hub to acquire Chubb’s personal lines insurance brokerage business, Personal Lines Insurance Brokerage, Inc. (PLI). The transaction is expected to close within 60 days, subject to customary closing conditions. Terms were not announced, although Hub indicated that valuation […]
By Canadian Underwriter | August 2, 2005
2 min read
An Ontario police safety campaign “the good, the bad, and the rusty” resulted in Ontario police officers writing approximately 1,000 speeding tickets, more than 50 seatbelt-violation citations and revoking keys from 21 impaired drivers. Police also removed license plates from more than 150 vehicles that failed safety inspections by the end of the August 1 […]
The first six months of 2005 culminated to a sharp rise of 37% in revenue to US$112.7 million from US$8.2million a year earlier, for Hub International Limited (TSX:HBG), reflecting both the benefits of acquisitions and strong organic growth. The Company’s net earnings declined, as expected, due to the impact of a non-cash stock based compensation […]
July 31, 2005
The second quarter of 2005 continues to see a softening of the commercial p&c industry, according to the Commercial Property/Casualty Market Index sponsored by the Council of Insurance Agents and Brokers. As a direct result, renewals among commercial insurance brokers experienced an increase in competition. The survey reports that small, medium and large accounts are […]
Co-operators General Insur-ance (TSX: CCS.PR.A) Company’s financial results for the second quarter represent a consolidated after-tax net income of $32.4 million, compared to $38.0 million income for the same period in 2004. Gross written premium in the second quarter increased 0.9% to $578 million, compared to $573 million in the second quarter of 2004. The […]
Kingsway Financial Services Inc. financial results for the second quarter and six months ended June 30, 2005 indicate that the Company’s net income increased 10% to $36.7 million compared to $33.3 million in the second quarter of 2004. The Company set a record net income for the six months ended June 30, 2005 of $83.5 […]
Premiums in the commercial insurance industry continued along the path of an 18-month long down market, according to the RIMS Benchmark Survey – compiled by Advisen Ltd. – yet the market suggests it may still be poised for a change. Renewal prices balanced between stabilization and a slight increase for some lines of business, but […]
Financial costs incurred by companies as a result of auto crashes can leave employers paying for too much, including temporary staff and wages during recovery, recruitment and training costs and unrecoverable vehicle costs.A new ICBC-supported road safety program, dubbed MISSION POSSIBLE @ Work, will help employees improve driver knowledge and attitudes and help reduce crashes, […]
By Canadian Underwriter | July 29, 2005
RenaissanceRe Holdings Ltd. along with current and former executives were recently served a shareholder lawsuit filed by investors claiming they were misled about the firm’s true financial condition.Goodkind Labaton Rudoff & Sucharow L.L.P. and Philadelphia-based Goldman Scarlato & Karon P.C. jointly filed the complaint, which names Pembroke, Bermuda-based RenaissanceRe, James N. Stanard, chairman and chief […]
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