Industry
A class action lawsuit has been filed against the B.C. Ear Bank by A Vancouver woman, on behalf of those who have received transplant tissue and bone from the University of B.C.-directed facility. Margaret Birrell says she was among those who received a transplant and then was informed a Health Canada investigation had uncovered poor […]
By Canadian Underwriter | February 22, 2005
1 min read
Bermuda-based RenaissanceRe Holdings Ltd. says it will restate its financial results for the years 2001, 2002 and 2003, but the net result will be an increase in shareholders’ equity.The restatement will increase earnings for 2001 by US$20.6 million, and increase 2003 earnings by US$1.3 million, offset by a US$21.9 million decrease in 2002’s net income. […]
Alberta’s Auto Insurance Rate Board is set to review auto insurance premiums “to determine if further reduction for drivers are recommended”, according to a press release from the office of the province’s finance minister, Shirley McClellan.While a formal review will commence in June, as prescribed by auto insurance reforms which came into force last October, […]
Two class actions against three tobacco manufacturers for “smoking addiction” have been certified in Quebec Superior Court.The suits involved tobacco companies Imperial Tobacco Canada, Rothmans Benson & Hedges, and JTI MacDonald, with plaintiffs alleging the companies did not disclose the risks involved in smoking. Montreal law firm Trudel & Johnston, which represents Rimouski resident Cecilia […]
By Canadian Underwriter | February 21, 2005
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is reporting deeper losses for the first nine months ending December 31, 2004 of $2.39 million, or $0.30 per share. This compares with a loss of $969,400, or $0.12 per share, for the same period in 2003.The loss also widened in the quarter ending December […]
By Canadian Underwriter | February 20, 2005
The Canadian property and casualty insurance industry will likely finish 2004 with a 65% year-on-year gain in net profit of $4.2 billion, producing a return on equity (ROE) of just over 20%, according to preliminary financial data released by the Insurance Bureau of Canada (IBC). The robust return in industry earnings confirms renewed financial strength, […]
2 min read
Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting net income tripled in 2004, to hit $139.49 million, or $6.54 per share. This compares to income of $44.04 million, or $1.78 per share, reported in 2003.For the fourth quarter of 2004, earnings reached $38.80 million, or $1.81 per share, up from $13.73 million, or $0.55 per […]
By Canadian Underwriter | February 17, 2005
Loyalist Insurance Group Ltd. has sold its controlling stake in All-Canadian Management Inc. The buyers are existing ACMI shareholders Russell C. Boychuk and Harold A. Kent.Loyalist says proceeds from the sale will “be used to provide additional working capital and for general corporate purposes”, and the sale will allow it to focus on its core […]
Reports of the death of contingent commissions may be premature, according to a new report by Conning Research.In a study of relationships between brokers and insurers, Conning finds this dynamic is being transformed by investigations into compensation and other industry practices. However, Conning director of research Stephan Christianson notes, “it is not necessarily a given […]
By Canadian Underwriter | February 16, 2005
While the number of shareholder class action lawsuits has not increased since the passage of Sarbanes-Oxley in mid-2002, the value of settlements has skyrocketed to reach record levels in 2004, says NERA Economic Consulting in its annual study of shareholder class action litigation.Overall, mean settlement value increased 33% to US$27.1 million in 2004, up from […]
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