Industry
The Insurance Bureau of Canada (IBC) has set up a task force to address availability and affordability of commercial insurance in Atlantic Canada. The “Atlantic Task Force” includes insurance industry and government representatives, as well as representatives of commercial and not-for-profit customer segments. IBC Atlantic region vice president Don Forgeron, who will chair the task […]
By Canadian Underwriter | February 15, 2005
1 min read
The rate of failure for U.S. insurers has been on the decline since 2000, and last year reached its lowest level since 1996, says Standard & Poor’s.In a special report, S&P notes 19 insurers were placed under regulatory supervision in 2004, compared to 28 in 2003 and 39 in 2002. Just 13 p&c insurers were […]
By Canadian Underwriter | February 14, 2005
Northbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial, posted record earnings of $162.2 million, or $3.19 per share, for 2004. This follows earnings of $153.0 million, or $3.07 per share, in 2003.For the fourth quarter ending December 31, 2004, Northbridge posted earnings of $48.1 million, or $0.94 per share, compared to fourth-quarter […]
Insurance giant Kingsway Financial Services (TSX, NYSE: KFS) saw its net income rise 54% to hit a record $131.0 million, or $2.32 per share, in 2004. The company had pulled in a previous record $85.3 million, or $1.63 per share, in earnings in 2003.For the fourth quarter ending December 31, 2004, the company reports net […]
By Canadian Underwriter | February 13, 2005
2 min read
Fairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year. The company had reported earnings of US$271.1 million, or US$18.23 per share, in 2003.Fairfax did […]
The Cayman Islands Monetary Authority says it licensed 76 new captives in 2004 to bring the total number of active captives domiciled in the Caymans to 694. The nearly 700 captives write about US$6 billion in annual premium, and report assets of US$22 billion. Of the new captives, 40 were healthcare-related, while other markets include […]
Ontario’s insurance regulator has issued an interim cease and desist order against a St. Catherines-based paralegal alleged to have misappropriated client settlement funds.Calise & Associates Legal Services Inc. and Marcello Calise have been removed from the Financial Services Commission of Ontario’s (FSCO) list of authorized representatives for statutory accident benefits claims, according to a FSCO […]
By Canadian Underwriter | February 9, 2005
While most drivers recognize the serious danger presented by speeding, many still admit to having committed the offense, according to a public opinion survey conducted by Manitoba Public Insurance (MPI). In a survey of 800 residents of the province, 70% say driving faster than the road conditions indicate is a major problem on roadways. But […]
Life and annuity carriers expect to see modest growth in 2005, along with continued merger & acquisition activity within their sector, according to a survey by U.S. life association LOMA’s “Resource” magazine. A poll of LOMA board members finds universal life and annuities could provide strong growth this year, but insurers expect to be hampered […]
In its “market survey” of directors’ and officers’ liability coverage outside the U.S. market, broker Willis says by the end of 2004 there was “good news” for buyers in terms of increasing competition in the marketplace.While insurers started off 2004 “nervous” as a result of some high-profile D&O losses in recent years, by the second […]
By Canadian Underwriter | February 8, 2005
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