Industry
U.S. insurer failures declined 48% in 2004, with 13 companies failing last year, compared to 25 in 2003, according to Weiss Ratings Inc. The majority of these were property & casualty insurers, with 10 failures last year, compared to 21 in 2003. Just 4 life & health insurers went belly up last year, compared to […]
By Canadian Underwriter | January 10, 2005
1 min read
The number of U.S. federal securities fraud class action lawsuits filed in 2004 rose 17%, but the loss in stock market capitalization for defendant firms shot up almost triple 2003 levels, according to a new study by the Stanford Law School and Cornerstone Research.Last year saw 212 such suits filed, compared to 181 in 2003, […]
By Canadian Underwriter | January 9, 2005
The U.S. Coalition Against Insurance Fraud has released its list of “frauds to watch out for” in 2005.Among the top scams consumers should be on the lookout for are bogus airbags the CAIF says there have been instances where insurance companies were billed for replacement of an airbag following a collision but the airbag cavity […]
In its analysis of yearend 2003 results, New York-based Conning Research says the U.S. p&c industry has strengthened its reserve position, even if further bolstering is still required.The reserve deficiency estimate based on “schedule P” filings by insurers, which covers 10 years of data on paid and incurred loss developments is US$8 billion for yearend […]
By Canadian Underwriter | January 6, 2005
With 2004 marking the strongest initial public offering (IPO) market in the new millennium, ING Canada tops the list of last year’s offerings, according to research by PricewaterhouseCoopers (PwC).The ING Canada IPO had a gross value of $906.9 million, almost triple the next highest offering, Atlantic Power Corp. at $320.0 million. Rounding out the top […]
By Canadian Underwriter | January 5, 2005
Law firm Miller Thomson LLP has expanded its presence into Quebec, merging with Pouliot Mercure. The Montreal-based firm has 56 lawyers, bringing Miller Thomson’s total professional staff to more than 500. The Quebec office will operate under the name Miller Thomson Pouliot. New York Insurance Commissioner Greg Serio has decided to leave office for a […]
By Canadian Underwriter | January 4, 2005
Several insurers have made the list of Canada’s “50 Best Employers”, as compiled by human resources firm Hewitt Associates and published annually in the Globe and Mail.Among those who made the cut are Sillery, Quebec-based L’Union Canadienne (#12); Guelph, Ontario-based The Co-operators (#16); Toronto, Ontario-based Chubb Insurance Co. of Canada (#17); and Desjardins Groupe d’assurances […]
2 min read
Toronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states. For non-residents of Canada, the applicable Canadian withholding tax will apply.Fairfax began a policy of […]
By Canadian Underwriter | January 3, 2005
U.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on the model legislation, but still sees several issues within the new rules.The model, which would […]
Kingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006. Life reinsurer Revios Reinsurance Canada Ltd. and its U.S. counterpart have seen the financial strength […]
By Canadian Underwriter | January 2, 2005
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