Industry
U.S. insurers posted a whopping US$9 billion underwriting profit in the first six months of 2004, compared to a loss of US$2.7 billion during the first half of 2003, according to data compiled by A.M. Best.In its report on the first-half 2004 results of U.S. p&c insurers, the rating agency finds net income atUS$23.6 billion, […]
By Canadian Underwriter | September 20, 2004
2 min read
Converium will keep its stake in Global Aerospace thanks to a “fronting” arrangement now in place. Converium currently has a 27.25% share in the provider of airline coverage. The fronting arrangement is with Berkshire Hathaway’s National Indemnity and Munich Re, with each providing security for 50% of Converium’s share.However, a Global Aerospace release notes that […]
By Canadian Underwriter | September 19, 2004
In the wake of a ratings downgrade, Coverium says it will not add additional capacity to it Converium Insurance (North America) Inc. operations to offset the run-off of Coverium Reinsurance (North America).This means effectively the company will no longer write reinsurance business in the U.S. the Canadian branch of Converium Re has already been placed […]
By Canadian Underwriter | September 13, 2004
1 min read
Calgary-based Anthony Clark International Insurance Brokers has added its third U.S. brokerage, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd. in Norfolk, Virginia.The transaction is valued at $9.03 million and was financed with seller financing, new […]
By Canadian Underwriter | September 9, 2004
Rate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into a discussion of the professional liability (PL) market, where speakers say the overall trend to […]
In its first earnings release since acquiring Canadian Direct, Edmonton-based Canadian Western Bank says the insurance arm brought in $1.2 million in net income for the second quarter of 2004. Canadian Direct, which was acquired from HSBC Bank during the quarter, produced income per share of $0.08 on a dilute basis, its new parent reports. […]
By Canadian Underwriter | September 7, 2004
Lloyd’s has been granted an injunction in Ontario Superior Court against Ian Stuart, who, the London market contends, has been holding himself out as a Lloyd’s representative without authorization.The court order prohibits Stuart from purporting to place business with Lloyd’s or any of its syndicates or from using any named other than Ian Stuart. Stuart […]
By Canadian Underwriter | September 6, 2004
Rating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give more information about the company’s financial health. In response, Fairfax has issued a release saying […]
By Canadian Underwriter | September 1, 2004
Alberta-based broker network and bank Western Financial Group (TSX: WES) saw net earnings for the first half of this year more than double to $2 million compared with the $957,000 reported for the first six months of 2003. This translates to earnings of 9 a share against the 5 a share reported the year prior […]
August 31, 2004
Montreal-based Optimum General Inc. (TSX: OGI.A) saw net income for the second quarter of this year more than double to $2.21 million (19 a share) compared with the $783,000 (7 a share) reported for the period a year ago. Much of the insurer’s financial gains resulted from stringent underwriting discipline, with the company’s combined ratio […]
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