Industry
Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38.0 million ($1.74 per share) for the second quarter ending June 30, 2044, on the back of 5% improvement in the company’s combined ratio. Co-operators posted a combined ratio of 92.8% for the quarter, compared to 97.8% a year previous, when net income […]
By Canadian Underwriter | August 3, 2004
1 min read
Chicago-based broker Hub International (TSX: HBG) saw improvement in its results coming from a variety of sources for the second quarter ending June 30, 2004 growth was experienced both organically and through acquisition, while both Canadian and U.S. operations performed well.Net earnings were up 15% for the second quarter of this year, to US$11.6 million […]
By Canadian Underwriter | August 2, 2004
2 min read
Following in the footsteps of parent Fairfax Financial Holding, Odyssey Re Holdings Corp. (NYSE: ORH) saw earnings drop as a result of a massive slide in realized gains in the second quarter ending June 30, 2004.Net income was down to US$59.1 million (US$0.92 per share) for the period compared to US$112.7 million (US$1.74 per share) […]
Results for Toronto-based E-L Financial Corp. (TSX: ELF) were much improved over 2003 for the first six months of 2004, largely on the back of gains in the general insurance segment. E-L is the parent of the Dominion of Canada General Insurance Co.For the first half of this year, E-L pulled in overall net income […]
Still reeling from the onslaught of asbestos lawsuits clogging up U.S. courts, insurers worldwide must be shaking their heads to learn of a new threat coming down the pipe - silica liability. While crystalline silica has been a known industrial hazard since the early 1900s, 2003 saw a wave of new lawsuits fueled by the same trial lawyers filing asbestos claims. As the number of silica deaths drops each year, why is the industry just now feeling the tremors of mass silica litigation?
By Vikki Spencer | July 31, 2004
10 min read
The past year has been one of turmoil for the nation's independent insurance brokers - overhauled auto insurance systems, commercial liability and homeowners' coverage availability concerns, a strong lobby effort by credit unions and the contemplation of cross-pillar mergers. As Keith Wilson takes over the presidency of the Insurance Brokers Association of Canada (IBAC), he says this year will be focused on sending out a clear, consistent message on these issues to insurers, legislators, and most importantly, the public.
7 min read
Statutory accident benefits (SABS) representatives will face new rules coming into effect from September, according to a bulletin issued by the Financial Services Commission of Ontario (FSCO). SABS representatives, largely paralegals, will now be banned from representing claimants if those representatives have been convicted of an applicable Criminal Code violation. The bulletin includes a list […]
July 31, 2004
The mutual insurance industry lost a key figure with the sudden passing of Randy Hutchinson on June 27, at the age of 51. Hutchinson, general manager of Farmers’ Mutual (Lindsay), served on the Ontario Mutual Insurance Association (OMIA) board from 1980-1988, including as president. He was also on the Farm Mutual Reinsurance Plan board from […]
U.S. commercial property and casualty insurance rates continued to decline in the second quarter of this year across the various business size segments of the marketplace, according to the latest quarterly broker member survey conducted by the Council of Insurance Agents & Brokers (CIAB). As a result, CIAB members once again highlighted rapid price weakening […]
Rate applications approved during the first and second quarters of 2004 amount to an average drop of 7.3% in Ontario auto rates, according to the Financial Services Commission of Ontario (FSCO). This comes on top of the rate freeze in effect for most of the last quarter of 2003. The rate freeze and mandated rollbacks […]
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