Industry
Northbridge Financial (TSX: NB), the Canadian operations of Fairfax Financial, saw its net earnings decline to $43.3 million ($0.85 per share) for the first quarter of 2004 from $57.5 million ($1.16 per share) for the same period a year earlier and this, despite the company turning in a combined ratio of 90.6% during the quarter, […]
By Canadian Underwriter | July 29, 2004
2 min read
A steep decline in realized gains has put a damper on earnings growth for Fairfax Financial Holdings (TSX, NYSE: FFH). Net earnings for the second quarter ending June 30, 2004 were down to US$46.0 million (US$3.13 per share) from US$173.7 million (US$12.09 per share) for the same period in 2003.The company did hold true to […]
Businesses in the U.K. say the growing compensation culture there is taking focus and resources away from core business and revenue generation, according to a new survey by international broker Aon.A full 75% of businesses surveyed say rising compensation trends are “creating an unsustainable burden for industry, commerce and public services”.While 60% of businesses says […]
By Canadian Underwriter | July 28, 2004
Fairfax Financial Holdings Ltd. says some of its affiliates have priced an offering of 3.1 million shares of common stock of Zenith National Insurance Corp. for gross proceeds of US$133 million. An overallotment of 400,000 shares was also offered to underwriters, with the offering set to close July 30. Following on the heels of Converium’s […]
1 min read
Statutory accident benefits (SABS) representatives will face new rules coming into effect September 1, 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 […]
By Canadian Underwriter | July 27, 2004
Raters gave mixed reviews, although generally produced a fast ratings hit to correspond with the announcement of a US$1.625 billion reserve boost by the newly merged St. Paul Travelers. St. Paul Travelers says the reserve addition, which will be recorded in second-quarter 2004 results, could produce a loss of US$275-$300 million for the quarter. A […]
By Canadian Underwriter | July 25, 2004
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 […]
By Canadian Underwriter | July 22, 2004
A legal action brought by the Insurance Corp. of British Columbia (ICBC) against Speedy Glass for having allegedly violated market practices under the crown insurer’s "Glass Express" repair program has been settled.ICBC charged that a number of Speedy Glass outlets operating in B.C. waived deductibles on repairs and had paid referral fees to auto dealerships […]
By Canadian Underwriter | July 21, 2004
The gap between reinsurance recoverable expectations of cedants and reinsurers is widening, and is now estimated between US$14-$24 billion, according to a study by Conning Research and Consulting Inc. The estimate is based on expectations reported by cedants which are significantly higher than those of reinsurers.”While there are filing data issues that distort the net […]
By Canadian Underwriter | July 20, 2004
Swiss reinsurer Converium AG and its subsidiaries have seen their counterparty credit and financial strength ratings lowered by Standard & Poor’s to “A-” from “A”. The downgrade is a result of Converium’s announcement that it would take an earnings hit in 2004 to boost reserves for U.S. casualty business by US$400 million at least. A […]
By Canadian Underwriter | July 19, 2004
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