Industry
Technology vendor Custom Software Solutions Inc. (CSSI) is benefiting from a $1.175 million boost from a non-profit Internet development fund.CANARIE, an organization supported by member companies, project partners and the Government of Canada to offer funding for development of “next-generation research networks and the applications and services that run on them”.Manitoba-based CSSI says the funding […]
By Canadian Underwriter | May 13, 2003
1 min read
Connecticut-based The Hartford Financial Services Group says it is exiting p&c assumed reinsurance, written through HartRe, and taking a US$1.7 billion charge to first quarter results for asbestos reserving.In total, the company is putting US$2.6 billion, net of reinsurance, toward asbestos reserves.The moves are part of an overall restructuring that includes cost cutting, the elimination […]
2 min read
New legislation could put strict controls on rate setting by B.C.’s public insurer. The “Insurance Corporation Amendment Act”, introduced in the legislature on Monday, would see an independent regulator set the Insurance Corporation of B.C.’s (ICBC) rates on basic auto insurance.”The new structure takes politics out of ICBC rate-setting and ensures open, transparent and independently […]
ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which would freeze rates until January, 2004.ING said that despite its intention to stay in Nova […]
By Canadian Underwriter | May 12, 2003
Internet reinsurance trading site “inreon” is closing shop after just a couple years in business.Low trading volumes are to blame, the company says, with growth not meeting targets. Last month, the company reported that online trading for the 2002-2003 renewal season and into the first quarter was growing, with more than 500 submissions for quotation […]
By Canadian Underwriter | May 9, 2003
Hot on the heels of the sale of its Canadian primary insurance operation, Gerling Group announces the sale of its credit insurance operation, Gerling NCM.The majority shareholding has been sold to Deutsche Bank and Swiss Re, reducing Gerling’s holding in the credit insurer to 3%. Deutsche Bank paid EUR 120 million and Swiss Re EUR […]
A change in accounting practices by Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) has contributed to its first quarter 2003 income dropping 17% Net income for the quarter was US$46.6 million, or US$0.72 per share, versus US$19.4 million, or US$0.30 per share in the first quarter of 2002. However, with a gain of US$36.9 […]
By Canadian Underwriter | May 6, 2003
It was good news all around for Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) with the release of vastly improved first quarter 2003 results, plus the announcement that reinsurers have agreed to adverse development cover for the majority of troubled sub TIG’s reserves.Currently Fairfax’s ORC Re subsidiary has taken on the full US$300 million in […]
A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of real solutions”.”Our costs are rising daily and today, the government plans to freeze the premiums […]
E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain, reports net income for the first quarter ending March 31, 2003 was up to $11.1 million, or $2.89 per share, versus $9.4 million, or $2.44 per share, a year earlier.This is exclusive of investment gains, which if counted […]
By Canadian Underwriter | May 5, 2003
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