Industry
Auto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last year in 44 states. Sixty of these were aimed at auto insurance, while 45 new […]
By Canadian Underwriter | February 26, 2003
1 min read
Rating agency Fitch’s has downgraded the financial strength of U.K.-based Royal & SunAlliance Insurance plc (RSAIP) from A- to BBB+. The company’s long-term rating was also lowered to BBB- from BBB, and its junior subordinated debt to BB+ from BBB-.This follows the group’s ratings being lowered with a “negative outlook” in mid-November of last year. […]
By Canadian Underwriter | February 25, 2003
Litigation is taking center stage south of the border with ongoing discussions on tort reform, medical malpractice liability and even the never-ending asbestos issue.This week, a joint Senate committee is hearing testimony on a proposal to tackle the spiraling cost of medical malpractice insurance. The House of Representatives has introduced a bill to cap jury […]
By Canadian Underwriter | February 13, 2003
3 min read
Following a tumultuous trading binge last month, Toronto-based Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) was hit by another volley today following a ratings downgrade from Standard & Poor’s. Yesterday, the stock flew up to top $110 per share after the company reported record profits for 2002. But on news of the S&P downgrade, the […]
By Canadian Underwriter | February 12, 2003
2 min read
After a disastrous 2001, Toronto-based financial giant Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history.For the fourth quarter ending December 31, 2002, the company saw total revenue of $2.09 billion, versus the $1.73 billion reported during the last quarter of […]
By Canadian Underwriter | February 11, 2003
Oddyssey Re Holdings Corp. (TSX: ORH), the reinsurance operation of Fairfax Financial Holdings Ltd., produced net taxed income of US$208.2 million for the financial year ended December 2002. This equates to earnings of US$3.20 a share. As a result, the company declared a cash dividend of 25c a share for the year.Odyssey lifted gross written […]
By Canadian Underwriter | February 10, 2003
Kingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up 154% to $25.4 million from $10 million for the same period a year earlier. Earnings […]
A computer hard-drive containing personal client information of The Co-operators Life Insurance Co. has been recovered by the Regina police authorities. The hard-drive was reported stolen last week from a storage facility owned by ISM Canada.A statement released by The Co-operators says the hard-drive will be subject to a police forensic examination. Initial indications suggest […]
By Canadian Underwriter | February 6, 2003
Following harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the freezing rain. “As with everyone else, our primary concern is the safety and adequate shelter […]
By Canadian Underwriter | February 5, 2003
It was not hard to find the spanking new offices of Triple D Adjusters Ltd. They occupied the main floor of a new low-rise office building close to one of the city’s main expressway exits. My insurance company used Triple D frequently and my boss, downtown branch manager Fred Wilson, had asked me to attend […]
By Axiom | January 31, 2003
8 min read
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