Industry
Lloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property and business interruption claims and increasing reinsurance exposures in light of other insurers increasing their […]
By Canadian Underwriter | November 27, 2001
2 min read
Canadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for the latest quarter fell by 46.7% to $165 million compared with the $310 million made […]
By Canadian Underwriter | November 23, 2001
British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia (ICBC) announces the appointment as it heads into perhaps its most difficult period, with private […]
By Canadian Underwriter | November 22, 2001
1 min read
Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and Canada.The offering will be led by HSBC Securities and CIBC World Markets. A preliminary prospectus […]
By Canadian Underwriter | November 21, 2001
A new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study that revealed 26% of all personal injury claims are fraudulent.The new poll also shows 92% […]
Manitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped to offer a rate reduction, but after unexpected high claims, some as a result of […]
By Canadian Underwriter | November 20, 2001
Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the same period last year.All of this helps to offset the company’s losses from the September […]
By Canadian Underwriter | November 19, 2001
Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted basis amounted to 15c a share against 10c a share shown at the end of […]
By Canadian Underwriter | November 16, 2001
In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the quarter.While no third quarter figures are available for 2000 for comparison, the company does note […]
By Canadian Underwriter | November 15, 2001
Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000.Earnings per […]
By Canadian Underwriter | November 9, 2001
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