Industry
New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income of US$14.6 million reported for the same period in 2000.The negative earnings performance occurred as […]
By Canadian Underwriter | November 7, 2001
1 min read
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates to $35.23 a share against the $1.93 a share loss reported for the third quarter […]
Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR, a private equity management firm, is just the first part of a capital enhancement program […]
By Canadian Underwriter | November 5, 2001
New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market, and to “respond to the current favorable underwriting and pricing environment”. This comes on the […]
By Canadian Underwriter | November 2, 2001
With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result of September 11 claims. The company says its net operating loss is US$390.1 million for […]
By Canadian Underwriter | November 1, 2001
2 min read
Insurance Corporation of British Columbia president and CEO Thom Thompson is retiring after more than five years. Prior to joining ICBC, he worked for BC Hydro. No successor has been named yet. ING Canada is changing its organization, including the promotion of Yves Brouilette (pictured) to general manager, ING Americas, responsible for Canada and Mexico. […]
October 31, 2001
Last year the insurance industry in Canada paid $500 million for personal injury claims that contained some form of fraud. At least, this is the claim made in a new study released by the Canadian Coalition Against Insurance Fraud (CCAIF) and conducted by St. Francis Xavier University. It is the first study to quantify the […]
By Vikki Spencer | October 31, 2001
6 min read
The shortage of skilled workers in the technology sector is something that often dominates the headlines these days. It is staggering to think that even with the recent meltdown in the technology industry, there still remains a critical need to fill as many as 850,000 tech jobs in North America and one million positions in […]
By Declan French, CEO of Thinkpath Inc. | October 31, 2001
4 min read
Although the September 11 terrorist attacks are “unprecedented in scope and complexity,” the industry will be able to meet its commitments, says Larry Mayewski, executive vice president and chief rating officer for A.M. Best. “The direct and indirect impact of this event may not be fully understood for several years,” he notes. A.M. Best says […]
After five years of petitioning the Financial Services Commission of Ontario (FSCO), the Insurance Bureau of Canada (IBC) has instituted a standard auto insurance invoice for healthcare practitioners in Ontario. The invoice, which applies to rehabilitation providers such as chiropractors, massage therapists, psychologists, and the like, will take effect November 12, 2001. After that date, […]
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