Claims
Buoyed by a relatively quieter hurricane season in 2006 than in 2005, Arch Capital Group Ltd. (NASDAQ: ACGL) reports that net income available to common shareholders was US$185.8 million for 2006 Q3.In contrast, the group reported a net loss of US$86.3 million for 2005 Q3.The company’s combined operating ratio of 84.3% in 2006 Q3 represented […]
By Canadian Underwriter | October 27, 2006
1 min read
Risk
The ARC Group Canada Ltd. celebrated its launch at the Ontario Club in Toronto Oct. 26.The ARC Group is a network of independent law firms across Canada that have joined together to deliver services to insurers, self-insured companies and other entities requiring assistance with various insurance and risk-related legal matters.Law firm members of the group […]
Allianz was perhaps the only insurer to finalize exclusions in its World Trade Center (WTC) policy coverage prior to the building’s 2001 destruction in a terrorist attack, but ended up paying out anyway because a lower U.S. court didn’t recognize its exclusions for “mischief” or “malice.””Allianz is very upset,” panelist Ali Reza of Exponent (Failure […]
2 min read
Hub International Limited (NYSE/TSX: HBG) has experienced strong improvement in both its revenue and key expense ratios for the three months and nine months ended September 30, 2006.The company reports that its revenue increased 29% to US$126.5 million in the Q3from US$98.3 million a year earlier, while net earnings from continuing operations increased to US$7.0 […]
By Canadian Underwriter | October 26, 2006
The province of Alberta has approved a CD$1 million disaster recovery program that will help residents of Calgary and De Winton recover from severe storms and heavy rainfall that occurred on June 21, July 6, July 9 and August 3, 2006. The storms occurred over very short periods of time, with intense rain and hail […]
Industry
Aviva plc has achieved strong growth in its new business while sustaining the profitability of its sales, according to group chief executive Richard Harvey. “This result proves the competitive advantage we’re building through our worldwide business model and demonstrates Aviva’s strengths of scale, balance and diversified product offerings,” Harvey adds.In the UK, Aviva’s business has […]
Bermuda-based reinsurers Montpelier Re Holdings Ltd. And Endurance Specialty Holdings Inc. have both experienced increases in their net income for the third quarter of 2006.Montpelier Re’s net income for Q3 of 2006 is US$180.7 compared to a net loss of US$691.9 million for the same period in 2005.Endurance’s net income for Q3 2006 was US$299.3 […]
SCM Adjusters Canada Ltd. recently concluded an acquisition agreement with Pritchard, Woodall & Associates.The acquisition became effective as of October 1, 2006.Pritchard, Woodall & Associates has a “solid reputation” within the adjusting industry and SCM says the Company is well known for its “high caliber adjusting talent and provision of exceptional service quality.”SCM says the […]
By Canadian Underwriter | October 25, 2006
The Ontario Provincial Auto Theft Team received congratulations from the Insurance Bureau of Canada (IBC) on its involvement in Project Eastbound and the resulting bust of an inter-provincial auto theft ring that recovered CD$6million in high end vehicles.”Auto theft is a very serious crime that costs Canadians more the (CD)$1.2 billion every year,” Rick Dubin, […]
The firm of Hughes Amys LLP has joined seven law firms from coast to coast to form the ARC Group Canada Inc.The ARC Group is a network of independent law firms across Canada focusing on the areas of insurance law and risk management, according to the organization. Members of the ARC Group provide services to […]
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