Industry
Five class-action lawsuits, originally introduced and dismissed in 2004, against wireless telephone companies over radiation emissions will be able to go forward, after the U.S. Supreme Court U.S. Supreme Court on Monday declined to hear an appeal by the companies. The lawsuits are seeking money for wireless users to buy a headset or reimburse those […]
By Canadian Underwriter | October 31, 2005
2 min read
Claims
Shortfalls in the use of catastrophe models have been exposed as a result of their attempts to rate the losses of Hurricane Katrina, according to A.M. Best Co.These shortfalls have brought the use of some catastrophe models into question.”Everyone’s a little bit disappointed with the fact that the modeled losses were significantly smaller than the […]
By Canadian Underwriter | October 28, 2005
1 min read
Auto
Co-operators General Insurance Company’s consolidated after-tax net income for the third quarter 2005 is $24.1 million, compared to $28.3 million for the same period in 2004.The Company’s Q3 gross written premium increased 0.8% to $523 million, compared to $519 million in the same period last year. The claims ratio was 71.9%, compared to 67.2% last […]
Risk Management Solutions (RMS) has increased its estimate for U.S. insured losses from Hurricane Wilma to between $8 billion and $12 billion.Its original estimate was between $6 billion and $10 billion, including onshore damage resulting from wind and coastal storm surge, business interruption, and increased costs for materials and services needed for repairs (demand surge).Hurricane […]
Markel Insurance Company of Canada today announced the appointment of Silvy Wright as president, effective January 1, 2006. Wright will take over from the current president, Mark Ram, who will become president and CEO of Markel’s parent company, Northbridge Financial, also effective January 1, 2006.Markel is a trucking insurer that has served a range of […]
Hub International Ltd. (TSX:HBG) recently announced that it generated a 7% increase to $98.3 million – from $92 million the previous year – in consolidated revenue due to 5% organic growth, even though the company incurred a small loss for the Q3 partly due to to severance costs and the Talbot earnout charge.The operational changes […]
By Canadian Underwriter | October 27, 2005
Cunningham Lindsey Canada recently responded to claims associated with Hurricane Wilma through processing calls from their Hamilton, Ontario-based call center, Echo Intake Solutions. “Since the storm hit on Monday, we have taken in excess of 4,000 calls and expect that number to increase by the week,” Maureen Fraser, assistant vice president Echo Intake Solutions, Cunningham […]
Transatlantic Holdings, Inc. (NYSE: TRH) has reported a $144-million net loss for the third quarter of 2005, compared to a net loss of $21.8 million over the same quarter last year.Third quarter 2005 results include the aggregate estimated pre-tax impact of significant catastrophe loss events amounting to $395 million or $256 million on an after-tax […]
PartnerRe Ltd. (NYSE: PRE) has raised $550 million in additional capital, saying in a statement that it “intends to use the proceeds for general corporate purposes, including the pursuit of growth opportunities in the global reinsurance marketplace.”The Company secured $400 million by entering into a three-and-a-half loan agreement with Citibank, N.A. Also, it has agreed […]
Risk
A pilot project using a digital display to notify drivers of their speed was recently launched in Alberta in order to test the impact of speed monitoring on motorists’ driving habits in highway construction zones.The Alberta Solicitor General and Public Security, Parks Canada, RCMP and Affiliated Computer Services partnered to test the use of speed […]
By Canadian Underwriter | October 26, 2005
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