Claims
Traffic collisions on Alberta roads have decreased by less than 1% in 2004 and driver error remains the most common contributing factor, according to the newly released Alberta Collision Statistics 2004. Dr. Lyle Oberg, Alberta’s minister of infrastructure and transportation said, “I am relieved things aren’t getting worse, but I am also frustrated that things […]
By Canadian Underwriter | September 12, 2005
1 min read
Industry
Kingsway Financial Services Inc. (TSE:KFS,NYSE:KFS) has announced that it has reached a definitive agreement to acquire HI Holdings, Inc. (HI), including HI’s wholly owned Zephyr Insurance Company Inc.HI and Zephyr were formed in 2000 by its current shareholders, including Everest Reinsurance Company, Guy Carpenter & Company, Inc., Hannover Ruckversicherung AG, and Island Holdings, Inc.Subject to […]
2 min read
Risk Management Solutions Inc. has increased its estimates for damages stemming from Hurricane Katrina to between $40 and $60 billion in insured losses and more than $125 billion in total economic losses. The Newark, Calif.-based catastrophe modeling firm previously had estimated insured losses at $20 to $35 billion and economic losses at more than $100 […]
Canada’s insurance career destination, www.i-hire.ca, has introduced new “Power Posting Packages,” providing employers and recruiters the option of high-volume packages of 20, 50, and 100 job postings for duration periods of both four and eight weeks.Power Posting Packages offer new flexibility because job postings are now available to insurance industry employers and recruiters at a […]
ING Canada Inc. (TSX:IIC.LV) says it is compensating 2,400 clients of its insurance subsidiaries in Ontario for damage caused by severe thunderstorms that swept across Southern Ontario August 19.ING Canada estimates it will incur gross claims expenses of between $75 million and $100 million due to the storms, for a pre-tax loss of between $30 […]
By Canadian Underwriter | September 9, 2005
Berkshire Hathaway Inc. (NYSE:BRK.A and BRK.B) has announced that on Sept. 8, 2005, Joseph Brandon, CEO of General Reinsurance Corporation, a wholly owned subsidiary of Berkshire Hathaway, received a "Wells notice" from the staff of the Securities Exchange Commission, which indicates SEC staff is considering a civil action.The SEC is engaged in an ongoing investigation […]
Fairfax Financial Holdings Ltd. (TSX:FFH.SV)(NYSE:FFH) says its initial estimate of the aggregate potential net losses related to Katrina is in the range of $175 million to $220 million before tax and minority interests.The estimated loss after tax and minority interests is $108 million to $134 million. The estimates are based on a preliminary review and […]
Two reinsurance companies estimate the industry loss as a result of the devastation caused by Hurricane Katrina will be in the range of $30 billion to $35 billion.OdysseyRe Holdings Corp. (NYSE: ORH) estimated the aggregate industry loss will be approximately $30 billion, while Bermuda-based PartnerRe predicted the loss will be in the range of $30 […]
By Canadian Underwriter | September 8, 2005
U.S. Insurers, government and consumers are at enormous risk of escalating losses from hurricanes and other weather-related events, according to a new report issued by the Ceres investor coalition."Insurance as we know it is threatened by a perfect storm of rising weather losses, rising global temperatures and more Americans than ever living in harm’s way," […]
Mississippi Insurance Commissioner George Dale issued a voluntary directive last week to insurers doing business in Mississippi to grant a 60-day grace period for collection of premiums owed on all types of insurance policies by residents impacted by Hurricane Katrina. “This voluntary directive does not mean that insurance companies will forgive owed premiums,” Dale said. […]
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