Risk
A survey of the U.S. general insurance marketplace by specialty reinsurance brokerage Guy Carpenter & Co. Inc. points to renewed growth in specialty risk program business handled by third-party program administrators. In addition to rising demand by insurers for this type of business, the survey suggests that this segment of the industry has attracted the […]
By Canadian Underwriter | May 5, 2005
1 min read
Hannover Reinsurance Co. and General Electric Co. are among the latest targets of the U.S.’s Securities Exchange Commission (SEC) in its investigation into finite reinsurance transactions. The SEC’s interest in the use of finite reinsurance by insurers was sparked earlier this year when both the commission and New York’s attorney general Eliot Spitzer revealed that […]
By Canadian Underwriter | May 4, 2005
2 min read
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Broker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage handling placement of facultative business. The brokerage operates from offices in New York, Los Angeles, […]
Industry
The Financial Services Commission of Ontario (FSCO) says that auto insurer rate filings at the end of the first quarter of this year show an average year-on-year price drop of 7.5%. In comparison, approved auto insurance rates for the first quarter of last year rose on average by 7.8% compared with rates in effect for […]
American International Group Inc. (AIG) has hit another hurdle in attempts to deal with accounting irregularities that will require the insurer to restate five years of its financial results. AIG says that a review of its books by auditor PricewaterhouseCoopers LLP may not be completed until the end of May this year, thus producing the […]
By Canadian Underwriter | May 3, 2005
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) has appointed Jean-Claude Page in the role of president/CEO of the company. Page follows in the role of David Liddle, recently retired after a career with the company spanning 20 years. The announcement of the senior management change was made at Optimum’s recently held annual general meeting (AGM).Optimum also […]
Mutual insurer, Co-operators General Insurance Co. (TSX: CCS.PR.A), lifted net earnings for the first quarter of this year by 6% to $36.5 million compared with the $34.4 million reported for the same period in 2004. The latest quarterly result equates to earnings of $1.75 a share versus the $1.65 a share shown for last year’s […]
Financial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has gained regulatory approval from the Toronto Stock Exchange (TSE) to repurchase the equivalent of up to 5% of both its common issued shares as well as issued loan stock in the form of 9%-bearing convertible debentures. The paper in question will […]
By Canadian Underwriter | May 2, 2005
Northbridge Financial Corp. (TSX: NB), the holding company for the Fairfax group’s Canadian insurance operations, lifted net earnings for the first quarter of this year by 76.5% to $56.8 million compared with the $32.2 million reported for the same period in 2004. This equates to earnings for the latest reporting period of $1.12 a share […]
Claims
The Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This equates to earnings of 53c a share for latest reporting period versus 85c a share […]
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