Industry
New York Attorney General Eliot Spitzer has announced another guilty plea on the part of a Marsh executive to charges of fraud and bid-rigging of insurance contracts.The woman, who is a former managing director at Marsh, pleaded guilty in New York County Supreme Court to “scheme to defraud in the first degree”, which is a […]
By Canadian Underwriter | February 24, 2005
1 min read
Risk
News today that Chubb Insurance Co. was seeking to rescind US$40 million in coverage for directors and officers of Nortel Network Corp. highlights the need for companies to purchase non-rescindable cover, says Scott Saddington, chief underwriting officer for Executive Risk Services.Saddington says it was coincidental that the Chubb news was reported today by the Toronto […]
E-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co. , has posted net income o f$129.9 million, or $31.93 per share, for 2004. This is more than double the 2003 net income of $46.9 million, or $11.66 per share.Significant growth came from the general insurance operations, where net income reached […]
California Insurance Commissioner John Garamendi has issued subpoenas against title insurers in the state.In a media event set at a new home development in Sacramento, Garamendi announced he was investigating “a scam perpetrated by title insurers, realtors, lenders and developers”. “In the name of greed, title insurers are paying kickbacks by unnecessarily raising the price […]
By Canadian Underwriter | February 23, 2005
In additional to its annual version of “Understanding Automobile Insurance”, the Financial Services Commission of Ontario (FSCO) has published a series of pamphlets to assist consumers in buying insurance and filing claims.”What to do After an Auto Accident” is intended to help guide drivers through the claims process following a collision. It includes issues such […]
Charges related to the acquisition of Talbot Financial Corp. in July caused earnings for broker network Hub International Ltd. (TSX, NYSE: HBG) to drop 28% in 2004.The company posted earnings last year of $26.24 million, or $0.80 per share, for 2004, down from $36.5 million, or $1.14 per share in 2003. In the fourth quarter […]
2 min read
Life and health insurers applauded the unveiling of Canada’s federal budget on Wednesday. The Canadian Life & Health Insurance Association (CLHIA) praises the balanced budget proposed by the minority Liberal government. The CLHIA also praised the reduction of personal and corporate income taxes as “an important investment in Canada’s continued economic growth and prosperity”. Asbestos […]
A class action lawsuit has been filed against the B.C. Ear Bank by A Vancouver woman, on behalf of those who have received transplant tissue and bone from the University of B.C.-directed facility. Margaret Birrell says she was among those who received a transplant and then was informed a Health Canada investigation had uncovered poor […]
By Canadian Underwriter | February 22, 2005
Bermuda-based RenaissanceRe Holdings Ltd. says it will restate its financial results for the years 2001, 2002 and 2003, but the net result will be an increase in shareholders’ equity.The restatement will increase earnings for 2001 by US$20.6 million, and increase 2003 earnings by US$1.3 million, offset by a US$21.9 million decrease in 2002’s net income. […]
Alberta’s Auto Insurance Rate Board is set to review auto insurance premiums “to determine if further reduction for drivers are recommended”, according to a press release from the office of the province’s finance minister, Shirley McClellan.While a formal review will commence in June, as prescribed by auto insurance reforms which came into force last October, […]
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