Claims
The rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss estimates to rise even into 2005. “First, companies initially underestimated claims because of assumptions they […]
By Canadian Underwriter | February 21, 2005
1 min read
Based on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop was a shallow one, the rating agency notes. However, much remains to be seen heading […]
Industry
Two class actions against three tobacco manufacturers for “smoking addiction” have been certified in Quebec Superior Court.The suits involved tobacco companies Imperial Tobacco Canada, Rothmans Benson & Hedges, and JTI MacDonald, with plaintiffs alleging the companies did not disclose the risks involved in smoking. Montreal law firm Trudel & Johnston, which represents Rimouski resident Cecilia […]
Risk
A bill to extend the Terrorism Risk Insurance Act (TRIA) two years past its December 31, 2005 sunset has been introduced in the U.S. Senate, crafted by Sens. Robert Bennett and Christopher Dodd. The same two men had introduced a similar bill during the last Congress which never made it to a vote. Also on […]
2 min read
Three Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of Canada face suits filed by Windsor and Toronto area businesses which, if certified, could include […]
By Canadian Underwriter | February 20, 2005
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF) is reporting deeper losses for the first nine months ending December 31, 2004 of $2.39 million, or $0.30 per share. This compares with a loss of $969,400, or $0.12 per share, for the same period in 2003.The loss also widened in the quarter ending December […]
Following on 2004’s record Atlantic hurricane season, more storms are brewing for 2005, says Tropical Storm Risk (TSR), a consortium of researchers sponsored by Benfield, Royal & SunAlliance and Crawford & Co.TSR’s extended outlook for 2005 suggests 2005 will see U.S. landfalling hurricane activity at 155% of average.The season, which runs from June 1 to […]
The Canadian property and casualty insurance industry will likely finish 2004 with a 65% year-on-year gain in net profit of $4.2 billion, producing a return on equity (ROE) of just over 20%, according to preliminary financial data released by the Insurance Bureau of Canada (IBC). The robust return in industry earnings confirms renewed financial strength, […]
Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting net income tripled in 2004, to hit $139.49 million, or $6.54 per share. This compares to income of $44.04 million, or $1.78 per share, reported in 2003.For the fourth quarter of 2004, earnings reached $38.80 million, or $1.81 per share, up from $13.73 million, or $0.55 per […]
By Canadian Underwriter | February 17, 2005
The U.S. House of Representatives quickly passed the “Class Action Fairness Act” Thursday, by a vote of 279-149. The bill’s passage means it could be signed into law as early as Friday by President George W. Bush. Royal & SunAlliance has announced a GBP160 million loss reserve charge, but the move will not prompt rating […]
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