Industry
The rate of failure for U.S. insurers has been on the decline since 2000, and last year reached its lowest level since 1996, says Standard & Poor’s.In a special report, S&P notes 19 insurers were placed under regulatory supervision in 2004, compared to 28 in 2003 and 39 in 2002. Just 13 p&c insurers were […]
By Canadian Underwriter | February 14, 2005
1 min read
Northbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial, posted record earnings of $162.2 million, or $3.19 per share, for 2004. This follows earnings of $153.0 million, or $3.07 per share, in 2003.For the fourth quarter ending December 31, 2004, Northbridge posted earnings of $48.1 million, or $0.94 per share, compared to fourth-quarter […]
Claims
Fairfax’s Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004 on a high note, posting earnings of $4.81 million, or $0.35 per share, for the fourth quarter of 2004. This compares with a net loss of $21.18 million, or $1.54 per share, in the fourth quarter of 2003.The fourth-quarter […]
Risk
U.S. insurers and their commercial clients are celebrating the passage of class action reform legislation by the U.S. Senate. The Senate passed S.5, the "Class Action Fairness Act" by a vote of 72-26 on Thursday, and it is expected similar legislation will also be passed by the House, with President George W. Bush already stating […]
By Canadian Underwriter | February 13, 2005
2 min read
Insurance giant Kingsway Financial Services (TSX, NYSE: KFS) saw its net income rise 54% to hit a record $131.0 million, or $2.32 per share, in 2004. The company had pulled in a previous record $85.3 million, or $1.63 per share, in earnings in 2003.For the fourth quarter ending December 31, 2004, the company reports net […]
Fairfax Financial Holdings (TSX, NYSE: FFH) is reporting a net loss of US$17.8 million, or US$2.16 per share, for 2004, heavily impacted by US$252.7 million in losses stemming from the four U.S. hurricanes in the third quarter of the year. The company had reported earnings of US$271.1 million, or US$18.23 per share, in 2003.Fairfax did […]
The Cayman Islands Monetary Authority says it licensed 76 new captives in 2004 to bring the total number of active captives domiciled in the Caymans to 694. The nearly 700 captives write about US$6 billion in annual premium, and report assets of US$22 billion. Of the new captives, 40 were healthcare-related, while other markets include […]
Aon Corp. has set aside US$50 million for possible settlements resulting from investigations into industry practices in New York and other U.S. states. The company says US$43 million of this is allocated to its insurance brokerage and risk arm, while the remainder is to its consulting operations. The announcement came as the company reported earnings […]
By Canadian Underwriter | February 10, 2005
Auto
The Insurance Information Institute (III) says auto rates in the U.S. should increase 1.5% in 2005, the smallest increase in the last five years.The average auto premium per vehicle this year should be US$870, up US$13 over last year. In 2004, rates rose an average 2.8%. III chief economist Robert Hartwig notes that the 1.5% […]
Speaking before the Standing Senate Committee on Banking, Trade and Commerce on Thursday, the federal financial services regulator says thus far Bill C-8’s changes have generated interested in the creation of small banks.So far, six “small, closely held domestic banks” have been created since the new legislation was put into force, and about a dozen […]
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