Industry
Toronto-based Fairfax Financial Holdings (TSX, NYSE: FFH) has declared a dividend of US$1.40 per share on outstanding multiple and subordinate voting shares. The dividend is payable on January 28, to shareholders of record on January 14, a company release states. For non-residents of Canada, the applicable Canadian withholding tax will apply.Fairfax began a policy of […]
By Canadian Underwriter | January 3, 2005
1 min read
U.S. regulators adopted model legislation on broker disclosure over the holidays, meeting with a lukewarm reception from brokers.The Independent Insurance Agents & Brokers of America (IIABA) says it credits the National Association of Insurance Commissioners (NAIC) for its work on the model legislation, but still sees several issues within the new rules.The model, which would […]
Risk
Canadian Alliance of Physical Damage Appraisers (CAPDA) and U.S.-based Insurance Appraisal Network (IAnet), national networks of appraisal and adjusting services, have signed a strategic relationship to offer services in both countries. CAPDA is a network of automotive appraisers and inspectors in various specialties, which also offers certification of collision damage appraisers. IAnet includes a network […]
Kingsway Financial Services (TSX, NYSE: KFS) says it has reached an agreement with its lenders to extend the maturity date of its $150 million revolving credit facility from the original 364-day period. The maturity date is now March 3, 2006. Life reinsurer Revios Reinsurance Canada Ltd. and its U.S. counterpart have seen the financial strength […]
By Canadian Underwriter | January 2, 2005
Ontario’s insurance regulator has issues a "cease and desist" order against the Myrtie Rose Benefit Program Inc. and the company’s four directors.The Financial Services Commission of Ontario (FSCO) says the benefits company is not licenced to sell insurance in Ontario. The issue applies to any agents of the company, as well as directors Myrtie Rose, […]
Claims
In its annual review of the U.S. p&c industry, rating agency A.M. Best notes that the industry was able to achieve underwriting profitability despite the effects of devastating catastrophe losses in the third quarter.For the first nine months of 2004, the industry posted an underwriting profit of US$3.4 billion, compared to an underwriting loss of […]
2 min read
Despite the overwhelming human and economic losses associated with the tsunami which devastated multiple South Asian countries on December 26, the world’s largest reinsurers say the insurance impact will not be severe.As of Sunday, the death toll is expected to be over 150,000 from the tsunamis, which struck countries in Asia, India and Africa including […]
U.S. property and casualty insurers boosted net profitability for the first nine months of 2004 by 28.3% to US$26.7 billion compared with the US$20.8 billion reported for the same period a year ago, according to industry financial data released by the Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). The […]
December 31, 2004
3 min read
The merger of Toronto’s Jones DesLauriers & Firman (JDF) and Insurance Management Inc. (IMI) will create one of Canada’s largest privately-held insurance brokerages. The two brokerages announced recently that they will join forces to create a new incorporated company writing about $150 million in annual premiums, specializing in transportation, construction/builders risk, manufacturing, property management and […]
In its yearend sigma study of annual catastrophe losses, Swiss Re says 2004 should produce about US$42 billion in insured losses (the study data was compiled prior to December’s Indian Ocean tsunami losses). More significantly, more than 21,000 lives were lost to catastrophes – both man-made and natural – this year, the report notes. Overall […]
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