Risk
The Insurance Bureau of Canada (IBC) is looking for insurers to participate in a pilot program which could be a first step to risk-based regulation of market conduct. Attendees of the IBC’s Regulatory Affairs Symposium learned Thursday that the IBC and the Financial Services Commission of Ontario (FSCO) are set to pilot a program for […]
By Canadian Underwriter | November 4, 2004
3 min read
Claims
Bermuda-based ACE Ltd. announces it has fired two employees and suspended three more as a result of internal investigations sparked by the U.S. probe of broker compensation practices. ACE Casualty Risk president Geoffrey Gregory and his staffer Patricia Abrams have been let go, while the three suspended employees are not named. The company is also […]
1 min read
In the wake of one of the worst Atlantic hurricane seasons in recent memory, U.S. insurers have posted record third-quarter catastrophe losses, topping even 2001, according to data compiled by the Property Claim Services unit of the Insurance Services Office (ISO).The ISO says U.S. p&c insurers paid out US$21.3 billion in property catastrophe losses on […]
2 min read
The total cost of asbestos-related disease in the U.K. could be 8-10 billion pounds (CDN$18-45 billion), with insurers shelling out 4-10 billion pounds (CDN$9-22.4 billion) of this loss, according to a new study.The study, released by the U.K. Actuarial Profession, says that the majority of claims will come from mesothelioma claims, where claims are set […]
By Canadian Underwriter | November 3, 2004
Industry
Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up Omega Insurance Holdings Inc., parent of Omega General and recently acquired Focus Group Inc. Cook […]
The “Feed the Minds of Youth” luncheon hosted by the Insurance Institute of Ontario’s (IIO) chapters Wednesday saw more than 150 students participating in the “Take Our Kids to Work” day learn more about the insurance industry from guest speakers including brokers, underwriters, adjusters and a forensic engineer. The event was also part of the […]
In its inaugural quarterly analysis of U.S. reinsurers, Benfield Group says first-half 2004 results highlight the wide gulf between the achievers and the under-performers.Based on 13 top reinsurers’ results, Benfield finds underwriting performance and net income. While the average combined ratio produced by the group was an impressive 91.5%, individual results varied from 53.3% for […]
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) saw its income decline for the third quarter of 2004 on the back of losses suffered from the U.S. hurricane season.The company suffered heavy claims as a results of Hurricanes Charley, Frances, Ivan and Jeanne, which a net after tax loss of US$55.7 million recorded in the third […]
By Canadian Underwriter | November 2, 2004
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), which include Dominion of Canada General and Chieftain, continued to produce strong results contributing to the parent’s overall success in the third quarter ending September 30, 2004.Overall, E-L Financial produced net income of $83.3 million ($20.73 per share) in the third quarter of 2004, […]
The Canadian life and financial services branch of Hub International, Hub Financial Inc., says it will acquire Vancouver-based financial services firm TILCO. "TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and essentially all TILCO business is placed through Hub Financial on a wholesale basis, notes a […]
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