Claims
Toronto-based Fairfax Financial Holdings says its companies could be exposed to losses totaling US$35-$45 million as a result of Hurricane Charley. The preliminary estimates, which are net of reinsurance, include Odyssey Re, Crum & Forster and Northbridge.Other insurers are beginning to disclose losses as a result of the hurricane, which struck Florida’s Gulf Coast on […]
By Canadian Underwriter | August 23, 2004
2 min read
Industry
A new study by the U.S. Insurance Research Council shows that of the highest-level auto accident cases, almost 75% of claimants who did not hire an attorney were satisfied with their payment, while less than half with an attorney were satisfied. One reason, the study speculates, may be the average 32% contingency fee being paid […]
By Canadian Underwriter | August 22, 2004
1 min read
The Canadian and U.S. life reinsurance markets are characterized by consolidation, with three players Swiss Re, Munich Re and RGA dominating the market, according to a new report by A.M. Best. The result has been price and term discipline, but also capacity issues within the marketplace.While the hard market has turned much of the focus […]
Risk
XN Holdings has launched XN Risk Insurance Services (Canada) Inc., a web-based managing general underwriter. The Toronto-based company will offer management liability insurance for mid-tier, privately-held companies in Canada this includes companies with 250 or fewer employees and less than $50 million in assets. Among its products will be directors’ and officers’ liability, employment practices […]
In a new report, rating agency Fitch says the bleak picture faced by U.S. workers’ compensation insurers in the past several years turned around significantly in 2003, and is set to remain stable for 2004.Based on data from the National Council of Compensation Insurance Inc. (NCCI), the combined ratio in the workers comp line dropped […]
By Canadian Underwriter | August 19, 2004
Ontario’s Financial Services Commission (FSCO) is streamlining its operations and announcing several management changes. The Licensing and Compliance Division has changed to the Licensing and Market Conduct Division, to be led still by Grant Swanson, reflecting the regulator’s increased focus on market conduct and its reduced role in solvency regulation. The Examination division is being […]
With insured losses expected to reach US$7.4 billion, Hurricane Charley will likely be the second-most costly hurricane in U.S. history, says the Insurance Information Institute (III).With risk modelers casting estimates in the US$5-$10 billion range, the III says the total based on its estimates is right in the middle, at US$7.4 billion. This still puts […]
The newly merged St. Paul Travelers is facing a slew of shareholder lawsuits following its announcement that it would boost reserves by more than $1.6 billion.The reserve charge caused the company to post a second quarter loss of US$275 million. And the company’s stock price has fallen from about almost US$41 at the time of […]
By Canadian Underwriter | August 18, 2004
Auto
With this week marking “Auto Theft Awareness Week”, Manitoba Public Insurance (MPI) is releasing a survey suggesting most car thefts occur in residential neighborhoods.The study, conducted in May, found 59% of those who had been victims of auto theft say their car was stolen from outside their own home or in a residential neighborhood. Another […]
Boomerang Tracking is being purchased by Massachusetts-based LoJack Corp., for US$48 million in cash/stock options to shareholders. “By joining LoJack, we believe we can more effectively increase our penetration in existing markets and enter new markets through the synergy created by our two organizations,” says Boomerang CEO Peter Lashchuk. The deal is expected to close […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
