Claims
Toronto-based Accident Support Services International Ltd. (ASSI) has launched its “Collision Reporting and Occurrence Management System” or CROMS II, to allow brokers and insurers to view all post-collision information for policyholders from their desktops. The system, ASSI says, will not only reduce claims management costs, but also help to “flag” suspicious claims. The system is […]
By Canadian Underwriter | August 17, 2004
1 min read
Montreal-based Optimum General Inc. (TSX: OGI.A) saw its net income more than double for the second quarter ending June 30, 2004 to $2.21 million ($0.19 per share), up from $783,000 ($0.07 per share) in the same quarter last year.Much of this growth came as a result of strong underwriting, with Optimum dragging its combined ratio […]
Early insured loss estimates from Hurricane Charley, which made landfall in Florida over the weekend, now run as high as US$10 billion.Risk modeling firm AIR Worldwide says insured losses should range between US$6-$10 billion, while Risk Management Solutions has upped its estimate to US$6-$8 billion its earlier US$5 billion did not take losses in the […]
2 min read
The estimated loss resulting from Hurricane Charley, which made landfall in Florida on Friday, has been reduced from US$10-15 billion to US$5 billion by Risk Management Solutions Inc. (RMS). The risk assessment company says it revised the potential loss due to a decrease in the storm’s breadth and intensity after it made landfall. RMS says […]
By Canadian Underwriter | August 16, 2004
Home
The U.K.-based Royal & SunAlliance group produced an overall operating profit for the first six months of this year of 192 million pound sterling compared with the 119 million pounds reported for the same period in 2003. Although the insurers’ net written premiums fell by 32% year-on-year to 2.5 billion pounds for the first six […]
Industry
Western Financial Group (TSX: WES) has closed the second tranche of a private placement of 1.7 million common shares valued at $4.2 million. The recent transaction completes the private placement which had been announced on May 26 of this year, a company statement says.
Two recent U.S. decisions have provided small victories to insurers in the litigation war.The California Supreme Court last week tossed out a lower court ruling that had resulted in a multi-million dollar bad faith damage award against an insurer. In Jonathon Neil & Assoc. Inc. v. Jones, the case centered around US$51,000 in premiums which […]
By Canadian Underwriter | August 12, 2004
Rating agency A.M. Best has upgraded the financial strength rating of Lloyd’s of London to “A” from “A-“, citing overall improvement for the London market and the expectation of further growth.A.M. Best predicts the market’s central solvency capital will rise by 2008 to US$3.7 billion, and that as market conditions deteriorate the market will reduce […]
About 800,000 residents on the Florida coast have been asked to evacuate the area with the impending arrival of Hurricane Charley, expected to hit the Florida keys late Thursday or early Friday.Charley has already brought up to six inches of rain to Jamaica Wednesday night, and is expected to remain at hurricane intensity, possibly as […]
Auto
Another study has come out showing teen drivers take most of their cues from their parents’ driving habits. The 2004 Liberty Mutual/SADD Teen Driving Study finds almost 60% of high school drivers say their parents are the biggest influence on their driving habits. This follows a similar study conducted by Toronto-based “I Promise Program” in […]
By Canadian Underwriter | August 11, 2004
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