Industry
The Association of Lloyd’s Members (ALM) is telling the market’s “Names” they could double their money in two years in the current climate of profitability at the 300-year-old insurance market.The Association’s “Lloyd’s Results Summary” forecasts individual members of the market, so-called Names, could make pure year profits of 20% of capacity for 2002 and 2003. […]
By Canadian Underwriter | May 11, 2004
1 min read
Home
Despite strong profits achieved by U.S. property & casualty insurers in 2003, reserving issues continue to plague the industry, leading Standard & Poor’s to maintain its “negative” outlook on the commercial sector.Although commercial insurers added more than US$40 billion to reserves in 2002 and 2003, they also released US$5 billion for the new 2002 accident […]
2 min read
Claims
Citigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With more than half of California’s homes facing potential risk of wildfire, the loss potential is […]
Toronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two of its senior officers had disclosed an incorrect financial forecast at the time.The Superior Court […]
By Canadian Underwriter | May 10, 2004
Commercial
The World Trade Center insurance trial verdict will have far-reaching implications for commercial clients, says Wood & Bender LLP. While the decision highlights the need to have insurance negotiations finalized prior to completing major business transactions, it has also spurred insurers to adopt policies to avoid liability. These “three Rs” include retrenchment of sources of […]
Once more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an attempt to curb widespread litigation which has led to the bankruptcy of several companies and […]
Oakville, Ontario-based Pethealth Inc. (TSX Venture: PTZ) says revenue for the first quarter ending March 31, 2004 was up 75% over the same period a year ago, at $2.55 million.The company, which provides pet insurance in Canada and the U.S. underwritten by companies including Kingsway General and ING Novex, did post a net loss for […]
Broker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the network reach in middle-market New England business.While terms of the cash deal were not disclosed, […]
By Canadian Underwriter | May 9, 2004
Toronto-based GCAN insurance company has seen its “A” (excellent) rating affirmed by A.M. Best, a sign of “the continuation of the good results we’ve had for five years”, says president Andy Henke.Henke says the company’s focus on commercial industrial risks has paid off and will continue in the future. GCAN was purchased last year by […]
Lloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services announces the appointment of John Clark as president and CEO of its Lincoln General subsidiary, […]
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