Claims
California’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in response to coverage issues arising from last fall’s California forest fires. The unprecedented fires caused […]
By Canadian Underwriter | May 9, 2004
2 min read
Concurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore the simple modifications that can be made by homeowners to protect their houses from natural […]
By Canadian Underwriter | May 6, 2004
Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting its fourth straight quarter of strong results, with net income of $34.4 million for the quarter ending March 31, 2004.This compares with a net loss for $5.9 million for the first quarter last year. Earnings per share over the same period grew to $1.65 from […]
1 min read
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A study of credit scoring undertaken by several U.S. states is moving forward despite opposition from various insurer groups.The Property Casualty Insurers Association of America (PCI) confirms major personal lines carriers have already received initial calls from insurance departments this week.”From the limited information regulators have shared with us, this study appears to be a […]
Industry
Kingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from $24.4 million the year prior, earnings per share were up 12% to $0.55 from $0.49. […]
Auto
The Insurance Corp. of B.C. is aiming to reduce auto accidents this month, issuing a challenge to communities. Between May 5 and 27, communities in various size categories which show the greatest reduction in car crashes can receive grants between $5,000-$35,000.ICBC predicts an average May sees 16,000 crashes, or 700 per day. That amounts to […]
By Canadian Underwriter | May 5, 2004
Risk
The U.K.’s regulator, the Financial Services Authority (FSA) has set out proposals for the regulation of Lloyd’s, including capital requirements for managing agents.The FSA says the capital requirements will be similar to those set out for other general insurers. Senior management of the Society of Lloyd’s will continue to be responsible for the capital adequacy […]
A previously announce private equity placement by RS Group of Companies (formerly Rent Shield) has yielded proceeds of US$8.5 million.The company originally intended to raise US$5 million, but the placement was oversubscribed.”Today’s announcement provides RS Group of Companies with the balance sheet strength and working capital necessary for the company to pursue its aggressive business […]
With the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails to extend the Terrorism Risk Insurance Act (TRIA) past its December, 2005 sunset. “As early […]
Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of the Twin Towers’ insurance coverage.The dispute arose following the September 11, 2001 terrorist attacks, when […]
By Canadian Underwriter | May 4, 2004
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