Claims
The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from the hurricane at a minimum $85 million, including property damage in Nova Scotia and PEI, […]
By Canadian Underwriter | May 4, 2004
2 min read
Industry
Alberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued shares as of April 27. It will also repurchase up to $548,715 in aggregate principal […]
1 min read
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million (US$0.72 per share) for the same period in 2003. While realized gains were strong at […]
By Canadian Underwriter | May 3, 2004
Toronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.Overall, net income for the most recent quarter was $24.0 million ($6.24 per share), up from $16.9 million ($4.41 per […]
B.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums were up to $726 million for the most recent quarter, from $674 million a year […]
A Maple Ridge, B.C. man has pleaded guilty to fraudulently accepting payment of $23,414 from the Insurance Corp. of B.C.In May, 2003, Daniel Wiens claimed the amount following a single-vehicle crash he said occurred on May 16, resulting in a total write-off of his car.”Everything looked normal until it was later discovered through a routine […]
By Canadian Underwriter | May 2, 2004
International adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with the sale of the company’s third party administration business in March. Net loss for discontinued […]
Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping to US$2.63 from US$6.97 for the comparative period.Fairfax says some of the problem comes from […]
The jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are subject to the Wilprop policy form a form which defines the September 11, 2001 terrorist […]
Risk
The recent conclusion of a Supreme Court of Canada case involving "John Doe vs. Bennett" has provided dramatic clarification of the law as it applies to vicarious claims made against the church and other not-for-profit organizations. Will this legal outcome undermine the social role of churches and charity organizations in Canada?
By William Blakeney | April 30, 2004
8 min read
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