Industry
For the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have taken strides to make the Tiburon a less friendly target for auto thieves. “The 2001 […]
By Canadian Underwriter | November 10, 2003
2 min read
Risk
For the third year in a row, downgrades have outpaced upgrades from rating agency A.M. Best, with adverse reserve development and liability exposures among the culprits.The rating agency says that asbestos and environmental liability exposures, medical cost inflation, weather catastrophes, rising jury awards and loss costs, lagging investment income, and regulatory challenges are hampering the […]
1 min read
Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3 million for the same period a year prior. But net operating income (excluding investments) was […]
Claims
While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is $4.2 million, or $0.31 per share, versus a gain of $124,000, or $0.01 per share, […]
By Canadian Underwriter | November 7, 2003
Northbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for the period. This compares with net earnings of $15.8 million, or $0.34 per share, for […]
Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares from the Toronto Stock Exchange (TSX) beginning November 17, 2003, citing the fact that most […]
Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million. Marine damage adds another $3 million to the insured loss total.The incident is an example […]
Rate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently, rates have been on a “downward slide ever since”, the ISO’s president Frank Coyne told […]
By Canadian Underwriter | November 6, 2003
While much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed as a result of the fires, with damage to more than 3,500 structures. The 1991 […]
Auto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the announcement that they would freeze rates in the province.Overall, the average cost of auto insurance […]
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