Industry
If Canadian insurers have complaints over the confusion between federal and provincial regulation of insurers, their U.S. counterparts may soon follow suit.U.S. Senator Ernest Fritz Hollings of South Carolina has introduced a bill, (S. 1373, the “Insurance Consumers Protection Act of 2003”) that would place some control over insurance issues with the Department of Commerce.An […]
By Canadian Underwriter | July 17, 2003
1 min read
Although Goran Capital Inc. (TSE; GNC, NYSE: GNCN), managed to cut its losses in almost half for the first quarter ending March 31, 2003, the bleeding has not stopped for the Toronto-based company.Net loss for the quarter is $3.6 million, versus $6.0 million during the same period a year prior. This works out to net […]
2 min read
Auto
Manitoba Public Insurance (MPI) is reporting net income of $29.3 million for the first quarter ending May 31, 2003. This is a significant increase over net income of $6.4 million for the first quarter 2002.Claims costs and investment gains both played a role in the positive results, the public auto insurer says. Claims costs for […]
By Canadian Underwriter | July 16, 2003
B.C.’s public insurer has been awarded compensatory and punitive damages to the tune of $643,000 from defendants involved in a stage accident ring by a provincial Supreme Court jury. This is on top of $219,000 recovered in pre-trial settlements by the Insurance Corp. of B.C. (ICBC).The ring involved 25 people from the Greater Vancouver Area, […]
Claims
A U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban future lawsuits. It creates definitions of impairment 10 levels of asbestos-related diseases and a corresponding […]
By Canadian Underwriter | July 15, 2003
Risk
Ontario auto insurance rates went up an average 8.48% in the second quarter of 2003, based on rate applications approved by the Financial Services Commission of Ontario (FSCO).These changes came into effect prior to the implementation of regulations tied to Bill-198, which insurers say should have a positive impact on rates moving forward.Overall, the average […]
Underwriters have exercised their over allotment option to purchase 610,000 common shares of Kingsawy Financial Services (NYSE, TSX: KFS) following a public offering that closed earlier this month.The syndicate of underwriters, led by Scotia Capital Inc., purchased the shares for $16.70 each, for additional proceeds of $10.2 million.Total gross proceeds from the earlier offering and […]
A decision in favor of Fairfax’s Sphere Drake should not materially impact Germany’s Hanover Re, the reinsurer says.The decision, against brokers and underwriting agents who the court says fraudulently exposed Sphere Drake to U.S. workers’ compensation carve out business, means Sphere Drake has grounds to refuse payment of the losses under the reinsurance contracts.”There has […]
The Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance commissioner Robert Wooley. “Damage estimates will likely increase slightly, but I don’t believe Bill caused […]
By Canadian Underwriter | July 14, 2003
The U.S. Senate failed to pass its version of medical malpractice reform last week, much to the chagrin of insurers and President Georg W. Bush.The “Patients First Act of 2003″ (S. 11), which would have capped certain medical malpractice awards and limit attorneys’ fees, did not get the required number of votes to keep it […]
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