Industry
Alberta-based Western Financial Group (TSX: WES), formerly known as Hi-Alta, reports net income is up 57.9% for 2002. Last year, the broker consolidator brought in net income of $1.57 million, versus $991,800 million in 2001.2002 also saw Western Financial receive its charter to start up a new bank in November, with opening day deposits on […]
By Canadian Underwriter | April 16, 2003
1 min read
A report released by A.M. Best indicates that U.S. property and casualty insurers incurred an adverse loss-reserve development of about US$22 billion for 2002. The rating agency notes that the final quarter of the fiscal year usually reflects the greatest amount of reserve adjusting, which last year saw AIG and the Travelers group “leading the […]
2 min read
Some key members of Pilot Insurance Co.’s senior management have been removed from their positions as a result of prior year reserving shortfalls uncovered on the company’s books following investigation by parent-owner CGU Group Canada. A statement released yesterday by CGU president Igal Mayer says that Pilot will restate its annual accounts and regulatory filings […]
By Canadian Underwriter | April 15, 2003
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Bucking the trend of first quarter 2001 and 2002, the first three months of this year produced a relatively high US$1.46 billion in cat losses south of the border. However, the figure still represents a mid-range of losses compared to the last ten first quarters, reports the Insurance Services Office (ISO) Property Claims Services (PCS) […]
Risk
Tort reform is the topic of the day in the U.S. where the Senate Judiciary Committee has approved a class action reform bill to move some lawsuits into the federal courts.By request of the plaintiffs or defendants, class action suits that cut across multiple state borders can be sent to the federal courts if they […]
By Canadian Underwriter | April 14, 2003
Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled, leading to the claim that the March 18-19 blizzard could be the most costly winter […]
Fairfax Financial Holdings Ltd. says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed.Northbridge would then become the holding company for Fairfax’s Canadian insurers Lombard, Commonwealth, Markel and Federated.As of December 31, 2002, the combined companies of Northbridge had total […]
A decision by the U.S. Supreme Court to overturn a US$145 million punitive damage award against State Farm is being hailed as a sign of the court’s willingness to limit such jury awards.The decision, overturns a Utah jury’s award from August 2002 and subsequent upholding of that award by the Utah State Supreme Court, in […]
Top financial executives and risk managers do not see their companies as fully prepared to face a disruption to top earnings drivers, suggests the annual “Protecting Value Study” by FM Global, the Financial Executives Research Foundation (FERF) and The National Association of Corporate Treasurers (NACT).The study of U.S. and Canadian executives shows that 100% say […]
By Canadian Underwriter | April 11, 2003
Despite corporate pressure to reduce expenses, risk managers are paying more for loss control, says a study by Chubb & Sons. In “Managing the Cost of Risk”, Chubb finds that last year, 50% of respondents report an increase in spending on loss control services, and only 5% reporting a decrease in such expenditures. Overall, loss […]
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