Industry
A new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The Nova Scotia Branch of the CBA says that its findings are in contrast to submissions […]
By Canadian Underwriter | March 4, 2003
1 min read
Claims
Montreal-based Optimum General Inc. (TSX: OGI.A) is likely relieved to see 2002 gone, as the company reported a net loss of $7.4 million, or $0.68 per share, for the year ending December 31. This compares to a loss of $2.7 million, or $0.25 per share, in 2001.For the last quarter of the year, the net […]
2 min read
Risk
Rising rates and tighter terms are putting smiles on the faces of reinsurance CEOs as they come off January 1 renewals.Munich Re Group, which saw 65% of its portfolio (worth EUR2.2 billion in premium volume in 2001) renew on January 1, says 16% of existing business was not renewed based on new, stricter underwriting controls.Of […]
Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per share, versus $77.2 million, or $20.10 per share, in 2001. Similarly, net operating income before […]
By Canadian Underwriter | March 3, 2003
Commercial
Broker network consolidator Hub International Ltd. (TSX: HBG) has acquired the assets of Manhattan, New York-based Waldron Mahoney Inc. for an undisclosed cash sum through the group’s Kaye Insurance Associates Inc. Waldron specializes in serving the insurance needs of high-net worth individuals and mid-sized commercial accounts, generating about US$700, 000 in annual revenue.Wright Olney, founder […]
By Canadian Underwriter | March 2, 2003
Odyssey Re Holdings Corp. (TSX: ORH), the reinsurance operation of Fairfax Financial Holdings Ltd., produced net taxed income of US$208.2 million for the financial year ended December 2002. This equates to earnings of US$3.20 a share. As a result, the company declared a cash dividend of 25 a share for the year. Odyssey lifted gross […]
February 28, 2003
2002 saw deteriorating results for international adjuster Lindsey Morden (TSX: LM), largely as a result of its troubled U.S. operations. While revenue increased by $19 million between 2001 and 2002, the company suffered a net loss last year of $17.5 million, or $1.28 a share – this compares with a net loss of $5.8 million […]
Contracts are a commonly used tool to limit an organization's exposure to many types of liability claims. Perhaps their most common use is in the construction industry where many organizations are brought together to work on large projects. Often these projects leave the various organizations exposed to many types of liability claims. Risk managers in this field must ensure they review and understand all of the contracts that are entered into, in order to avoid an unexpected liability.
By Paul Famula | February 28, 2003
6 min read
As a growing number of multi-national corporations relocate key executives on overseas assignment, they are increasingly faced with a challenging array of strategic risk exposures.
By Daniel Anber, president of XN Holdings, Inc. | February 28, 2003
4 min read
What do you do to get the most from your risk dollar? For many, this appears to be an activity question, with answers ranging from the negotiation and purchase of insurance, to loss prevention and loss control, to risk assessment. For business today, however, we must recognize this question as a value proposition to be answered not with questions about activity but with answers related to the strategic integration of risk management and the benefit it brings the organization as a whole. At a recent session hosted by Aon Reed Stenhouse in Toronto, chief financial officers from major Canadian corporations learned how good risk management fits into the overall corporate strategy.
By David Mair, Risk Excellence | February 28, 2003
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