Claims
Insurers, represented by the Insurance Bureau of Canada (IBC), were among those calling for the elimination of capital taxes in a submission to the federal government’s Standing Committee on Finance.A new association of business groups known as the Association for the Abolition of Capital Taxes (AACT) made the submission urging the tax be immediately repealed.The […]
By Canadian Underwriter | November 18, 2002
2 min read
Despite posting a loss for the third quarter 2002, Toronto-based Goran Capital (TSE: GNC; OTCBB: GNCNF) seems poised for a rebound. This year’s net loss of $3.32 million, or $0.62 per share, for the quarter ending September 30 is a vast improvement over the loss of $9.04 million, or $1.57 per share, reported last year […]
1 min read
The Co-operators General Insurance Co. (TSX: CCS.PR.A) produced a net loss of $3.3 million for the third quarter of this year compared with an after-tax profit of $267,000 for the same period a year prior. The insurer’s net income for the first nine months of this amounted to $1.4 million, a significant turnaround from the […]
By Canadian Underwriter | November 15, 2002
Risk
The U.S. House of Representatives last night passed the compromise bill to provide a government backstop for terrorism insurance. In a voice vote, the House agreed to Bill H.R. 3210 the Terrorism Risk Protection Act. The Senate is expected to put its stamp on the bill today.Passage was expected after President George W. Bush’s continued […]
Tornadoes and windstorms sweeping across several U.S. states earlier this week could cost insurers US$290 million, says the Insurance Information Institute (III).The figure comes from preliminary survey data provided by AIR Worldwide, a subsidiary of the Insurance Services Office (ISO), focused on catastrophe modeling. The III notes the storms could figure among the top five […]
Industry
Insurers are ahead of the rest of corporate Canada when it comes to managing fraud and misconduct, according to a survey from KPMG Forensic.Among the insurance industry’s responses to the survey, 100% said fraud risks are the responsibility of the CFO and head of internal audit, compared with 80% of corporate Canada placing this responsibility […]
By Canadian Underwriter | November 14, 2002
Amidst expectations of a large yearend loss for French reinsurer SCOR, rating agency Moody’s has taken away the company’s “A” rating.Moody’s has downgraded SCOR to Baa1 from A1 in terms of financial strength. Its senior debt is also downgraded to Baa3 from A2 and its subordinate debt to Ba1 from A3.The downgrade follows SCOR’s recent […]
Business IT solutions provider CGI Group Inc. (TSX: GIB.A) has signed an agreement to acquire claims specialist Underwriters Adjustment Bureau Ltd. (UAB) for $53 million. The deal is expected to close by the beginning of next year.UAB generates about $100 million in annual revenue. A statement released by CGI says the deal will benefit the […]
By Canadian Underwriter | November 13, 2002
Odyssey Re Holdings Inc.’s (TSX: ORH) net taxed income for the third quarter of this year came in at US$87.8 million, equivalent to US135c a share. Net taxed income for the first nine months of 2002 amounted to US$176.9 million or US272c a share. The net earnings include US$68 million in taxed realized capital gains […]
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) has been on a buying spree as of late, with a half dozen acquisitions since the beginning of September. The latest purchases add brokerages in Los Angeles and Massachusetts to the stable.Last week, Hub purchased the stock of L.A.-based Hooper, Hayes & Associates Inc. This includes the […]
By Canadian Underwriter | November 12, 2002
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