Risk
The Canadian operation of American Re has been rationalized with the underwriting and client service functions shifted to the group’s Princeton, New Jersey-based headquarters. The operational change, which will see the company close its Montreal office with Toronto remaining to handle claims settlement and other administrative duties, will take effect this September, confirms John Gallagher, […]
August 31, 2002
1 min read
One of the most basic responsibilities of an insurance broker is to place coverage with a reputable insurer. The decision to use an unlicensed insurer can result in significant risks for both the broker and the insured.
By Brian Reeve, a partner at Cassels Brock & Blackwell LLP | August 31, 2002
5 min read
The "Ouroboros" in Greek mythology is a circular snake that gives birth to itself through its mouth, so that it appears to be swallowing its own tail. A common motif around the world, it signifies the eternally self-regenerating and destructive universe. The concept was inspired by the fact that in some species of snake the mother broods the babies in her mouth, so it looks like she is giving birth to them when they eventually wriggle out - an appetizing thought to consider over your morning coffee and muffin.
By Bill Blakeney, Blakeney Henneberry Baksh & Murphy | August 31, 2002
7 min read
Although insurers’ return on equity for the second quarter of this year shows marked improvement at 4% compared with the 2.3% return shown for the first three month period, the industry continues to be plagued by runaway claims costs. Further earnings pressure is now coming to bear through falling stock market values that were largely […]
By Sean van Zyl, Editor | August 31, 2002
4 min read
Industry
Tough times prevail for Montreal-based Optimum General (TSE: OGI.A), which posted a net loss of $2.3 million, or 21 a share for the quarter ending June this year. This compares with a net loss of $709,000, or 6 a share reported for the second quarter of 2001. The company’s gross written premiums dropped to $41.9 […]
2 min read
Toronto-based financial services group Fairfax Financial Holdings (TSE: FFH) lifted net premium for the first six months of this year by 20% to $3.1 billion compared with the previous year’s half year amount of $2.6 billion. Pre-tax income rose by a dramatic 206% year-on-year to $103.8 million, however, Fairfax incurred a hefty tax bill of […]
Auto
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. To post events online, visit www.canadianunderwriter.ca and click on “Submit Your Event”. Auto Insurance Claims Litigation. Toronto, ON. Details […]
Broker consolidator Hub International (TSE: HBG) continued to realize the benefits of acquisitional growth, reporting net earnings of US$10.7 million for the second quarter to end June of this year. This reflects a year-on-year increase of 319% over the US$2.7 million in net earnings reported for the second quarter of 2001. Earnings amounted to US41 […]
There is strong support for a series of reforms aimed at modernizing the world’s oldest insurance market, says Lloyd’s of London in releasing results of consultation on the reforms.The original proposals have been revised somewhat since they were first introduced at the beginning of the year, but key elements remain. The plan involves the creation […]
By Canadian Underwriter | August 30, 2002
The Collision Industry Action Group (CIAG) is applauding a decision by one government body to recommend a ban on rebuilt air bags. Following spring meetings with industry groups, the federal/provincial Canadian Council of Motor Transport Administrators (CCMTA) announced it would recommend a ban on the construction, sale or installation of rebuilt airbags, meaning bags which […]
By Canadian Underwriter | August 29, 2002
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
