Industry
Second-quarter results for Western Financial Group (TSX: WES), formerly Hi-Alta Capital, are on track to hit the company’s yearend targets. Revenue is up 21.4% for the quarter ending June 30, 2002, to $7.6 million, versus $6.2 million in the same period a year earlier. Net income was also up, to $477,662 for the most recent […]
By Canadian Underwriter | August 29, 2002
1 min read
Risk
The Canadian operation of American Re has been rationalized with the underwriting and marketing functions shifted to the group’s Princeton, New Jersey-based headquarters. The operational change will take effect as from September this year, says Anthony Kuczinski, president of Munich-American RiskPartners.Munich-American Risk Partners operates as a division of American Re, which in turn is a […]
By Canadian Underwriter | August 28, 2002
The Insurance Bureau of Canada (IBC) is pleased with the results of a new independent report commissioned by Nova Scotia’s Utilities and Review Board (UARB) that suggests auto insurance rates have been inadequate for at least the past five years.The report also notes that rates are on the rise, but that current premiums levels are […]
By Canadian Underwriter | August 27, 2002
2 min read
Claims
Despite encouraging half-year results, net income was down in the seoncd quarter and claims were on the rise for Co-operators General Insurance Company (TSX: CCS.PR.A).After-tax net income was down to $7.0 million for the quarter ending June 30, 2002, from $11.5 million for the same period a year earlier. This translates into earnings per common […]
By Canadian Underwriter | August 26, 2002
Financial services giant ING Group reports that its Canadian operations were a “solid performer” in the second quarter of 2002. Overall, the Amsterdam-based company reported net operating profit is down for the period ending June 30, 2002 to Cdn$3.5 billion, a drop of 2% from the same period a year earlier. Per share operational net […]
By Canadian Underwriter | August 23, 2002
The gap between the world’s strongest reinsurers and the weakest is likely to widen in the current market, suggests a report from rating agency A.M. Best.The annual review of the reinsurance market notes that it was lack of attention to underwriting and over-reliance on investment gains that brought reinsurers to their dismal results last year […]
Canadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings for the first six months of this year fell by 20.5% to $300 million compared […]
By Canadian Underwriter | August 22, 2002
3 min read
Ford, DaimlerChrysler and General Motors are fighting to get thousands of personal injury asbestos lawsuits out of numerous state courts and consolidated in one federal court. So far they have not succeeded. The latest setback came early this month when the Supreme Court declined to review a 3rd U.S. Circuit Court of Appeals decision. The […]
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In the ongoing battle between World Trade Center leaseholder and a group of insurers for the property, a New York federal judge has ordered the parties to hire an independent appraiser to value the complex, destroyed in the September 11 terrorist attacks.Acting on a motion by Allianz Insurance Company, and over objections from Silverstein, the […]
Following the wind-up of Ontario-based Markham General, bodyshops are reporting that previously filed claims are not being paid. This follows a Toronto Star report early this week that stated cheques issued by the failed insurer are bouncing.The Collision Industry Action Group, in an information piece sent out to shopowners, notes that it has been contacted […]
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