Industry
Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21c a share (1-Q 2001: 13c a share). […]
By Canadian Underwriter | May 10, 2002
1 min read
B.C.’s public insurer is reporting a net loss for the first quarter 2002 of $30.4 million. This compares with a loss of $39.1 million in the first three months of 2001 for the Insurance Corporation of B.C. (ICBC).However, only $9 million of this loss is attributable to insurance operations, with $21 million coming from non-insurance […]
2 min read
Risk
The New York State Senate has formally adopted a resolution urging U.S. Congress to set up a temporary backstop for terrorism reinsurance, the Alliance of American Insurers (AAI) is reporting. The resolution calls the p&c market “a fundamental underpinning of our national and state economy”, and notes that future attacks may exceed the industry’s ability […]
In the latest stage of the ongoing legal battle between Swiss Re and World Trade Center (WTC) leaseholder Larry Silverstein, the insurer has filed a motion to break the “joint interest” privilege asserted by Silverstein and broker Willis. This privilege relates to meetings arranged by Silverstein lawyers with Willis, WTC owner the New York Port […]
By Canadian Underwriter | May 9, 2002
The London, Ontario annual airshow has been cancelled, its organizers announced, as a result of the excessive cost of insurance. Reports from the International Council of Air Shows Inc. (ICAS) suggest that Canadian airports are now demanding that airshow organizers obtain $50 million in general liability coverage per show, and additional insurance for war and […]
By Canadian Underwriter | May 8, 2002
With the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance is listed among the top five of FSCO’s priorities (along with harmonized national regulations, risk-based […]
By Canadian Underwriter | May 7, 2002
On the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute of Ontario, Anderson pointed out that in areas such as rising health care costs being […]
By Canadian Underwriter | May 6, 2002
3 min read
International energy companies have joined together to form an excess mutual insurer offering property and catastrophe business interruption coverage. Twelve Members of Oil Insurance Ltd. and Oil Casualty Insurance Ltd. have established sEnergy Insurance Ltd., and completed initial capitalization of the Bermuda-based insurer. Policies have already been issued as of May 1.Among the members involved […]
By Canadian Underwriter | May 3, 2002
A government role, albeit a limited one, is needed to ensure the availability of terrorism coverage, says a new report “The Economic Costs of Terrorism”, released by the U.S. Congress’ Joint Economic Committee (JEC).”The short- and long-run costs of terrorism following the events of September 11 have yet to be comprehensively measured, but the long-term […]
The need for government-backed terrorism reinsurance took center stage at the recent Alliance of American Insurers conference in Hamilton, Bermuda. A panel of industry experts spoke on the need for coverage in light of the withdrawal of reinsurers from the market following the September 11 terrorist attacks.Terrorism may be an uninsurable risk, says Alice Schroeder, […]
By Canadian Underwriter | May 2, 2002
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