Insurance & Risk, Analysis, Events and Careers
A Canadian National tank car that recently derailed causing toxic chemicals to spill into the Cheakamus River.The possible cause of the derailment may be a faulty section of track, according to Canadian National officials. The damaged track was removed for analysis by CN so that information could be retrieved internally prior to being sent to […]
By Canadian Underwriter | August 8, 2005
1 min read
Canada’s Transportation Safety Board investigators examining the recent Air France Flight 358 crash at Toronto’s Pearson International Airport are not able to analyze the black box flight recorders because the appropriate tools to decode it are not available. Instead, the Board is sending both the flight data and cockpit voice recorder to France for inspection.Lead […]
By Canadian Underwriter | August 5, 2005
1 min read
The number of hurricanes and tropical storms anticipated to form in this year’s Atlantic hurricane season has been increased, according to The National Oceanic and Atmospheric Administration (NOAA).The administration recently released its updated outlook, which references an expected 18 to 21 tropical stormsnine to 11 of which will become hurricanesthat will form during the current […]
By Canadian Underwriter | August 2, 2005
1 min read
Once again, the 2005 storm season is showing signs of unremitting squally skies - a daunting reality considering the insurance industry just recently dealt with catastrophes (CATs) including, BC forest fires, flooding in Edmonton and Peterborough and Hurricane Juan, to name but a few. While insurers have been doing a very good job of planning ahead for such catastrophes often, their plans do not include their service providers who are meant to mobilize in response to a CAT. This oversight may result in greater costs incurred.
July 31, 2005
6 min read
XL Capital Ltd (NYSE: XL – News) recently reported net income available to ordinary shareholders for the quarter ended June 30, 2005 of $135.9 million, or $0.97 per ordinary share, compared with $363.6 million, or $2.62 per ordinary share, for the quarter ended June 30, 2004. Annualized net income return on ordinary shareholders’ equity for […]
By Canadian Underwriter | July 28, 2005
2 min read
Hub International Limited (TSX:HBG) recently reported its 2Q and first-half revenue rose sharply, reflecting both the benefits of acquisitions and strong organic growth. Revenue for the quarter ended June 30, 2005 increased 37% to US$112.7 million from US$82.2 million a year earlier. Net earnings declined, as expected, due to the impact of a non-cash stock […]
By Canadian Underwriter | July 27, 2005
4 min read
Everest Re Group, Ltd. (NYSE: RE) recently reported second quarter 2005 after-tax operating income, which excludes realized capital gains and losses, of $173.3 million, or $3.03 per diluted share, a nominal decrease compared to $174.4 million, or $3.07 per diluted share, in the second quarter of 2004. Second quarter 2005 net income decreased 26.4% to […]
By Canadian Underwriter | July 26, 2005
2 min read
The cost and duration of construction and demolition projects in Ontario may be set to increase significantly as a result of new provincial asbestos regulations. These increases will tap into the pockets and schedules of building owners and operators but will also protect building occupants and asbestos, demolition and construction industry workers. The new regulation […]
By Canadian Underwriter | July 20, 2005
2 min read
A federal terrorism insurance backstop is likely to be implemented but observers say it may not be as thorough as the 2002-implemented Terrorism Risk Insurance Act, ending Dec. 31.Under testimony the Treasury Secretary John W. Snow says the Bush administration would not support an extension of TRIA in its current form.Furthermore, Snow a recent report […]
By Canadian Underwriter | July 15, 2005
2 min read
The National Hurricane Center recently upgraded Hurricane Emily to a dangerous Category 3 storm, and Jamaica issued a hurricane watch for the island.The Dominican Republic and Haiti issued a tropical storm warning for much of the island they share. A tropical storm warning is in effect for Bonaire, Curacao and Aruba.Recently, maximum sustained winds were […]
By Canadian Underwriter | July 14, 2005
1 min read