Releasing its 2004 yearend results this week, Marsh says it may cut as many as 2,500 more jobs worldwide in an effort to reduce costs. This comes on top of 3,000 job cuts already made since the investigation into alleged big-rigging and conflict of interest was launched against the brokerage by New York Attorney General […]
By Canadian Underwriter | March 1, 2005
1 min read
Catastrophes, both natural and man-made, cost insurers US$49 billion last year, with the bulk of this coming from the U.S. hurricanes and Japanese typhoons, according to the annual Swiss Re sigma study on catastrophes.Of course, the human toll from catastrophes was staggering, with more than 300,000 people killed in 2004, about 280,000 of these deaths […]
By Canadian Underwriter | March 1, 2005
1 min read
Fairfax’s claims adjusting operation, Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004’s fourth quarter with net earnings of $4.81 million, or 35 a share. This compares with a net loss of $21.18 million, or $1.54 a share posted for the same period in 2003. The fourth-quarter earnings boost […]
February 28, 2005
1 min read
Co-operators General Insurance Co. (TSX: CCS.PR.A) increased net income three-fold for 2004 to $139.49 million ($6.54 a share) compared with the $44.04 million ($1.78 a share) reported for 2003. The insurer boosted earnings for the fourth quarter of 2004 to $38.80 million ($1.81 a share) versus the $13.73 million (55 a share) disclosed for the […]
February 28, 2005
1 min read
Montreal-based Optimum General Inc. (TSX: OGI.SV.A) saw strong improvement in its results for year ending December 31, 2004, with earnings almost double that produced in 2003.2004 net income was $3.6 million, or $0.31 per share, up from income of $2 million, or $0.17 per share, in 2003. For the fourth quarter, however, the company did […]
By Canadian Underwriter | February 28, 2005
1 min read
ICBC says two Abbotsford residents have pleaded guilty to charges of providing false information to the public auto insurer. Harminder Singh Ghuman was fined $2,000 and Kesar Singh Sidhu was fined $1,500 for filing fraudulent claims following a collision in November, 2002. The two taxi drivers filed for lost wages, but it was found the […]
By Canadian Underwriter | February 27, 2005
1 min read
The rising loss total being attributed to the 2004 U.S. hurricane season is putting increasing pressure on the shareholders’ equity of many insurers and reinsurers, says a report by Standard & Poor’s.S&P notes that two issues are causing the loss estimates to rise even into 2005. “First, companies initially underestimated claims because of assumptions they […]
By Canadian Underwriter | February 21, 2005
1 min read
Based on January 2005 reinsurance renewals, European carriers have not given in to competitive pressures despite rising capacity, notes a report by A.M. Best.While overall reinsurance rates declined moderately, with the exception of some U.S. hurricane-exposed risks, the pricing drop was a shallow one, the rating agency notes. However, much remains to be seen heading […]
By Canadian Underwriter | February 21, 2005
1 min read
Following on 2004’s record Atlantic hurricane season, more storms are brewing for 2005, says Tropical Storm Risk (TSR), a consortium of researchers sponsored by Benfield, Royal & SunAlliance and Crawford & Co.TSR’s extended outlook for 2005 suggests 2005 will see U.S. landfalling hurricane activity at 155% of average.The season, which runs from June 1 to […]
By Canadian Underwriter | February 20, 2005
1 min read
Three Canadian insurers are now facing class action lawsuits stemming from claims made for perished stock and business interruption losses following the August 2003 blackout.Aviva Canada Inc., Lombard General Insurance Co. of Canada and Royal & SunAlliance Insurance Co. of Canada face suits filed by Windsor and Toronto area businesses which, if certified, could include […]
By Canadian Underwriter | February 20, 2005
1 min read