ING Canada has completed its purchase of Allianz’s Canadian p&c operations, including Allianz Insurance Co. of Canada, Trafalgar Insurance Co. and Canada Brokerlink. Allianz maintains its Allianz Global Risks operation in Canada. ING Canada has planned an offering of its shares to partly fund the $370 million purchase price. Rating agency A.M. Best says the […]
By Canadian Underwriter | December 9, 2004
1 min read
As insurers continue to deal with the record hurricane season of 2004, they will also be gearing up for another potentially bad season in 2005.Prof. William Gray and his team of researchers from Colorado State University are predicting another above-average hurricane season for 2005, with the above-average probability of major hurricane landfall in the U.S. […]
By Canadian Underwriter | December 7, 2004
1 min read
Despite an earlier jury trial which declared the felling of the World Trade Center towers by terrorist on September 11, 2001 as one occurrence in insurance terms, a second trial has declared the attacks as two events.The second verdict, which featured a different group of eight insurer defendants than the first, paves the way for […]
By Canadian Underwriter | December 7, 2004
2 min read
U.S. insurers currently have a US$38 billion shortfall in funding for asbestos & environmental (A&E) liabilities, according to a new report by A.M. Best.A surprising amount of this, US$24 billion, relates to environmental liabilities, with US$14 billion related to asbestos. A.M. Best puts total A&E payouts since 1999 at US$23 billion with US$22 billion for […]
By Canadian Underwriter | December 6, 2004
1 min read
Guelph-based Co-operators General Insurance Co. (TSX: CCS.PR.A) has posted higher earnings for the third quarter and nine months ending September 30, 2004 as a result of improved underwriting. The insurer netted income of $28.3 million ($1.34 per share) for the third quarter, more than double the income of $10.9 million ($0.48 per share) posted in […]
November 30, 2004
1 min read
Montreal-based Optimum General Inc. (TSX: OGI.SV.A) is reporting its sixth consecutive quarter of profit for the third quarter ending September 30, 2004. The insurer produced net income of $742,000 ($0.06 per share) for the quarter, up from income of $411,000 ($0.04 per share) in the same quarter a year ago. Over the same comparative period, […]
November 30, 2004
1 min read
Jardine Lloyd Thompson CEO Steve McGill has announced his resignation, concurrent with the brokerage reporting earnings significantly below forecast. Financial results indicate the company’s earnings will almost 19% short of analysts’ targets. The reason, the company notes in a statement, is the faster-than-expected drop in premiums leading to lower revenues, specifically in the U.S. and […]
By Canadian Underwriter | November 30, 2004
1 min read
Despite one of the worst typhoon seasons in memory in 2004, Japanese non-life insurers maintain strong balance sheets and hold an overall stable outlook, according to a new report by Standard & Poor’s.In addition to the spate of typhoons weathered during the past few months, Japanese insurers are also dealing with stagnant premium growth and […]
By Canadian Underwriter | November 30, 2004
2 min read
The restatement of 2003 yearend earnings by Calgary-based brokerage Anthony Clark International Brokers (TSX: ACL), has resulted in an 11% drop in earnings.The company previously reported a net loss of $933,000, but has now increased this loss to $1.05 million. This translates to a restated loss per share of $0.14, compared to the previously reported […]
By Canadian Underwriter | November 29, 2004
1 min read
In its quarterly analysis of the top 16 Bermuda-based reinsurers, broker Benfield Group reports the third-quarter U.S. and Japanese hurricanes took their toll on earnings which have been persistently strong in the past few years.Net income dropped to US$3.3 billion, down 26% for the quarter, although a sign of the market’s continuing strength is highlighted […]
By Canadian Underwriter | November 28, 2004
1 min read