Claims
Canada’s home, car and business insurers and Ontario Safety League (OSL) are joining forces with the Insurance Bureau of Canada (IBC) to implement a province-wide community-driven program to help motorists get home safely during the holiday season. The vice-president of federal affairs Mark Yakabuski and the president of OSL Brian Patterson will unveil details of […]
By Canadian Underwriter | November 8, 2005
1 min read
The Alberta government is developing a long-term strategy to reduce flood damage.The province’s transportation department has announced the establishment of a Flood Risk Management Committee. The interdepartmental committee will develop a strategy to better manage and mitigate flood damage. George Groeneveld, MLA for Highwood, will chair the committee, which includes staff from the ministries of […]
By Canadian Underwriter | November 7, 2005
2 min read
The Financial Services Commission of Ontario (FSCO) has amended the Statutory Accident Benefits Schedule (SABS) to eliminate the DAC system effective March 1, 2006, subject to transition provisions.The new regulations will continue to require a claimant to obtain an assessment from his or her own health care provider when applying for benefits, FSCO has announced […]
Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes on third quarter financial results will be US$972 million — including US$809 million for Hurricane […]
By Canadian Underwriter | November 4, 2005
Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast & Analysis by Line of Insurance-Third Quarter 2005.”Conning analyst Clint Harris says Conning’s research indicates that […]
By Canadian Underwriter | November 3, 2005
Manulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax assets in Japan Division, shareholders’ net income would have been $879 million, a 23% increase […]
RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a result of Hurricane Wilma losses.In a press release, RenaissanceRe CEO Neill A. Currie said: “As […]
By Canadian Underwriter | November 2, 2005
Swiss Re today estimates its aggregate claims for hurricanes Rita and Wilma will be approximately US$750 million. Swiss Re CEO John Coomber says “this year’s hurricane season reinforces the benefits of Swiss Re’s highly diversified portfolio across lines of business and geographies. Our financial strength remains very strong, enabling Swiss Re to take full benefit […]
As the result of an intense hurricane season, XL Capital Ltd has reported a net loss of US$1.05 billion to ordinary shareholders for the third quarter ending September 30, 2005.The disastrous third quarter means a net loss of $470.4 million for XL over the first nine months of 2005. In comparison, the company reported a […]
ACE Limited is selling 28 million of its ordinary shares – at a price of $45.58 per share – in a public offering expected to raise gross proceeds of more than $1.3 billion. ACE has also granted to underwriters an option to purchase up to an additional 4-million ordinary shares at the same price. In […]
October 31, 2005
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
