Claims
Quebec-based Optimum General Inc. (TSX: OGI.SV.A) lifted net income for the first quarter of this year by more than four times to $1.1 million compared with $259,000 reported for the same period in 2004. This equates to earnings for the latest reporting period of 9c a share versus the 2c a share made for the […]
By Canadian Underwriter | May 12, 2005
1 min read
Pethealth Inc. (TSX: PTZ) produced a net loss of $68,505, equal to 1c a share, for the first quarter of this year compared with a loss of $75,881 (1c a share) for the same period in 2004. The company says its earnings would be significantly better but for a 7.5% appreciation of the Canadian dollar […]
By Canadian Underwriter | May 11, 2005
Europe’s top six reinsurance companies saw profitability rise over 2004 despite the unprecedented insured cost of natural catastrophe losses incurred over the same period, observes reinsurance and risk intermediary Benfield. The reinsurers in question primarily benefited from higher primary company retentions of catastrophe storm-related risks, Benfield says.The reinsurance companies also enjoyed higher realized gains for […]
By Canadian Underwriter | May 10, 2005
In a notice addressed to property and casualty insurers, federal regulator The Office of the Superintendent of Financial Institutions (OSFI) cautions that the insured loss relating to a fire that broke out in early January of this year at Suncor’s oil sands plant located in northern Alberta could result in some companies reserves falling below […]
By Canadian Underwriter | May 9, 2005
2 min read
The Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This equates to earnings of 53c a share for latest reporting period versus 85c a share […]
By Canadian Underwriter | May 2, 2005
Insured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according to Risk Management Solutions (RMS). A market analysis conducted by the catastrophic risk assessment company […]
On the heels of the worst ever year on record for insured catastrophe losses in 2004, U.S. insurers are facing another steep price tag in the first quarter of 2005, says the Insurance Services Office (ISO) Property Claims Services (PCS) unit.As a result of eight catastrophes, insurers will pay an estimated US$2.1 billion in homeowners’ […]
By Canadian Underwriter | May 1, 2005
Almost half of all large and mid-sized U.S. businesses purchased terrorism insurance in 2004, a significant increase over recent years, according to new research issued by brokerage Marsh.In 2003, just 27% of businesses had opted to buy the coverage, but 2004 is a different story. Of firms with total insured values over US$1 billion, 53% […]
By Canadian Underwriter | April 28, 2005
With the release of its first-quarter 2005 results, brokerage Willis Group says has laid off 500 staff members and put aside a further US$20 million to deal with litigation relating to contingent commissions. Earlier this month, Willis announced settlements totaling US$51 million with authorities in New York and Minnesota over the use of contingent commissions, […]
Despite record profits reported by the Canadian property & casualty insurance industry last year, the industry’s position of profitability will be difficult to maintain, says Nicholas Smith, attorney in fact in Canada for Lloyd’s underwriters.Smith made the remarks at this week’s CIP Society Symposium in Toronto, where he pointed out the that industry’s long-term return […]
By Canadian Underwriter | April 27, 2005
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