Claims
As insurer loss tallies continue to pour in as a result of Hurricane Charley’s destructive run through Florida and the Carolinas in mid-August, Allstate Corp. appears to be one of the hardest hit. The Illinois-based insurer faces a loss total of US$425 million, net of recoveries from the Florida Hurricane Catastrophe Fund, which will result […]
By Canadian Underwriter | September 1, 2004
1 min read
As part of its plan to tackle reserving challenges, Swiss reinsurer Converium AG says it will run-off one of its North American companies, shifting some business to its other brand here. The company says Converium Reinsurance (North America) Inc. will be placed into run-off, but increase shareholders’ equity in Converium Insurance (North America) Inc. by […]
Marshall and Swift/Boeckh announces the appointment of insurance industry veteran Klaas Westera to the role of business manager for Canadian operations. Westera has been involved in insurance industry technology for over 25 years, including four years as president of the Centre for Study of Insurance Operations (CSIO). Custard Insurance Adjusters Canada Inc. has appointed Tracey […]
August 31, 2004
New guidelines offered up by the DRC Trade Show Services for insurers, adjusters and contractors were recently released via a national road-show. DRC struck a committee of indoor environmental professionals, building science engineers and restoration contractors to address what was seen as a void in mold handling practices – the need for more standardized documentation, […]
International adjuster Lindsey Morden (TSX: LM) saw its net loss widen to $2.9 million (21 a share) for the second quarter of this year compared with the net loss of $2.6 million (19 a share) reported for the same period in 2003. Overall, the adjuster’s revenue dropped to $102.1 million for the most recent quarter […]
As Floridians continue to rebuild following Hurricane Charley, another intense storm is following in his tracks. Hurricane Frances, which as of Monday was classified as a category three storm, has the potential to hit Florida over the Labor Day weekend.On Sunday, Tropical Storm Gaston lashed South Carolina with intense rain, causing power outages affecting more […]
By Canadian Underwriter | August 30, 2004
CNA Financial Corp. is the latest to disclose preliminary loss estimates from Hurricane Charley, counting for a net loss of at least US$40-$60 million. The company notes, however, that losses could well exceed this early estimate. The Wholesale Insurance Group (TWIG) has joined with BC-based Travel Underwriters to launch a blended critical illness and travel […]
By Canadian Underwriter | August 29, 2004
Three of the world’s largest reinsurers have recently reported healthy profit gains in the second quarter of this year.Zurich-based Swiss Re says it posted net income of CHF 1.4 billion for the first six months of 2004, up from CHF 691 million during the same period a year earlier. While the company’s premiums dropped 1.7%, […]
2 min read
In two separate cases, the Insurance Corporation of B.C. has seen drivers plead guilty to providing false information to the public insurer.Salvatore Figliuzzi of Coquitlam, BC, received a fine of $800, and ordered to pay ICBC $1,074 in restitution. He had reported hitting a shopping cart with his vehicle, but a claims investigation revealed this […]
A new public service release from the Property Casualty Insurers Association of America (PCI) discusses the impact Charley has had on commercial interests in Florida. It notes that some covers which are not standard to businesses, but which can be purchased as “add-ons” were shown to be of use in the aftermath of Charley. For […]
By Canadian Underwriter | August 26, 2004
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