Claims
Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A) is reporting its fourth straight quarter of strong results, with net income of $34.4 million for the quarter ending March 31, 2004.This compares with a net loss for $5.9 million for the first quarter last year. Earnings per share over the same period grew to $1.65 from […]
By Canadian Underwriter | May 6, 2004
1 min read
A previously announce private equity placement by RS Group of Companies (formerly Rent Shield) has yielded proceeds of US$8.5 million.The company originally intended to raise US$5 million, but the placement was oversubscribed.”Today’s announcement provides RS Group of Companies with the balance sheet strength and working capital necessary for the company to pursue its aggressive business […]
By Canadian Underwriter | May 5, 2004
With the future of the U.S. terrorism risk backstop up in the air, the Insurance Services Office (ISO) has filed conditional wordings for a terrorism insurance policy endorsement.The ISO is asking state regulators to approve the wording if Congress fails to extend the Terrorism Risk Insurance Act (TRIA) past its December, 2005 sunset. “As early […]
2 min read
Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of the Twin Towers’ insurance coverage.The dispute arose following the September 11, 2001 terrorist attacks, when […]
By Canadian Underwriter | May 4, 2004
The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from the hurricane at a minimum $85 million, including property damage in Nova Scotia and PEI, […]
The jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are subject to the Wilprop policy form a form which defines the September 11, 2001 terrorist […]
By Canadian Underwriter | May 2, 2004
International adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with the sale of the company’s third party administration business in March. Net loss for discontinued […]
After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results do not include those of Loyalist Group Ltd, in which the holding company has reduced […]
By Canadian Underwriter | April 29, 2004
The global catastrophe bond market was up 42% in 2003, with total bond issuance hitting US$1.73, according to research by Guy Carpenter & Co. and MMC Securities Corp. 2002 saw total bond issuance of US$1.22 billion.The average size of transactions also grew, to US$217 million in 2003 from US$174 million in 2002. Last year saw […]
By Canadian Underwriter | April 27, 2004
U.S. insurers will likely face an insured cost of US$963 million for the first quarter of this year with regard to catastrophe related property claims, according to preliminary data released by the New York-based Insurance Services Office Inc. (ISO). The latest quarter’s tally is significantly less than the US$1.5 billion cat loss made over the […]
By Canadian Underwriter | April 21, 2004
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