Claims
Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross written premiums were up 3.5% for the comparative period, to $30.9 million from $29.7 million […]
By Canadian Underwriter | May 18, 2004
1 min read
A class action complaint has been filed in a Baltimore, Maryland court against seven insurers over their handling of homeowners’ claims stemming from last fall’s Hurricane Isabel.The suit, filed by law firm Cohen, Milstein, Hausfeld & Toll, names seven plaintiffs, but could encompass thousands of claimants if certified. Insurers facing the lawsuit include State Farm […]
By Canadian Underwriter | May 13, 2004
2 min read
Citigroup and its Travelers Insurance Co. have had their debt ratings affirmed by Moody’s following settlement of claims relative to the WorldCom class action lawsuit. Citigroup announced a US$4.95 billion special charge for the suit and other litigation reserves. With more than half of California’s homes facing potential risk of wildfire, the loss potential is […]
By Canadian Underwriter | May 11, 2004
Oakville, Ontario-based Pethealth Inc. (TSX Venture: PTZ) says revenue for the first quarter ending March 31, 2004 was up 75% over the same period a year ago, at $2.55 million.The company, which provides pet insurance in Canada and the U.S. underwritten by companies including Kingsway General and ING Novex, did post a net loss for […]
By Canadian Underwriter | May 10, 2004
California’s insurance regulator and the state’s insurers are waging a war of words over last year’s firestorm, just as new fires rage in Riverside County.Insurance Commissioner John Garamendi announced his intention to push forward a “homeowners’ bill of rights” in response to coverage issues arising from last fall’s California forest fires. The unprecedented fires caused […]
By Canadian Underwriter | May 9, 2004
Concurrent with national “Emergency Preparedness Week”, the Institute for Catastrophic Loss Reduction (ICLR) and the Insurance Bureau of Canada (IBC) are promoting disaster reduction and mitigation efforts in Canada.The ICLR completed a non-structural retrofit on a Halifax home to underscore the simple modifications that can be made by homeowners to protect their houses from natural […]
By Canadian Underwriter | May 6, 2004
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 […]
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 […]
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
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