Claims
The Friday following the “Blackout of 2003” on August 13, credit-card sales dropped an estimated $100 million in Canada, but the decline is likely a temporary one. This is according to credit card processor Moneris Solutions Corp. Comparing last Friday’s credit card transactions with that of the Friday before, total credit card spending was down […]
By Canadian Underwriter | August 21, 2003
2 min read
As of June 30, 2003, Montreal-based Optimum General Inc. (TSX: OGI.A) is out of the red, posting net income of $492,000, or $0.04 per share for the first half of this year. This is a vast improvement over the loss of $2.0 million, or $0.18 per share, reported in the first half of 2002.The improvement […]
By Canadian Underwriter | August 19, 2003
Royal & SunAlliance Canada confirms that president and CEO Larry Simmons will retire. No effective date has been given, as Simmons will stay on until a replacement is found, says RSA Canada communications director Sally Turney.Simmons took over the top spot in late 2001, moving up from the position of president and COO. He was […]
By Canadian Underwriter | August 18, 2003
1 min read
Adjuster Lindsey Morden (TSX: LM) is reporting increased losses for second-quarter 2003, despite revenue growth in most operations.The Toronto-based company says all segments except its Canadian group reported higher earnings in the quarter, but losses in its U.S. division led to an overall net loss of $2.6 million, or $0.19 per share. This compares with […]
By Canadian Underwriter | August 7, 2003
Responding to the amendment bill announced this week by the New Brunswick government to the province’s Insurance Act – which primarily presents insurers with an August 15 ultimatum to file for lower auto insurance rates or face immediate across-the board reductions – insurers have objected to the “bureaucratic process” which has slowed the filing applications […]
By Canadian Underwriter | July 31, 2003
3 min read
Hot on the heels of its recent success in a lawsuit against a staged accident auto ring involving 25 defendants and about $1 million in fraud-related costs, the Insurance Corp. of British Columbia (ICBC) has filed an action with the B.C. Supreme Court naming 21 people and three companies allegedly having partaken in similarly fraudulent […]
By Canadian Underwriter | July 24, 2003
A U.S. Senate bill to reform asbestos litigation is meeting with displeasure from insurers.The Senate Judiciary Committee’s S.1125, the “Fairness in Asbestos Injury Resolution (“FAIR”) Act of 2003″, includes amendments that would create a asbestos liability trust fund and ban future lawsuits. It creates definitions of impairment 10 levels of asbestos-related diseases and a corresponding […]
By Canadian Underwriter | July 15, 2003
A decision in favor of Fairfax’s Sphere Drake should not materially impact Germany’s Hanover Re, the reinsurer says.The decision, against brokers and underwriting agents who the court says fraudulently exposed Sphere Drake to U.S. workers’ compensation carve out business, means Sphere Drake has grounds to refuse payment of the losses under the reinsurance contracts.”There has […]
The Louisiana Department of Insurance is estimating insured damage from Tropical Storm Bill at US$16 million, including claims under the federal flood insurance program.These losses are of the nature of a severe thunderstorm, rather than a tropical storm, says insurance commissioner Robert Wooley. “Damage estimates will likely increase slightly, but I don’t believe Bill caused […]
By Canadian Underwriter | July 14, 2003
The U.S. Senate failed to pass its version of medical malpractice reform last week, much to the chagrin of insurers and President Georg W. Bush.The “Patients First Act of 2003″ (S. 11), which would have capped certain medical malpractice awards and limit attorneys’ fees, did not get the required number of votes to keep it […]
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