Claims
Montreal-based Optimum General Inc. (TSX: OGI.A) is likely relieved to see 2002 gone, as the company reported a net loss of $7.4 million, or $0.68 per share, for the year ending December 31. This compares to a loss of $2.7 million, or $0.25 per share, in 2001.For the last quarter of the year, the net […]
By Canadian Underwriter | March 4, 2003
2 min read
2002 saw deteriorating results for international adjuster Lindsey Morden (TSX: LM), largely as a result of its troubled U.S. operations. While revenue increased by $19 million between 2001 and 2002, the company suffered a net loss last year of $17.5 million, or $1.28 a share – this compares with a net loss of $5.8 million […]
February 28, 2003
1 min read
Auto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written premiums grew 5.7% for the quarter to $442 million versus $418 million for fourth quarter […]
By Canadian Underwriter | February 28, 2003
Not surprisingly, tort costs in the U.S. are increasing sharply, as indicated in a new study by Tillinghast-Towers Perrin. In 2001, the U.S. tort system cost US$205 billion, or US$721 per capita. This is a 14.3% increase over the year prior and represents costs equivalent to a 5% tax on wages.Tillinghast has tracked tort costs […]
By Canadian Underwriter | February 20, 2003
2002 saw deteriorating results for international adjuster Lindsey Morden (TSX: LM), largely as a result of its troubled U.S. operations. While revenue increased by $19 million between 2001 and 2002, the company suffered a net loss last year of $17.5 million, or $1.28 per share. This compares with a net loss of $5.8 million. or […]
By Canadian Underwriter | February 14, 2003
With doctors across the U.S. planning or having already walked out over increased medical malpractice insurance costs, rating agency Fitch says such action could turn into a credit concern for hospitals.Fitch’s suggestion is the latest step in a growing crisis, which has seen doctors walk of the job in several states, most recently with 800 […]
By Canadian Underwriter | February 3, 2003
Accountants have become “human pinatas” following recent corporate scandals, television business analyst Dierdre McMurdy said at the a recent luncheon of the Canadian Insurance Accountants Association (CIAA). While the impact of new public accounting rules, including Ontario’s Bill-213, “remain to be seen”, McMurdy is adamant. “You just can’t legislate integrity. There is a focus now […]
January 31, 2003
General Electric, parent of Employers Reinsurance Corp. (ERC), says is will launch a US$5 billion global financing initiative.The move is in response to expected lower earnings in 2002, mainly due to losses in the company’s insurance operations.At then end of 2002, GE took charges for ERC and GE Capital Corp., towards which the financing will […]
By Canadian Underwriter | January 21, 2003
Government-run Manitoba Public Insurance (MPI) is reporting solid results for the third quarter 2002, but is casting doubts about the future.While net income was up for the nine-month period ending November 30, 2002, to $23 million from just over $11 million reported a year earlier during the same period, claims costs are also on the […]
By Canadian Underwriter | January 16, 2003
For the first time in five years, auto thefts rates have dropped in Manitoba, says the province’s public insurer. According to Manitoba Public Insurance (MPI), 2002 says 7.827 theft claims filed, 6,190 of which were in Winnipeg.MPI speculates that the drop could be the result of 2002 being the first year of operations for the […]
By Canadian Underwriter | January 8, 2003
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