Claims
The Co-operators General Insurance (TSE: CCS.PR.A) is showing signs of a rebound, announcing after tax net income of $267,000 for the third quarter 2001. This is a far cry from the same period last year, when the company reported a loss of $3.3 million.This translates to a loss per common share of $0.06 for the […]
By Canadian Underwriter | November 26, 2001
1 min read
British Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the year, the Insurance Corporation of B.C. (ICBC) says it has lost $38 million, as compared […]
By Canadian Underwriter | November 23, 2001
2 min read
Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday morning, an American Airlines Airbus A-300 crash into homes in the Queen’s borough of New […]
By Canadian Underwriter | November 12, 2001
Lloyd’s of London gained a last-minute reprieve from the National Association of Insurance Commissioners (NAIC) and the New York Insurance Department on its deadline for full payment of claims relating to the September 11 terrorist attacks.Lloyd’s had initially been given a deadline of November 15 by the insurance regulators to deposit in full the payment […]
By Canadian Underwriter | October 29, 2001
In light of almost Cdn$3 billion (1.3 billion pounds) in losses from the U.S. terrorist attacks, Lloyd’s of London is making a cash call on members for $1.78 billion (780 million pounds). Money will be used to help pay claims following the attacks, in which Lloyd’s syndicates insured the World Trade Center and both U.S. […]
By Canadian Underwriter | October 18, 2001
A new study released by the Canadian Center for Policy Alternatives (CCPA) suggests privatizing British Columbia’s auto insurance system will be bad for consumers. “Allowing private firms to compete with ICBC in the provision of basic auto insurance will almost certainly result in a number of negative outcomes, including discriminatory rate setting, higher insurance premiums […]
By Canadian Underwriter | October 11, 2001
Broker consolidator Vector Intermediaries (CDNX: VTE) is seeing its results continue to improve, if modestly, through the first half of 2001. Operating results were the best in Vector’s history and operating margins continue to improve, the company states in a press release.Before tax earnings for the period are $732,164, or $0.03 per share, compared with […]
By Canadian Underwriter | September 4, 2001
Dear Editor, Re: Linden Rees, “Ex Gratia” article (CU, June 2001). In his very first paragraph, Mr. Rees refers to a claim that “may not be covered”. He later states that “highly dubious” claims should not be covered. I beg to differ. Insurers continually broaden coverages and reduce rates to obtain business. When times get […]
August 31, 2001
Reorganization at Co-operators General Insurance Company (TSE: CCS.PR.A) has not yet begun to pay off in early 2001 results. The company, which has seen dismal results in the past several quarters, reports premiums are up, although the effect has yet to be seen on the bottom line.Net income is down for the second quarter of […]
By Canadian Underwriter | August 23, 2001
Following the sale of its North and South American reinsurance operations, Groupama has now put its U.K. insurance subsidiary up for bids. Earlier this year the French mutual, also known as Caise Centrale des Assurances Mutuelles Agricoles, announced the sale of Sorema S.A. and Sorema N.A. to Scor, boosting its share in Scor to more […]
By Canadian Underwriter | July 26, 2001
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