What’s new: In brief (November 07, 2004)

U.S. insurers are reacting positively to news of the re-election of George W. Bush. Despite the Bush administration’s failure to pass tort reform measures to lighten the burden of class action, asbestos or medical malpractice litigation, the Property-Casualty Insurers Association of America (PCI) says, “Tuesday’s election was a vote for free markets, less litigation, and less burdensome regulation.” Specifically insurers were thrilled with the defeat of Senate Minority Leader Tom Daschle, who was seen as an opponent of tort reform.

French reinsurer Scor is back on the path of profitability, posting net income of EUR54.3 million for the first three quarters of 2004, compared to a loss of EUR349 million a year previous. This is despite a 35% drop in premiums over the same period, with non-life premiums falling 45%, as the company scaled back business. And the results are of particular note given the reinsurers significant losses from the U.S. hurricanes this fall.

The Insurance Brokers Association of Ontario (IBAO) has made official the election of David Hare to the position of president for the 2005 term. Hare joined his family’s brokerage, Petley-Hare in 1971, and became president of the firm in 1976. Hare served as president of the Durham Region Affiliate of the IBAO twice beginning in 1986, and became a territory director in 1996. Hare is the association’s 62nd president