Industry
The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year. The latest quarterly earnings equate to US$1.73 a share against the 50c a share shown […]
September 30, 2003
2 min read
Kingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as well as Ontario commercial auto and trucking claims, a company statement says. Kingsway says the […]
1 min read
The industry lost a friend with the passing of Imre Strasser, FCII, on September 9. Born in Vienna, he came to Canada in 1957, continuing his career as an insurance underwriter begun in 1949. He was long-time member and supporter of the Speakers Club of the Insurance Institute of Toronto, most recently serving as club […]
A unanimous decision by the U.S. Court of Appeals, second circuit, is being lauded by insurers as a “devastating blow” to the lawsuit by World Trade Center (WTC) leaseholder Larry Silverstein.The court supported in part insurers’ contention that the destruction of the buildings in the September 11, 2001 terrorist attacks should be considered one event, […]
By Canadian Underwriter | September 30, 2003
Toronto-based Manulife Financial Corp. says it will enter into a stock-for-stock deal to buy Boston’s John Hancock Financial Services Inc. worth $34.7 billion (US$25.6 billion). The deal will make Manulife the largest life insurance company in Canada, second-largest in North America.The announcement follows speculation last week from news sources that a merger was in the […]
U.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). As […]
3 min read
An association representing the condominium industry is set to look into the impact of insurance rates and policy changes to its members. The Canadian Condominium Institute (CCI) says it has established a task force to look at “unprecedented” changes to insurance policies that have taken a toll on condominium corporations and their clients. “We have […]
By Canadian Underwriter | September 29, 2003
Kingsway Financial Services Inc. (TSX: KFS) has disclosed an adverse reserve development totaling $30 million for prior year claims leading up to the end of 2002. The adverse reserve development resulted from the insurer’s Alberta non-standard auto insurance business, as well as Ontario commercial auto and trucking claims, a company statement says.Kingsway says the increased […]
By Canadian Underwriter | September 28, 2003
The Ontario Kinesiology Association (OKA) is speaking out against regulations in support of Ontario’s Bill-198 which they say will preclude their members from working on auto accident claims.The regulations, which come into force on October 2, are worded such that kinesiologists would be prevented from working on auto accident victims. This could affect as many […]
By Canadian Underwriter | September 26, 2003
The London market of Lloyd’s could post profits as high as $8.3 billion (3.7 billion pounds) for 2002 and 2003, says Moody’s Investor Service. This follows a loss of $4.7 billion (2.1 billion pounds) in 2001.Moody’s says 2002 should produce about $4.3 billion in profit, while 2003 profit, assuming a normal loss year, should be […]
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