Industry
In 2002 and the first seven months of 2003, settlements in U.S. securities litigation have continued to rise, according to a new study by PriceWaterhouse Coopers. For the first seven months of 2003, settlements reached US$1.5 billion, on 60 settlements. Average settlement of these cases was US$25.1 million each, although several were over US$50 million.Last […]
By Canadian Underwriter | August 27, 2003
1 min read
Despite premium increases and better underwriting performance, the stock markets are hampering the recovery of U.S. p&c insurers, according to the Insurance Services Office Inc. (ISO).Although 2002 saw the largest premium increase in more than 15 years, industry surplus dropped to US$285.2 billion, a 1.5% decline over 2001. The decline also came despite 2002 seeing […]
By Canadian Underwriter | August 26, 2003
While the opinion insurers hold of rating agencies is generally positive, many feel rating agency standards have become increasingly stringent, says a new study by Swiss Re.In “Insurance Company Ratings”, Swiss Re notes that insurers see rating agencies as “reasonably focused, fair and balanced” but were concerned that through the 1990s ever more stringent standards […]
By Canadian Underwriter | August 25, 2003
2 min read
Co-operators General Insurance Co. (TSX: CCS.PR.A) says premium increases is starting to show results in bottom-line profitability. For the second quarter ending June 30, 2003, the company reports after-tax net income of $25.3 million, versus net income of $7 million in second-quarter 2002. This brings year-to-date net income up to $19.4 million, compared to $4.7 […]
By Canadian Underwriter | August 21, 2003
In response to a statement recently released by the Consumers’ Association of Canada (CAC) calling for the Ontario government to establish a watchdog body to ensure that claims relating to the power outage are dealt with fairly by insurers, the Insurance Bureau of Canada (IBC) has assured policyholders that claims submitted will not result in […]
By Canadian Underwriter | August 20, 2003
Montreal-based financial services giant Desjardins Financial Corp. (TSX: DFS) reported net earnings were about double in the second-quarter ending June 30, 2003, primarily on the back of growth in its insurance operations, as well as investment gains.Overall, net earnings for the quarter were $59.3 million, up from $28.6 million in the same period last year. […]
Despite almost doubling its revenue in the second quarter ending June 30, 2003, Oakville-based pet insurer Pethealth Inc. (TSX: PTZ) reported a net loss for the period of $743,093, or $0.01 per share. While this represents an improvement over the loss of $1.52 million, or $0.01 per share, reported for the same period in 2002, […]
By Canadian Underwriter | August 19, 2003
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.”It’s very, very difficult to say [what insured losses will be] at this time,” says Mark Yakabuski, vice president of Ontario region for the Insurance […]
By Canadian Underwriter | August 15, 2003
Reacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is good news, PEI is also looking at stricter regulation of auto insurers, which the Insurance […]
By Canadian Underwriter | August 13, 2003
Broker consolidator Western Financial Group (TSX: WES) says that losses from its bank start-up have been lees than budgeted for, and the company is on target to achieve its projected $1.6-$2 million net income for 2003.For the second quarter ending June 30, 2003, the company reported revenue of $9.2 million and net income of $834,057, […]
By Canadian Underwriter | August 12, 2003
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