Industry
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF), is making its first inroads into the U.S. market. The Calgary-based broker consolidator has agreed to purchase all of the assets of an unnamed California brokerage.Purchase price for the deal, expected to close May 31, was not disclosed, although Anthony Clark notes the amount will […]
By Canadian Underwriter | April 24, 2003
1 min read
Developers of a new insurance company “portal” service say their product is not competition for the Centre for Study of Insurance Operations (CSIO) broker-insurer portal, and will in fact be compatible with it.”Most insurers have pieces of or are in the process of building, or are budgeting for building, their own company portals which will […]
By Canadian Underwriter | April 23, 2003
Two insurance industry technology vendors have joined to launch a portal that could compete with the planned industry-wide effort.Compu-Quote and iter8 Inc. say they will provide an end-to-end portal solution for the industry that will beat the Centre for Study of Insurance Operations (CSIO) portal to the market.”collabor8″ is intended to give insurers the ability […]
By Canadian Underwriter | April 17, 2003
U.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with the net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). The industry’s latest annual return translates to a […]
By Canadian Underwriter | April 16, 2003
2 min read
Alberta-based Western Financial Group (TSX: WES), formerly known as Hi-Alta, reports net income is up 57.9% for 2002. Last year, the broker consolidator brought in net income of $1.57 million, versus $991,800 million in 2001.2002 also saw Western Financial receive its charter to start up a new bank in November, with opening day deposits on […]
A report released by A.M. Best indicates that U.S. property and casualty insurers incurred an adverse loss-reserve development of about US$22 billion for 2002. The rating agency notes that the final quarter of the fiscal year usually reflects the greatest amount of reserve adjusting, which last year saw AIG and the Travelers group “leading the […]
Some key members of Pilot Insurance Co.’s senior management have been removed from their positions as a result of prior year reserving shortfalls uncovered on the company’s books following investigation by parent-owner CGU Group Canada. A statement released yesterday by CGU president Igal Mayer says that Pilot will restate its annual accounts and regulatory filings […]
By Canadian Underwriter | April 15, 2003
Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled, leading to the claim that the March 18-19 blizzard could be the most costly winter […]
By Canadian Underwriter | April 14, 2003
Fairfax Financial Holdings Ltd. says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed.Northbridge would then become the holding company for Fairfax’s Canadian insurers Lombard, Commonwealth, Markel and Federated.As of December 31, 2002, the combined companies of Northbridge had total […]
A decision by the U.S. Supreme Court to overturn a US$145 million punitive damage award against State Farm is being hailed as a sign of the court’s willingness to limit such jury awards.The decision, overturns a Utah jury’s award from August 2002 and subsequent upholding of that award by the Utah State Supreme Court, in […]
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