XL Capital Ltd (NYSE:XL) in Hamilton, Bermuda said that its subsidiary, X.L. America Inc., received a subpoena from the New York Attorney general Eliot Spitzer in connection with an ongoing, industry-wide investigation of insurance sales practices. The company said it …
The state Supreme Court has agreed with a lower court ruling that keeps a candidate convicted of insurance fraud off the ballot for the state’s 51st Legislative District race. Michael J. Cavanagh was running as an independent against six-term Democratic …
Bermuda-based Arch Capital Group Ltd. reported third quarter net income of $18.0 million, or 25 cents per share, compared to $82.6 million, or $1.22 per share, for the comparable period in 2003. For the 9 months ended Sept. 30 2004, …
Bermuda-based IPC Holdings, Ltd. reported a net loss for the quarter ended September 30, 2004, of $17.8 million, or 37 cents per share, compared to net income of $62.1 million, or $1.29 per share, for the third quarter of 2003. …
Toronto-based Fairfax Financial Holdings Limited posted a third quarter loss of $127.7 million of losses after tax and minority interests, due primarily to Hurricanes Charley, Frances, Ivan and Jeanne. Fairfax said that excluding these losses, which mainly affected its insurance …
Ken A. Crerar, president of The Council of Insurance Agents & Brokers, has issued the following statement on broker compensation: “As the initial shock of New York Attorney General Eliot Spitzer’s allegations of wrongdoing against Marsh and McLennan Companies, Inc., …
Bermuda-based Endurance Specialty Holdings Ltd. is one of the few reinsurers that appears to be swimming against the tide of red ink. The company reported net income of $26.8 million or 40 cents per diluted share for the third quarter …
Bermuda-based Montpelier Re Holdings Ltd. has reported a net loss of $78.2 million, or a $1.26 loss per share, for the three months ended September 30, 2004. For the nine months ended September 30, 2004 the company reported net income …
Zurich Financial Services Group announced that it has sold Turegum Insurance Company to Harper Holding Sarl, a subsidiary of Castlewood Holdings Limited. The transaction was closed effective as of July 1, 2004. “Under the terms of the agreement Zurich has …
Odyssey Re Holdings Corp reported third quarter net income of $18 million, or 28 cents per common share, compared to $42.3 million or 65 cents per common share for the quarter ended September 30, 2003. (See also related article on …
