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TSX falls on latest job figures from StatsCan, U.S. buoyed by strong dollar

The Canadian PressMay 10, 2013 17:01
TORONTO - North American markets opened with mixed results Friday, buoyed by strong world markets and a rising U.S. dollar but slightly disappointing Canadian jobs data. The S The Dow Jones industrial index was also down, off 10.16 points to 15,072.46, while the Nasdaq climbed 7.75 points to 3,416.92 and the S Statistics Canada reported job gains of 12,500 in April, slightly missing expectations. The unemployment rate was unchanged at 7.2 per cent, in line with what was predicted.

Wynne says car insurance rate cuts won't happen overnight; can't offer time line

The Canadian PressMay 9, 2013 16:46
BRAMPTON, Ont. - The Liberal government's budget promise to cut auto insurance premiums by an average of 15 per cent isn't worth the paper it's written on without time lines on when drivers can expect to see savings, the New Democrats charged Thursday. "If we're not seeing any concrete timelines, any concrete deadline in terms of when we'll see this 15 per cent reduction, it's meaningless," said NDP critic Jagmeet Singh.

Florida lawmakers pass bill to limit state-run property insurance

May 9, 2013 04:18
By Bill Cotterell TALLAHASSEE, Florida (Reuters) - The Florida Senate sent Governor Rick Scott a bill on Thursday designed to reduce the state's exposure to catastrophic financial losses from a hurricane by gradually steering homeowners away from the state-run Citizens Property Insurance Corp. The Senate had earlier backed a tougher bill that would have charged new Citizens enrollees much higher premiums, but it backed down after the House of Representatives passed its own measure protecting consumers from price hikes.

Alberta leads Canada in extreme weather loss claims: insurance industry

The Canadian PressMay 8, 2013 14:40
EDMONTON - It seems Mother Nature has a thing for Alberta when it comes to severe weather. The Insurance Bureau of Canada says 62 per cent of all insurance losses from natural catastrophes in the country last year were in the province. The trend is hitting the industry and policyholders right in the wallet. The bureau says Alberta's 2012 claims totalled more than $730 million for damage caused by heavy rains, hail and wind, including from major storms that ravaged Calgary, Edmonton and the province's south.

Shares of ING rise in NYSE debut

May 7, 2013 13:57
By Olivia Oran (Reuters) - Shares of ING U.S. Inc <VOYA.N> were up slightly in their New York Stock Exchange debut on Thursday after opening down 1 percent. Shares exchanged hands at $20.10 in late-morning trading after opening at $19.45 as the company, an affiliate of Dutch financial services company ING Groep NV <ING.AS><ING.N>, raised $1.3 billion in its initial public offering.

AIG profit falls 35 percent as premium income dips

May 7, 2013 13:22
(Reuters) - Insurer American International Group Inc's <AIG.N> quarterly profit fell about 35 percent on lower premium income and higher claims. Net income fell to $1.98 billion, or $1.34 per share, for the first quarter, from $3.05 billion, or $1.71 per share, a year earlier. On an operating basis, AIG earned $1.34 per share. (Reporting by Aman Shah and Anil D'Silva in Bangalore; Editing by Sriraj Kalluvila)

MBIA, Bank of America settle their legal disputes: source

May 7, 2013 13:02
(Reuters) - Bank of America Corp <BAC.N> and MBIA Inc <MBI.N> have settled their legal disputes, and the settlement includes a $1.6 billion cash payment by the bank to the bond insurer, a person familiar with the settlement said on Monday. The person, speaking on condition of anonymity, said the deal would bring "total peace" to the two companies' various ongoing legal disputes. (Reporting by Karen Freifeld; Editing by Maureen Bavdek)

Berkshire Hathaway first-quarter profit rises 51 percent

May 7, 2013 12:52
OMAHA, Nebraska (Reuters) - Warren Buffett's company Berkshire Hathaway Inc on Friday said first-quarter profit rose nearly 51 percent, helped by improved results in insurance and gains from its investments and derivative contracts. Net income increased to $4.89 billion, or $2,977 per Class A share, from $3.25 billion, or $1,966 per share, a year earlier. Quarterly operating profit rose 42 percent to $3.78 billion, or $2,302 per share, from $2.67 billion, or $1,615 per share.

Hannover Re stands by 2013 outlook despite profit fall

Agence France-PresseMay 7, 2013 05:30
Hannover Re, the world's third-biggest reinsurer, said on Tuesday it was holding to its full-year forecasts for 2013 even though its bottom-line net profit fell in the first three months. "Based on the good start to the current financial year and the prevailing market climate, Hannover Re is looking to a successful 2013 financial year," the reinsurance giant said in a statement. "We anticipates group net income for the full year in the order of 800 million euros ($1.04 billion).

Fewer disaster expenses, higher premiums boost earnings at reinsurer Munich Re

The Canadian PressMay 7, 2013 05:00
FRANKFURT - Reinsurer Munich Re said Tuesday its first-quarter net profit rose 25 per cent as the company saw modest outlays for natural disasters and raised its prices for catastrophe coverage. Net profit was 979 million euros ($1.28 billion) in the first three months of the year, up from 782 million euros the same quarter a year ago. Gross premiums for all its insurance and reinsurance businesses rose 0.5 per cent to 13.28 billion euros.
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