Industry
Having received Federal Government approval, AXA Canada recently closed the acquisition of The Citadel, General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately Cdn$310 million.The new entity will include more than 2,000 employees and a distribution network of 1,400 brokers throughout Canada and AXA Canada says this is in […]
By Canadian Underwriter | March 2, 2006
2 min read
Optimum General Inc. (TSX: OGI.SV.A) is reporting a net income of CDN$5.5 million for the fiscal year ended Dec. 31, 2005, compared to a net income of CDN$3.6 million for the previous year.For the fourth quarter, net income was CDN$1.7 million, compared to a net income of CDN$383,000 for the same period in 2004. The […]
By Canadian Underwriter | March 1, 2006
Hub International Limited (NYSE:HBG)(TSX:HBG) is reporting a fourth-quarter revenue of US$114.1 million up 12% from US$101.5 million in the same period of 2004. For the year, net earnings from continuing operations were flat on a 25% increase in revenue. Results for both the quarter and the year include the impact of a compensation charge related […]
Fairfax Financial Holdings Ltd. has reported a net loss of Cdn$318.1 million in the fourth quarter of 2005 and Cdn$497.9 million for 2005. The Toronto-based company says damages caused by Hurricanes Katrina, Rita and Wilma resulted in a loss of Cdn$249.5 during the fourth quarter and Cdn$715.5 million for the entire year. Despite the losses, […]
February 28, 2006
1 min read
Swiss Reinsurance Co. has reported a 7% improvement in its economic profit due to focus on technical profitability and its volume of business written has grown to 9.3 billion Swiss francs (US$7.1 billion) in its January non-life contract renewals. Michel Lis, head of client markets, says Swiss Re’s financial strength has enabled the reinsurer to […]
Exhibitors were ‘working the show’ and ‘showing their work’, with over 170 exhibits from across Canada showcasing the latest services and products for the claims industry, at the Ontario Insurance Adjusters Association (OIAA) Claims 2006 Conference and Exhibition, held January 25, 2005 at he Metro Toronto Convention Centre. The extremely popular event for Insurance Claims […]
Willis Group Holdings Ltd. (NYSE: WSH), a global insurance broker, reported its 2005 fourth quarter revenues decreased 4% to US$562 million, dropping from the US$588 million reported for the same period last year. Net income for the 2005 fourth quarter was US$60 million, compared with US$108 million a year ago. The company said the effect […]
The Insurance Institute of Ontario’s 107th Convocation and Awards Night acknowledged the achievements of nearly 400 CIP and FCIP graduates on Jan. 26, 2006, at the Metro Toronto Convention Centre. More than 1,300 guests cheered on the most recent graduates at the annual event, which highlighted special guest speaker CBC News anchor Peter Mansbridge. Multiple […]
5 min read
Kingsway Financial Services Inc. (TSE:KFS) reported that its 2005 fourth quarter net income increased 16% over its 2004 fourth quarter results – from Cdn$36.3 million in 2004 to Cdn$42.1 million in 2005 – despite lower premium volumes in 2005. Overall, Kingsway’s net income in 2005 increased 24% — up to a record Cdn$163.1 million, over […]
Chubb Insurance Co. of Canada has filed a declaratory action in the Ontario Superior Court of Justice in Toronto related to its insurance policies for Nortel Networks Co. Chubb seeks a determination by the court regarding the insurance coverage available for certain securities class-action lawsuits filed against Nortel in the U.S. The action asks a […]
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