Industry
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% in the third quarter of 2004 on underwriting gains, specifically with improvement in its Canadian operations. Overall, the Toronto-based insurance holding company produced net income of $30.6 million ($0.54 per share, on a dilute basis) for the quarter ending September […]
By Canadian Underwriter | November 2, 2004
2 min read
Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a recent civil suit filed by New York Attorney General Eliot Spitzer against broker Marsh, and […]
By Canadian Underwriter | November 1, 2004
1 min read
Adjuster Lindsey Morden (TSX: LM), part of Fairfax Financial, saw its losses narrow in the third quarter of 2004, with continuing operations providing an earnings boost.The company posted a net loss of $1.6 million ($0.11 per share) for the quarter ending September 30, 2004, compared to a loss of $4.2 million ($0.31 per share) the […]
Let’s get one thing straight right off the top: If what he alleges is true, Eliot Ness – I mean Spitzer – is right on the money with some of the accusations he has made against a few of the major players in the insurance brokerage industry. Again, if true, what these companies did was, […]
By W. Epaminondas Adrastus Blab II | October 31, 2004
8 min read
Just when the financial weather for both the Canadian and U.S. property and casualty insurance industries was beginning to look downright “balmy” this year, along came the hurricane season – and like the “Four Riders of the Apocalypse” under Charley, Frances, Ivan and Jeanne – literally blew the insurance house down. The timing of the […]
By Sean van Zyl, Managing Editor | October 31, 2004
4 min read
Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to Omega Insurance Holdings CEO Phil Cook through his work consulting with insurers. Omega was created to perform two roles: to allow for the portfolio transfer of branches exiting […]
October 31, 2004
Endurance Reinsurance Corp. of America, part of Bermuda-based Endurance Specialty, has opened a new Canadian branch based in Toronto, to be headed up by Michael Rende. “The Canadian branch office will initially focus on treaty reinsurance business for Canadian cedants, with a primary focus on property treaty,” notes a company statement. Rende moved to Endurance’s […]
Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines. Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on its other Canadian subsidiary, Toronto-based The Citadel. L’Unique writes largely Quebec auto business, along […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% to $30.6 million (54 per share) for the quarter ending September 30, 2004, up from $15.6 million (28 per share) for the third quarter of 2003. For the most recent quarter, the company saw gross written premiums fall to $618.7 […]
The Registered Insurance Brokers of Ontario's (RIBO) CEO Jeff Bear has been with the regulatory body almost since the beginning, marking his 20th anniversary this year. Moving from inhouse legal counsel to his current role, he has witnessed first-hand the evolving role of the broker in a changing marketplace. Bear's emphasis for the organization today is to keep pace with these changes, while fulfilling a mandate of consumer protection.
By Craig Harris | October 31, 2004
6 min read
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