Industry
After three years of hard market conditions, many players in the Canadian property and casualty insurance industry have put their existential woes behind them. Most balance sheets have been mended, risk-adjusted capital ratios have improved and rating agencies have backed off.
By Joel Baker | October 31, 2004
5 min read
With the announcement in mid-October of a civil suit against Marsh & McLennan over broker commission practices by New York Attorney General Eliot Spitzer, the floodgates of civil litigation, broker reform and even spin-off investigations here in Canada were opened. The Spitzer announcement, which accused Marsh of bid-rigging, but also of engaging in “steering” clients […]
October 31, 2004
1 min read
The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in which law firm Lavery de Billy represent insurer Chubb on behalf of the directors of […]
By Canadian Underwriter | October 31, 2004
ING Canada Inc. says it has filed a prospectus to make an initial public offering of common shares in Canada. The IPO, which does not include ING Direct, but does include the insurance arm of ING, would be used in part to fund ING’s acquisition of Allianz Canada, as well as to repay funds to […]
Toronto-based Northbridge Financial Corp. (TSX: NB), part of Fairfax Financial, has posted improved earnings for the third quarter ending September 30, 2004 despite taking a $32.6 million hit for weather claims as a result of U.S. hurricanes, floods in Peterborough, Ontario and hailstorms in Western Canada.For the quarter, Northbridge posted earnings of $38.5 million ($0.76 […]
Fairfax Financial Holdings Ltd. announces that in its bid to buy back debt, it is issuing US$300 million, or 2.4 million in subordinate voting shares to a number of institutional investors including Southeastern Asset Management and Markel Corp. (no relation to Fairfax subsidiary Markel Insurance Co.).Southeastern will buy US$150 million in shares, while Markel will […]
By Canadian Underwriter | October 28, 2004
As a result of compensation paid in the acquisition of Talbot Financial, Chicago-based Hub International (TSX: HBG) is reporting earnings down for the third quarter and nine months ending September 30, 2004.The brokerage says despite revenue growth, net earnings for the third quarter were down 83% to US$1.1 million (US$0.04 per share) from US$6.8 million […]
2 min read
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). Fairfax reports the four hurricanes Charley, Frances, Ivan and Jeanne coupled with the Peterborough, Ontario floods and hailstorms in Western Canada, […]
Aviva Canada and its subsidiaries have seen their financial strength and long-term counterparty credit ratings lifted to “A+” from “A”, with a stable outlook, by Standard & Poor’s.S&P says the upgrade reflects the improved earnings posted by Aviva in 2003 and early 2004. “The introduction of government auto reforms, rate increases, capital gains generated within […]
By Canadian Underwriter | October 27, 2004
With the U.S. election one week away, presidential candidate John Kerry has touted his desire to deal with “tax havens”, a situation which could have implications for offshore captives.But speakers at the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto Wednesday say Senator Kerry’s comments may prove more bark than bite. “I think it’s election […]
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