Industry
Federally-regulated insurers posted net income of $589.6 million in the first quarter of 2004, according to data from the Office of the Superintendent of Financial Institutions (OSFI).This result tops the $137.0 million in income insurers reported in the first quarter last year, and comes on the back of both investment and underwriting gains.Net written premiums […]
By Canadian Underwriter | June 1, 2004
1 min read
The Canadian property and casualty insurance industry increased net profit for the first quarter of this year by more than 4.3 times to $589.6 million compared with the $136.9 million reported for the same period in 2003, according to financial data collected by the Office of the Superintendent of Financial Services (OSFI). First quarter industry […]
May 31, 2004
2 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
3 min read
Canada’s property and casualty insurance industry – inclusive of the primary and reinsurance sectors – appears to suffer from a condition of “rich man, poor man syndrome”, a condition which the insured public whether they fall in the personal lines or the commercial classes of business does not seem to have much sympathy for. As […]
By Sean van Zyl, Managing Editor | May 31, 2004
4 min read
In an unprecedented move, the Financial Services Commission of Ontario (FSCO) has filed charges against two former Pilot Insurance Co. executives for “directly or indirectly furnishing false, misleading or incomplete information” to the insurance regulator. Former Pilot CEO Stu Kistruck and CFO Colin Simpson each face the same charge, along with another charge relating to […]
A major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build a facility to test the effects of wind and moisture on a full-sized building structure. […]
Insurance holding company Fairfax Financial Holdings (TSX: FFH) reported reduced net earnings of US$39.5 million for the first quarter of 2004, down from the US$169.0 million posted for the same period the year prior. This saw earnings drop to US$2.63 a share from US$6.97 a share shown for the comparative period a year ago. Fairfax […]
Kingsway Financial Services Inc. (TSX: KFS) boosted net income by 26% to $30.8 million for the first quarter of this year compared with the $24.4 million reported for the same period a year ago. As a result, earnings on a per share basis rose by 12% to 55 a share from the 49 a share […]
One year into the new federal solvency test – the minimum capital test (MCT) – the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC). The bureau says the industry’s test score is 215%, showing a favorable gain over the regulatory target of 150%. […]
George Lightbound It is with sadness that CU announces the passing of George Lightbound. After a tough battle with cancer he died peacefully, on April 26, 2004 at home surrounded by his loving wife of over 56 years, Merle, and his two sons and two daughters. Lightbound was in his 81st year. He served overseas […]
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