Industry
The Fairfax group’s Canadian arm, Northbridge Financial Corp. (TSX: NB), posted an underwriting profit of $20.3 million for the first quarter of this year. This was achieved on the back of a 92.8% combined ratio. The company’s latest financial return reflects a doubling of the underwriting profit of $10.1 million posted for the first quarter […]
May 31, 2004
1 min read
Fairfax’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) posted a return on equity (ROE) of 17% for the first quarter of 2004. The reinsurer produced a taxed profit of US$59.0 million (US90 a share) for the first quarter of this year compared with the US$46.6 million (US72 a share) reported for the same period […]
Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult for the instructor to instill good driving behavior when parents consistently exceed the speed limit […]
By Canadian Underwriter | May 31, 2004
Citing auto insurance reforms tabled by the Newfoundland government last week, The Dominion of Canada is the first insurer to signal it will leave the province.In a statement, CEO George Cooke says, “We are deeply offended by the punitive insurance legislation tabled last week by the Government of Newfoundland and Labrador. I have written to […]
2 min read
Northbridge Financial the combined Canadian entities of Fairfax Financial Holdings announces it has sold its life operation, Federated Life Insurance Co. of Canada, to Western Financial Group. The $56.9 million transaction includes $20 million for Western to purchase all outstanding shares in the company, as well as $36.9 million in assumed assets and liabilities. The […]
By Canadian Underwriter | May 27, 2004
About one in every five motor vehicle thefts in Canada are committed by organized groups, suggests StatsCan.Statscan bases this figure on the number of vehicles reported stolen but never recovered, with the government statistics collector citing law enforcement use of such data. Police note that vehicles stolen for other reasons joy-riding, transportation or to commit […]
Toronto-based Fairfax Financial Holdings is increasing the syndicated secured revolving letter of credit facility it entered into late last year by US$150 million.The facility, which now stands at US$450 million, was entered into last December to provide letters of credit for reinsurance contracts written by Fairfax’s nSpire Re for the benefit of the company’s other […]
By Canadian Underwriter | May 26, 2004
Rating agency Moody’s Investors Service has withdrawn its ratings on Symons International Group Inc. and its subsidiaries. The rater notes that interest payments on the company’s trust preferred securities have been in deferral since February, 2000. Those securities had been dropped to a “C” rating by Moody’s.At this point, all of the subsidiaries of Symons […]
By Canadian Underwriter | May 25, 2004
A new study by A.M. Best gives ample evidence to the perils of mismanaged reserves for p&c insurers. The study, which covers U.S. insurers from 1969-2004, shows that most impairments when an insurer has their ability to write business limited by regulators due to financial difficulty were the result of reserving issues.In 37.2% of cases […]
Official results for 2003 from Lloyd’s for 2003 highlight the London market’s strong rebound since 9/11, and give evidence to overall industry trends of strong underwriting performance dragged by lingering liability issues from prior years.Lloyd’s is reporting net pre-tax profit of 1.9 billion pounds for 2003, up from 834 million pounds in 2002. This comes […]
By Canadian Underwriter | May 24, 2004
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