Industry
Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This translates to earnings per share of $0.03 for the most recent quarter, versus break-even a […]
By Canadian Underwriter | May 16, 2004
2 min read
The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as chair and then assuming the CEO’s role in 2002 charged with tackling forces to open […]
Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of $855 million for the quarter, up 6% from a year ago. Quebec-based Desjardins Group says […]
By Canadian Underwriter | May 13, 2004
1 min read
One of the men facing charges from Ontario’s insurance regulator says those allegations have left him “surprised and disappointed”. Stu Kistruck, former CEO of Pilot Insurance Co. says it is difficult at this time to comment on the charges he faces because he has only received a short statement from the regulator regarding them and […]
The Financial Services Commission of Ontario (FSCO) confirms that charges have been laid against two former executives of Pilot Insurance Co. for allegedly providing the regulator with false information. Former Pilot CEO Stuart Kistruck and CFO Colin Simpson face two charges each, says FSCO spokesperson Rowena MacDougall. The first, under section 447.2 of the Ontario […]
By Canadian Underwriter | May 12, 2004
AXA Canada Inc’s subsidiaries have seen their financial strength ratings affirmed by A.M. Best. AXA Assurances and AXA Assurances Agricoles are affirmed at “A+” (excellent) with a stable outlook. AXA Pacific is affirmed at “A” (excellent with a stable outlook. But the “A-” (excellent) ratings affirmed for AXA Insurance, Anglo Canada General and Insurance Corp. […]
The average premiums facing the aviation industry dropped by 14% during the first quarter of 2004, says a new report by London-based Aon Ltd. While just 7% of the market renews in the first quarter, Aon says those airlines report rate declines across coverage lines.Hull rates dropped by 10% on average, as did liability rates. […]
The Association of Lloyd’s Members (ALM) is telling the market’s “Names” they could double their money in two years in the current climate of profitability at the 300-year-old insurance market.The Association’s “Lloyd’s Results Summary” forecasts individual members of the market, so-called Names, could make pure year profits of 20% of capacity for 2002 and 2003. […]
By Canadian Underwriter | May 11, 2004
Toronto-based Danier Leather says it will appeal an Ontario Superior Court verdict which could amount to a $15 million payout.The verdict stems from a 1998 initial public offering (IPO), which spawned a class action suit alleging the company and two of its senior officers had disclosed an incorrect financial forecast at the time.The Superior Court […]
By Canadian Underwriter | May 10, 2004
Once more, legislation to tackle U.S. asbestos litigation has stalled, this time with negotiations breaking down on Senate bill S.2290. The bill would have established a trust fund to compensate victims of illness related to asbestos exposures, and is an attempt to curb widespread litigation which has led to the bankruptcy of several companies and […]
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