Industry
Broker network Hub International Ltd. has announced its second acquisition in the past two weeks, with the purchase of Lyman Insurance Agency Inc. and Conly-Lyman Insurance Agency Inc.The Wilmington-based agencies were purchased by “hub” brokerage C.J. McCarthy to expand the network reach in middle-market New England business.While terms of the cash deal were not disclosed, […]
By Canadian Underwriter | May 9, 2004
1 min read
Lloyd’s has received permission to expand in seven of the new European Union (EU) accession countries, including the Czech Republic, Poland and Hungary. The company now trades in 72 territories worldwide, including all 25 EU countries. Mississauga-based Kingsway Financial Services announces the appointment of John Clark as president and CEO of its Lincoln General subsidiary, […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) CEO Bill Star says the company has started 2004 off well, posting net income up 26% for the first quarter ending March 31.While net income rose to $30.8 million for the quarter, from $24.4 million the year prior, earnings per share were up 12% to $0.55 from $0.49. […]
By Canadian Underwriter | May 6, 2004
Alberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued shares as of April 27. It will also repurchase up to $548,715 in aggregate principal […]
By Canadian Underwriter | May 4, 2004
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million (US$0.72 per share) for the same period in 2003. While realized gains were strong at […]
By Canadian Underwriter | May 3, 2004
Toronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.Overall, net income for the most recent quarter was $24.0 million ($6.24 per share), up from $16.9 million ($4.41 per […]
B.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums were up to $726 million for the most recent quarter, from $674 million a year […]
A Maple Ridge, B.C. man has pleaded guilty to fraudulently accepting payment of $23,414 from the Insurance Corp. of B.C.In May, 2003, Daniel Wiens claimed the amount following a single-vehicle crash he said occurred on May 16, resulting in a total write-off of his car.”Everything looked normal until it was later discovered through a routine […]
By Canadian Underwriter | May 2, 2004
Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping to US$2.63 from US$6.97 for the comparative period.Fairfax says some of the problem comes from […]
In an environment of high consumer expectations, mutual insurers looked to vendors to offer lessons in managing customer relationships at the Canadian Association of Mutual Insurance Companies (CAMIC) mid-year meeting which was recently held in Toronto. Speakers focused on meeting the customer service challenge while maintaining control of claims expenses and underwriting through enhanced information.
By Vikki Spencer | April 30, 2004
4 min read
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