Industry
It was a case of good news and bad news for Calgary-based Anthony Clark International Insurance Brokers Ltd. this week. The company announced it has purchased its second brokerage in the U.S., but in other news, it faces a $515,000 judgement against the company for a stock deal gone bad.James Bonifiglio was awarded the $515,000 […]
By Canadian Underwriter | November 12, 2003
1 min read
A conservative think tank’s new study suggest rates in public auto insurance provinces will soon be higher than those in private market provinces. The Fraser Institute report notes that with current rate freezes and rollbacks in place, rates will actually fall below levels in provinces where auto insurance is government-run Saskatchewan, B.C., Manitoba and Quebec […]
By Canadian Underwriter | November 11, 2003
2 min read
General Electric’s Employers’ Reinsurance Corp. says it will stop writing life and health reinsurance in Canada as it changes focus in that side of its business.With the goal of creating “a smaller, higher return” life and health business, the company with focus its global life and health writings on Europe, and write only accident and […]
For the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have taken strides to make the Tiburon a less friendly target for auto thieves. “The 2001 […]
By Canadian Underwriter | November 10, 2003
Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3 million for the same period a year prior. But net operating income (excluding investments) was […]
Northbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for the period. This compares with net earnings of $15.8 million, or $0.34 per share, for […]
By Canadian Underwriter | November 7, 2003
Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares from the Toronto Stock Exchange (TSX) beginning November 17, 2003, citing the fact that most […]
Rate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently, rates have been on a “downward slide ever since”, the ISO’s president Frank Coyne told […]
By Canadian Underwriter | November 6, 2003
Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million ($19.31 a share) posted for the third quarter of last year. This year’s third quarter […]
By Canadian Underwriter | November 3, 2003
3 min read
Desjardins Group General Insurance and Assurances generales des caisses Desjardins have adopted new names as part of a marketing repositioning of the group, a statement says. The two companies have been renamed Desjardins General Insurance Group and Desjardins General Insurance respectively. “By adopting these new corporate identities, we are demonstrating that we want to display […]
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