Industry
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.”It’s very, very difficult to say [what insured losses will be] at this time,” says Mark Yakabuski, vice president of Ontario region for the Insurance […]
By Canadian Underwriter | August 15, 2003
2 min read
Reacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is good news, PEI is also looking at stricter regulation of auto insurers, which the Insurance […]
By Canadian Underwriter | August 13, 2003
Broker consolidator Western Financial Group (TSX: WES) says that losses from its bank start-up have been lees than budgeted for, and the company is on target to achieve its projected $1.6-$2 million net income for 2003.For the second quarter ending June 30, 2003, the company reported revenue of $9.2 million and net income of $834,057, […]
By Canadian Underwriter | August 12, 2003
1 min read
Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68% to $27.3 million, versus $16.2 million in Q2 2002. Earnings per share are $0.55 for […]
By Canadian Underwriter | August 11, 2003
Rating agency Standard & Poor’s (S&P) says the downward pressure continues on ratings for North American reinsurers, despite premium increases. Overall, S&P is continuing its “negative outlook” for the sector, for the sixth consecutive year.A negative outlook implies downgrades should outpace upgrades or even affirmations of ratings in the short-to-medium term.”Despite further price increases in […]
The federal Transport Ministry has released proposals that would require owners of commercial passenger boats to carry specific levels of liability insurance.Under the Marine Liability Act (MLA), compulsory insurance would be required for the owners of most vessels used by passengers for travel within Canada. This includes commercial ventures, plus publicly-run vessels such as ferries.If […]
By Canadian Underwriter | August 8, 2003
The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year. The latest quarterly earnings equate to US$1.73 a share against the 50c a share shown […]
By Canadian Underwriter | August 7, 2003
First-half 2003 results for Toronto-based E-L Financial Corp. Ltd. (TSX:ELF) show some signs of improvement, although net income is down due to investment losses. The company’s net operating income rose to $29.5 million, or $7.67 per share, for the first six months of this year, versus $14.1 million, or $3.66 per share during the same […]
Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15 a share for the latest quarter against the $2.95 a share shown for the same […]
By Canadian Underwriter | July 31, 2003
Toronto-based Northbridge Financial Corp. (TSX: NB) – the listed property and casualty primary insurance arm of the Fairfax group – increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million shown for the same period in 2002. The latest earnings equal $1.16 a share versus […]
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