Industry
Insurers bounced strongly back into profitability for the first quarter of this year, with net earnings over three and a half times higher at $396 million compared with the $108 million reported for the same period in 2002, according to Insurance Bureau of Canada (IBC) data. As a result, the industry’s ROE clocked in at […]
By Canadian Underwriter | June 8, 2003
2 min read
Prem Watsa, CEO of Fairfax Financial Holdings (TSE: FFH), says he plans to acquire through the public market up to 250,000 subordinate voting shares of Fairfax, which based on the current trading price of the company’s common stock, the purchase(s) represent a value of approximately $51 million. Fairfax will not provide financing for the share […]
By Canadian Underwriter | June 6, 2003
1 min read
Adjusting firm Crawford Adjusters Canada has opened two new offices in Quebec and hired six new members who were previously employed by rival firm Les Expertises. The new offices will provide services to the Laurentian and Lanaudiere regions, as well as greater Montreal, Crawford CEO Glenn Gibson says. He describes the new offices as a […]
Many insurance carriers have asked themselves the following question: Is our subrogation department the best profit center it can be? The response has been a resounding "no!" for most carriers.
By Michael Baumel | May 31, 2003
5 min read
In today's fiercely competitive economic and information technology (IT) environment, insurance companies are starting to look at software deployment very differently from before. Insurers are increasingly turning to outsourced IT solutions for improved performance, productivity and profit.
By Yves LeClerc | May 31, 2003
Storms, including tornadoes that ripped through several Midwest U.S. states the first week of May will be among the country’s worst cat storm losses ever, causing an estimated US$1.55 billion in insured damage, says the U.S. Insurance Services Office (ISO). The previously held record for damages as a result of thunder/wind storms is US$2.2 billion, […]
May 31, 2003
The Gerling Canada Insurance Co. is set to be sold for an undisclosed amount to a group of Toronto-based financial and private equity investors organized by Newport Partners. Gerling Canada declined to comment on the pending sale, stating that it is a “private matter”. Rating agency A.M. Best placed the Gerling’s Canadian company’s “A- (excellent)” […]
The ongoing bleeding in the auto markets across nearly all provinces of Canada, coupled with the devastating impact of the investment environment on insurers' income statement and balance-sheets, served as core issues of discussion at this year's Canadian Insurance Congress. With the auto loss damage having spread from companies income returns to cause capital deterioration - which recently saw a senior management shakeout at a leading personal lines carrier - speakers and attendees at the congress meeting speculated to whether this may just be the start of a long line of casualties and ultimate consolidation of the Canadian property and casualty insurance industry as insurers try to find direction.
By Sean van Zyl, Editor | May 31, 2003
10 min read
While industry watchers eagerly await the release of insurers’ preliminary financial data for the first quarter of this year, the “bad taste” of last year’s dismal numbers continue to linger – with approximately 80% of insurance companies having now submitted their yearend returns to the Insurance Bureau of Canada (IBC), the adverse loss development for […]
4 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain Insurance, increased net income for the first quarter of this year to $11.1 million, or $2.89 per share, versus the $9.4 million in net income, or $2.44 per share, disclosed for the same period the year prior. This […]
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