Industry
Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to a 48% increase in diluted earnings of 49 a share against the 33 a share […]
May 31, 2003
2 min read
As insurers await Bill-198 regulations, substantial problems remain within Ontario’s auto insurance system, says Mark Yakabuski the Ontario regional vice president of the Insurance Bureau of Canada (IBC). He recently spoke at the annual meeting of the Canadian Insurance Accountants Association (CIAA). While the legislation helps abate some of the costs associated with the healthcare […]
The future outlook for Fairfax Financial Holdings Ltd. (TSX: FFH) increased substantially with the almost 14 times increase in the company’s net earnings for the first quarter of this year to $154.6 million (equal to $10.60 a share) compared with the $11.3 million (46 a share) reported for the same period last year. The financial […]
Fairfax Financial Holdings (TSX, NYSE: FFH) says it has realized pre-tax gains of more than $425 million from the investment portfolios of its various companies thus far in the second quarter 2003. This is largely the result of the sale of bonds, the company reports.The company’s entire investment portfolio now has unrealized gains of more […]
By Canadian Underwriter | May 29, 2003
1 min read
In the full version of its “industry report card” on Canada’s p&c sector, rating agency Standard & Poor’s shows little hope that an underwriting profit can be achieved.Following on comments from a press release issued in conjunction with the report (see Breaking News, 5/28/2003), S&P says that Canada’s fragmented p&c market has shown no clear […]
The Canadian p&c insurance industry did not fare well on its “industry report card” from rating agency Standard & Poor’s (S&P).S&P said the outlook for the industry remains negative despite price hikes over the past year.”Intense competition, unrelenting claims costs, and poor investment returns continue to be factors that erode away profitability and capital,” a […]
By Canadian Underwriter | May 28, 2003
Revenue was up for broker consolidator Western Financial Group (TSX: WES) despite a drag on earnings from the start-up of its new banking operation. Consolidated net income for the first quarter ending March 31, 2003 was $175,000, representing no earnings per share, down from $427,000, or $0.03 per share, in the first quarter 2002. This […]
By Canadian Underwriter | May 27, 2003
The group general insurance division of Desjardins Financial Corp. was a drag on overall earnings in the first quarter ending March 31, 2003, the Montreal-based financial services company says.Gross written premiums were up 17% compared to the first quarter 2002, and net written premiums up 14%. However, claims were substantially higher for the quarter compared […]
U.S. insurers celebrated a successful week on Capital Hill with the introduction of a bill to resolve the asbestos crisis and a House committee vote in favor of class action reform late last week.Republican senator Orrin Hatch of Utah put forward a bill that sets up an asbestos “fund” to pay out claims. The legislation […]
By Canadian Underwriter | May 26, 2003
As The Loyalist Insurance Co. wrote its last personal lines policy in December 2002, the market departure was too late to save yearend results, although the company sees promise for 2003.Overall, parent The Loyalist Insurance Group Ltd. (TSX: LOY) posted a net after-tax loss of $3.9 million, worse than the 2001 loss of $770,000. This […]
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