Industry
Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) reports a 194% increase in net earnings for the year ending December 31, 2002. Last year, earnings grew to US$29.4 million from US$10 million in 2001. Diluted earnings per share grew 112% to US$1.05 from US$0.50 the year prior.The company brought in US$2.6 million from the sale […]
By Canadian Underwriter | March 6, 2003
2 min read
The State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to US$31.8 billion by the end of December 2002. State Farm group currently holds an “Aaa” […]
By Canadian Underwriter | March 5, 2003
1 min read
B.C.’s public insurer is singing a different tune for 2002, having posted net income of $45 million compared to a net loss of $251 million in 2001.The money, which amounts to less than 2% of annual premiums, will go into the reserves of the Insurance Corp. of B.C. (ICBC), says president, CEO and chair Nick […]
Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) has bought 4.3 million outstanding common shares of its own spin-off, Odyssey Re Holdings Corp.. As a result of the private transaction, Fairfax now owns more than 52.36 million or 80% of more than 65 million outstanding common shares of Odyssey Re.The subsidiary has issue US$78.05 million principal […]
A new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The Nova Scotia Branch of the CBA says that its findings are in contrast to submissions […]
By Canadian Underwriter | March 4, 2003
Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per share, versus $77.2 million, or $20.10 per share, in 2001. Similarly, net operating income before […]
By Canadian Underwriter | March 3, 2003
Odyssey Re Holdings Corp. (TSX: ORH), the reinsurance operation of Fairfax Financial Holdings Ltd., produced net taxed income of US$208.2 million for the financial year ended December 2002. This equates to earnings of US$3.20 a share. As a result, the company declared a cash dividend of 25 a share for the year. Odyssey lifted gross […]
February 28, 2003
After a disastrous 2001, Toronto-based financial services giant Fairfax Financial Holdings Ltd. (TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history. The company’s net earnings for 2002 amounted to $28.78 a share compared with a loss of $28.04 a share posted for the 2001 financial year. […]
The industry’s guaranty fund is considering its future role in Newfoundland, members heard at the recent annual general meeting of the Property & Casualty Insurance Compensation Corporation (PACICC). Newfoundland recently proposed that insurers cover 100% of unearned premiums in the event of an insurer insolvency, while PACICC currently refunds 70% up to a cap of […]
In reporting its overall results for the fourth quarter and yearend 2002, TD Bank Financial Group notes that insurance products brought in gross premiums of $282 million during the last quarter of the year. This is up $56 million, or 25%, over fourth quarter 2001, the company notes.TD sells insurance through its TD Insurance and […]
By Canadian Underwriter | February 27, 2003
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