Industry
Western Financial Group (TSX: WES), formerly Hi-Alta Capital, experienced continued growth in the third quarter, with revenue and income up.For the three months ending September 30, 2002, revenue was $7.32 million, versus $6.31 million for the same period in 2001, a gain of 15.9%. For the first nine months of the year, revenue was $20.79 […]
By Canadian Underwriter | November 28, 2002
1 min read
TD Bank Financial Group has ended its fiscal year on a sour note, reporting a yearend loss of $160 million or $0.25 per share, compared with earnings of $1.3 billion, or $2.05 per share, last year.Much of the loss stems from beleaguered stock markets, with TD chair and CEO A. Charles Baillie noting, “our credit […]
The same day Gerling Global announced it would exit the reinsurance business altogether, its Australian non-life business was bought by QBE Insurance Group.Sydney-based QBE Group says it will pay AUD$130 million (Cdn$114) for the renewal rights to the business. The deal does not include trade credit policies and Australian clients of non-local Gerling offices.The Australian […]
By Canadian Underwriter | November 27, 2002
Rating agency A.M. Best has placed the financial strength and senior unsecured debt ratings of Kingsway Financial Services under review pending its annual review of the company.A.M. Best’s concerns come from the company’s rapid growth and its “elevated underwriting leverage position”. Kingsway’s written premium growth this year has exceeded the rating agency’s expectations, with A.M. […]
Kingsway Financial Services Inc.’s (TSX: KFS) U.S. arm, Kingsway America Inc., says that last Thursday it executed an agreement for the private sale of US$15 million (Cdn$23.6 million) in 30-year floating rate trust preferred securities. The securities are issued by a financing subsidiary formed by Kingsway America, which has the right to call the securities […]
By Canadian Underwriter | November 25, 2002
Rating agency A.M. Best has downgraded Paris-based reinsurer SCOR in light of news the company is projecting yearend losses of EUR 400 million (Cdn$623 million). Best downgrade of SCOR’s financial strength from A- from A (excellent) follows on the heels of Moody’s withdrawing the reinsurer’s A rating.A.M. Best is keeping Scor under review pending further […]
2 min read
A report on reforming New Brunswick’s auto insurance system is getting a chilly reception from the Insurance Bureau of Canada (IBC).Proposals to control auto rates in the province made by the Select Committee on Auto Insurance will, the IBC says, actually increase costs for insurers.The report does not deal with reducing soft tissue injury claims, […]
The Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market.The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of British Columbia (ICBC), with the view of deregulating the insurance market as part of a […]
Following research into the improper adjustment of headrests and their role in soft tissue injuries, the Insurance Bureau of Canada (IBC) is launching a national awareness campaign.The three-year campaign, “Rest up! Save your neck.” is aimed at teaching drivers how to properly adjust headrests and stressing their importance in preventing injury. “Whiplash and other related […]
By Canadian Underwriter | November 21, 2002
GE is lowering its earnings expectations for the year after taking a US$1.4 billion charge to increase reserves at Employers Reinsurance Corp. (ERC). GE’s 2002 earnings target is not US$1.51 per share, versus earlier forecasts of US$1.65 per share, a year-on-year increase of 7%.”Reinsurance is an industry that has had a difficult time over the […]
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