Industry
Insurers are ahead of the rest of corporate Canada when it comes to managing fraud and misconduct, according to a survey from KPMG Forensic.Among the insurance industry’s responses to the survey, 100% said fraud risks are the responsibility of the CFO and head of internal audit, compared with 80% of corporate Canada placing this responsibility […]
By Canadian Underwriter | November 14, 2002
2 min read
Amidst expectations of a large yearend loss for French reinsurer SCOR, rating agency Moody’s has taken away the company’s “A” rating.Moody’s has downgraded SCOR to Baa1 from A1 in terms of financial strength. Its senior debt is also downgraded to Baa3 from A2 and its subordinate debt to Ba1 from A3.The downgrade follows SCOR’s recent […]
1 min read
Business IT solutions provider CGI Group Inc. (TSX: GIB.A) has signed an agreement to acquire claims specialist Underwriters Adjustment Bureau Ltd. (UAB) for $53 million. The deal is expected to close by the beginning of next year.UAB generates about $100 million in annual revenue. A statement released by CGI says the deal will benefit the […]
By Canadian Underwriter | November 13, 2002
Odyssey Re Holdings Inc.’s (TSX: ORH) net taxed income for the third quarter of this year came in at US$87.8 million, equivalent to US135c a share. Net taxed income for the first nine months of 2002 amounted to US$176.9 million or US272c a share. The net earnings include US$68 million in taxed realized capital gains […]
Slumping Fairfax Financial Holdings (TSE, NYSE: FFH) showed signs of a turnaround in the third quarter 2002, with the largest quarterly profit in the company’s history.After posting a loss of $458.3 million for the quarter ending September 30, 2001, the company came through with net earnings of $281.4 million for the same period this year. […]
By Canadian Underwriter | November 11, 2002
Among the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed by December 12, 2002, a twelve-month countdown for implementing the UV project has begun.In a […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) is reporting a record increase in earnings per share for the quarter ending September 30, 2002. The company’s net income for the third quarter increased 51% to $21.7 million from $14.3 million during the same period a year earlier. The result was a 22% jump in earnings per […]
By Canadian Underwriter | November 8, 2002
Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital Inc., coinciding with the company’s life and financial services operation, Hub Financial Inc.Sun Life Financial […]
Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus on general insurance, having already sold off much of its life operations.As for Canada, a […]
The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars Measure Up”, the IBC reports that the Tiburon is followed by the Acura Integra and […]
By Canadian Underwriter | November 6, 2002
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