Industry
Toronto-based Goran Capital Inc. (TSX: GNC) came home with a disappointing performance for the second quarter of 2002. For the three months of the company’s financial year to end June, Goran suffered a net loss of $8.4 million, worse than the $6.1 million loss from last year’s second quarter. The latest loss amounted to 155 […]
September 30, 2002
1 min read
Second-quarter results for Western Financial Service (TSX: WES), formerly Hi-Alta Capital, are on track to hit the company’s yearend targets. Revenue is up 21.4% for the quarter ending June 2002 to $7.6 million, versus $6.2 million for the same period a year earlier. Net income rose to $477,662 for the most recent quarter compared to […]
Lorie J. Guthrie Phair has been named president and CEO of brokerage Hargraft Schofield Inc. based in Toronto. Guthrie Phair operated her own family brokerage for 20 years, is a past president of RIBO and past president of the IBTR. Kingsway Financial has named John McGlynn as a vice president working on financial control and […]
2 min read
A group representing collision repair shops is concerned by provisions of the draft proposals set out by Ontario’s Auto Insurance Review Committee. Those provisions relate to insurers’ ability to use non-OEM (original equipment manufacturer) parts when repairing vehicles.The proposal reads, “For consumers who have a preference for original parts, require insurers to offer optional coverage […]
By Canadian Underwriter | September 27, 2002
Ontario auto insurers say that, in general, they support the provincial government’s proposal for insurance product reform. The industry, represented by the Insurance Bureau of Canada (IBC), today appeared before the government’s Auto Insurance Review Committee (AIRC).The AIRC, which was appointed by the Minister of Finance to gather stakeholder responses to the proposed legislative changes […]
By Canadian Underwriter | September 23, 2002
Fairfax Financial Holdings CEO Prem Watsa has released information on the company’s third quarter realized gains in advance of an expected move by Fairfax directors and officers to buy additional company shares.To date, the company has realized pre-tax gains of approximately $250 million on its investment portfolio. About $215 million of this comes from the […]
By Canadian Underwriter | September 20, 2002
The Board of Directors of Hub International Limited (NYSE: HBG AND TSX: HBG) has announced that it has filed a notice of intention to make a Normal Course Issuer Bid for up to 1,429,362 of its common shares through the facilities and in accordance with the by-laws and rules of The Toronto Stock Exchange and […]
By Canadian Underwriter | September 19, 2002
The Western Financial Group (TSX: WES), formerly known as Hi-Alta Capital, has added two more Saskatchewan brokerages to its arsenal.Stark Agency Ltd., a family brokerage in Shaunavon, and Torch River Agencies in White Fox will join more than 40 other brokerages in the network.The Stark Agency has been in operation since 1969, with head Joe […]
By Canadian Underwriter | September 16, 2002
Guelph-based The Co-operators General Insurance Company has lost its “excellent” rating from A.M. Best. The rating agency has downgraded the insurer from A- (excellent) to B++ (very good) in terms of financial strength, and downgraded its subsidiaries to B+ (very good). The company’s life operation to A- (excellent) from A (excellent), although this is based […]
Former Royal & SunAlliance Canada CEO Bob Gunn is taking over the top spot of the worldwide operation, at least temporarily. Following the departure of Royal & SunAlliance Insurance Group’s CEO Bob Mendelsohn, Gunn is assuming the role while the company seeks a permanent replacement. However, Gunn could potentially take over the CEO role in […]
By Canadian Underwriter | September 13, 2002
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