Industry
Broker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16 each. Of the US$68.6 million Hub expects to raise, US$47 million will go to pay […]
By Canadian Underwriter | May 30, 2002
1 min read
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big five bank groups from rural communities and a general move to automated central service centers […]
By Canadian Underwriter | May 26, 2002
Co-operators General Insurance Co. (TSE: CCS.PR.A) produced a net taxed loss of $2.2 million for the first quarter of this year compared with a $20 million loss reported for the same period of 2001. This translates to a loss of 18c a share for the latest reporting period. The significant improvement in the insurers’ financial […]
By Canadian Underwriter | May 24, 2002
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) is reporting a 212% jump in net income for the first quarter of this year, compared with the same period in 2001. For the three months ending March 31, 2001, the company saw net income of $426,700, versus $136,800 for the first quarter of 2001. This leads to […]
Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Despite this improvement to the bottom-line, the industry only achieved a 2.5% return on equity for the latest quarterly reporting period, […]
By Canadian Underwriter | May 22, 2002
2 min read
Rating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd. and The Insurance Company of Prince Edward Island, of which SGI is the majority owner. […]
Quebec-based Optimum General Inc. (TSE: OGI.A) posted a modest recovery in net taxed income for the first quarter of the 2002 financial year as the insurer’s loss ratio eased back mostly as a result of improved pricing conditions. The company’s net after-tax income for the latest reporting period came in at $290,000, equal to 3c […]
By Canadian Underwriter | May 16, 2002
Toronto-based specialty insurer Goran Capital (OTCBB:GNCNF, TSE:GNC) is reporting a net loss for the first quarter ending March 31, 2002. The loss of $5.97 million is actually an improvement over last year’s loss of $9.55 million for the same period. This translates to a loss of $1.11 per share, as opposed to a loss of […]
By Canadian Underwriter | May 15, 2002
Odyssey Re Holdings Corp. (TSE: ORH), a subsidiary of the Fairfax group, lifted net taxed income to $56.3 million for the first quarter of 2002, which amounts to earnings of 86c a share. The reinsurer also grew gross revenue by more than 60% to $403.8 million compared with the $251.8 million reported at the end […]
Toronto-based Fairfax Financial Holdings (TSE: FFH) is showing signs of improvement in the first quarter of 2002. After losing $346 million last year, to pretax earning of $29 million for the quarter ending March 31, 2002. This is a 257% jump over the $11.3 million in earnings for the first quarter 2001.However, net earnings dropped […]
By Canadian Underwriter | May 14, 2002
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