Industry
Rating agency A.M. Best has lifted its "negative outlook" on Lloyd’s of London. The agency has also affirmed the London-based market’s "A" rating. This step follows a negative outlook report which was issued on Lloyd’s on June 28 of this year based on potential asbestosis liability-related exposures.According to the rating agency, Lloyd’s short-term exposure to […]
By Canadian Underwriter | August 16, 2001
1 min read
Goran Capital Inc. (TSE: GNC), which through its various operating subsidiaries underwrites specialty auto business, reported a net loss of $6.1 million equal to 105c a share for the first three months of its 2001 financial year.For the first six months of the current calendar year, the company came home with a loss of $15.6 […]
Canadian-based pet insurer Pethhealth Inc. (CDNX: PTZ) is laboring through a costly 2001 as expenses related to establishing a U.S. presence take their toll on the company’s bottom-line. Net loss after tax for the second quarter is $2.36 million, or $0.01 per share, more than double that of second-quarter 2000, which saw a loss of […]
By Canadian Underwriter | August 14, 2001
2 min read
Claims management group Crawford Adjusters Canada has acquired Edmonton-based Leonard, Hirst & Miller Adjusters (LH&M) for an undisclosed amount. The firm boosts Crawford’s position in Alberta to nine offices and over 100 employees. LH&M is described as a multi-line adjusting firm operating across Alberta. Crawford CEO Glenn Gibson says the acquisition will involve restructuring the […]
By Canadian Underwriter | August 10, 2001
Specialty auto insurer Kingsway Financial Services (TSE: KFS; NYSE: KFS) continues to see growth in premiums and earnings mid-way through 2001. In a press release, Kingsway CEO Bill Star notes that the company is reporting record profits, earnings per share and premium levels for the second quarter of the year, and in year-to-date totals.Net income […]
By Canadian Underwriter | August 9, 2001
In a strange twist, Canadian-based Fairfax Financial Holdings continues its downward slide as its reinsurance subisidiary, Odyssey Re, experiences phenomenal growth. In releasing second-quarter 2001 results, Fairfax acknowledges that the company’s profits fell 45%, down to $46 million as compared with %83.6 million for the same quarter last year. The slump saw earnings per share […]
By Canadian Underwriter | August 8, 2001
Minnesota-based The St. Paul Companies (NYSE: SPC) has purchased specialty liability underwriter London Guarantee Insurance Co. from the Great West Lifeco Inc. (TSE: GWO) for about $125 million.London Guarantee is ranked second as market leader in underwriting surety business and financial/professional service products in Canada. The company’s total net written premiums for the 2000 financial […]
By Canadian Underwriter | August 3, 2001
Network consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has acquired an unnamed independent brokerage located in Calgary, Alberta for an undisclosed amount. A media statement issued by the brokerage group says the acquired operation generates about $1 million in annual premiums. The latest acquisition is the 18th of a string of brokerages acquired […]
The Economical Insurance Group has completed restructuring of Hartford Insurance Co. of Canada which was acquired at the beginning of this year. The acquisition was given approval by regulators in late April.The Hartford Canadian operation has been renamed Langdon Insurance Co. which will serve as the specialty commercial lines division of the Economical group. Langdon […]
By Canadian Underwriter | August 2, 2001
Citigroup Inc. Canadian subsidiary, London & Midland General, is selling part of its affinity business to Canada Life Assurance Company. Canada Life annouces it will take over London & Midland’s “non-affiliate” affinity business, which is expected to bring in over $15 million in premiums this year.The sale includes London & Midland’s accidental death and dismemberment […]
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