Industry
Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten reinsurers in the U.S., will have a market capitalization of around US$1.2 billion with 65 […]
By Canadian Underwriter | June 14, 2001
1 min read
Members of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom Inc., and says that the service will be available to customers by the fall of […]
Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an office in Halifax. This is an exciting opportunity for Western Surety and for Atlantic Canadian […]
On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early retirement. Early reports suggest that Palozzi has accepted the position of executive vice president, client […]
By Canadian Underwriter | June 13, 2001
Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures in terms of the offering, says president Alban D’Amours. Desjardins carried through a similar offering […]
Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter profit of $2 million which translated to earnings of 3c a share.Gross written premiums for […]
By Canadian Underwriter | June 12, 2001
The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of Canada (IBC).The industry’s taxed income for the first quarter of this year fell by 95% […]
By Canadian Underwriter | June 11, 2001
2 min read
Canada’s new federal financial services legislation under Bill C-8 entered the final stage of debate by the Senate following approval last week by the finance committee of the Senate. It is expected that the new legislation will be enacted by June 15 of this year before parliament breaks for the summer.The financial services legislation in […]
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident involving her Ford 1995 Explorer which allegedly "flipped" after one of the tires burst, resulting […]
By Canadian Underwriter | June 10, 2001
With the formal swearing in of B.C.’s Liberal government cabinet, a new finance minister takes the helm, and assumes responsibility for the province’s public insurance program. Gary Collins has been given the task of overseeing the Insurance Corporation of British Columbia as port of his overall finance ministry portfolio. In the past, ICBC has fallen […]
By Canadian Underwriter | June 8, 2001
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