Industry
Carstar Automotive Canada is cautioning the public about a fraud scheme in which someone is offering “phony” jobs on behalf of the company. The identity fraud scheme, currently taking place in Ontario, is offering the “phony” jobs on behalf of Carstar through community newspaper advertising as well as Internet job sites, Carstar says. Candidates are […]
By Canadian Underwriter | February 23, 2009
1 min read
ING Insurance Company of Canada has become Intact Insurance Company. Last week, institutional and retail investors acquired ING Groep’s ownership interest in ING Canada in a Cdn$2.2-billion private placement and secondary offering. The deal transformed the subsidiary into an independent, Canadian-listed and widely-held company, according to an ING Canada release. ING Canada Inc., the […]
EGI Financial Holdings Inc. (TSX: EFH) has reported a 2008 net income of Cdn$5.98 million, marking a 60.3% decrease from 2007’s profit of Cdn$15 million.The combined ratio for 2008 was 99.9% compared with 91.4% in the year prior.The loss ratio in the 2008 period was 67.5% and the expense ratio was 32.6%. This compares with […]
Kingsway Financial Services Inc. (TSX: KFS, NYSE: KFS) has reported a 2008 Q4 loss of US$360.4 million and a loss of US$405.9 for the entire year.”The disappointing results in 2008 reflect the impact of legacy operational problems,” said Shaun Jackson, president and CEO. “The main factors contributing to the loss were the protracted problems at […]
By Canadian Underwriter | February 20, 2009
2 min read
Fairfax Financial Holdings Limited (TSX and NYSE: FFH) reported profits of US$346.8 million in 2008 Q4 and US$1.5 billion for 2008, reflecting record investment gains of US$2.72 billion in 2008.Northbridge Financial Corporation, Fairfax’s Canadian commercial lines subsidiary, reported a profit of Cdn$46.7 million for 2008, marking a drop from a profit of Cdn$295 million in […]
Co-Operators General Insurance Company announced a profit of Cdn$62.1 million for 2008, marking a drop from 2007’s net income of Cdn$148.2 million.The company reported a net loss of Cdn$18.3 million in 2008 Q4, a decrease from 2007 Q4’s profit of Cdn$60.8 million.The insurer’s loss ratio increased year-over-year from 66.5% in 2007 to 73.6% in 2008. […]
Canada’s solvency regulator, the Office of the Superintendent of Financial Institutions (OSFI), has amended its guidelines for financial disclosures, taking into account recent changes made to the Canadian Accounting Standards, CICA Handbook.”The new Canadian Accounting Standards, CICA Handbook section 3862, Financial Instruments — Disclosures introduces new and expanded accounting standards for financial instruments, including derivatives,” […]
A title insurer agreeing to “indemnify and save harmless” an insured against a negligence suit has a duty to defend, even if the allegations against the insured ultimately prove to be false or do not fall under the policy coverage.The Ontario Superior Court came to this conclusion on Jan. 27, 2009 in Stewart Title Guarantee […]
By Canadian Underwriter | February 19, 2009
The shareholders of Northbridge Financial Corporation (TSX: NB) have approved by a special resolution the anticipated amalgamation of Northbridge with Fairfax Financial Holdings Limited (TSX: FFH)(NYSE: FFH).The amalgamation will be effective on or around Feb. 20, 2009.Northbridge will effectively become a private company, becoming a wholly-owned subsidiary of Fairfax. All holders of Northbridge common shares, […]
Fitch Ratings is focussing more on liquidity in its insurance industry ratings criteria in light of the global recession and capital market crisis. Although Fitch has not changed its core ratings criteria, it has adjusted the focus and weighting of its analysis in several ways, it noted. Liquidity will be used as a primary factor […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
