Risk
Kingsway Financial Services Inc. (TSX:KFS) saw a third-quarter profit increase of 22.5% due to a decrease in expenses, which resulted in offsetting a drop in revenues.The insurer of high-risk drivers also reported a net income of $37.5 million ($0.66 per share) for the 3Q of 2005, which represents an increase from $30.6 million ($0.54 per […]
By Canadian Underwriter | November 4, 2005
1 min read
Claims
Montpelier Re Holdings Ltd. (NYSE – MRH) has reported a net third-quarter loss of US$875.1 million, as well as a net loss of US$691.9 million for the first nine months of 2005.The company says the net impact of natural catastrophes on third quarter financial results will be US$972 million — including US$809 million for Hurricane […]
2 min read
Industry
The Toronto Stock Exchange has accepted a notice filed by Kingsway Financial Services Inc. (TSX:KFS) that states the insurers intention to make a Normal Course Issuer Bid.The notice provides that Kingsway may during the 12-month period commencing November 8, 2005 and ending November 7, 2006 purchase on the Exchange up to 2,823,000 common shares, being […]
Commercial insurance buyers are changing brokers, and company risk managers are more actively participating in the placement process and verifying broker information in the wake of regulatory investigations facing the insurance industry, an Advisen Ltd. study has found. In a survey of more than 500 corporations and governmental entities by Advisen, a provider of analytics, […]
Despite the devastating 2005 hurricane season along with an increasingly competitive market the property-casualty insurance industry is expected to enjoy relatively strong results from 2005 through to 2007, according to Conning Research and Consulting Inc.’s recent report “Property-Casualty Forecast & Analysis by Line of Insurance-Third Quarter 2005.”Conning analyst Clint Harris says Conning’s research indicates that […]
By Canadian Underwriter | November 3, 2005
Willis Group Holdings Limited (NYSE: WSH) recently reported a decline in net profits for the 3Q of 2005, in comparison to results announced in the third quarter of 2004.The Company ‘s net income for the 3Q in 2005 was $49 million, or $0.30 per diluted share. In 2004, the company reported 3Q earnings of $75 […]
Manulife Financial Corporation has reported a shareholders’ net income of $746 million for the third quarter of 2005, a 5% increase over a year earlier. “Excluding a charge related to Hurricane Katrina and a gain on recognition of future tax assets in Japan Division, shareholders’ net income would have been $879 million, a 23% increase […]
James N. Stanard resigned as chair and CEO of RenaissanceRe in light of ongoing regulatory investigations resulting from the company’s restatement of its financial results earlier this year, the company has announced.Stanard received a “Wells Notice” from the U.S. Securities Exchange Commission in August. Under the SEC’s procedures, a Wells Notice indicates SEC staff intends […]
RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a result of Hurricane Wilma losses.In a press release, RenaissanceRe CEO Neill A. Currie said: “As […]
By Canadian Underwriter | November 2, 2005
ICBC says the rising cost of claims accounts for its reported net income of Cdn $195 million for the first nine months of 2005 down from $317 million for the same period last year.Despite the drop in net income, ICBC’s year-to-date financial results are positive, the company reports. “Earned premium revenue is growing, investment income […]
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