Claims
Fairfax’s claims adjusting operation, Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004’s fourth quarter with net earnings of $4.81 million, or 35 a share. This compares with a net loss of $21.18 million, or $1.54 a share posted for the same period in 2003. The fourth-quarter earnings boost […]
February 28, 2005
1 min read
Risk
Specialty risk insurer Kingsway Financial Services (TSX: KFS) saw net income for 2004 rise 54% to hit a record $131.0 million, or $2.32 per share. This equates to a return on equity (ROE) of 17.4% for last year versus the 12.9% posted for 2003. For the fourth quarter ending December 2004, the company produced net […]
Industry
The Canadian market was “the right fit” for the newest office in the Markel International stable, says the company’s CEO Gerry Albanese. The move into Canada through MINT Canadian Specialty Underwriters (MCSU) was based on several factors, he notes. “We like the location…It’s a sophisticated economy, a growing economy. Our products fit right in…” The […]
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) continues to bleed red ink, with its financial return for the first three quarters of the current financial year (ending December 2004) showing a net loss of $2.39 million compared with a loss of $969,400 shown for the same period the year before. The latest return equates […]
2 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co., posted net income for 2004 of $129.9 million, or $31.93 a share. This is more than double the 2003 net income of $46.9 million, or $11.66 a share. Significant growth came from general insurance operations, where net income reached $83.7 million […]
Co-operators General Insurance Co. (TSX: CCS.PR.A) increased net income three-fold for 2004 to $139.49 million ($6.54 a share) compared with the $44.04 million ($1.78 a share) reported for 2003. The insurer boosted earnings for the fourth quarter of 2004 to $38.80 million ($1.81 a share) versus the $13.73 million (55 a share) disclosed for the […]
Northbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial Holdings, posted record net earnings for 2004 of $162.2 million, equal to $3.19 a share compared with follows earnings of $153.0 million, or $3.07 a share reported the year prior. For the fourth quarter ending December 31, 2004, Northbridge posted earnings of $48.1 million, […]
A press conference recently held by the Insurance Bureau of Canada (IBC) to disclose preliminary earnings figures for the Canadian property and casualty insurance industry, and presumably to achieve maximum “damage control” in anticipation of a negative media response to the above-average results, produced a mixed outcome. While the bureau’s approach to proactively handling an […]
By Sean van Zyl, Managing Editor | February 28, 2005
5 min read
The Canadian property and casualty insurance industry will likely finish 2004 with a 65% increase in net profit of $4.2 billion compared with the $2.5 billion reported the previous year, according to preliminary financial data recently released by the Insurance Bureau of Canada (IBC). The industry’s return on equity (ROE) for 2004 shows a record […]
Risk managers await clear skies
By Vikki Spencer | February 28, 2005
11 min read
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