Industry
A steep decline in realized gains has dampened earnings growth for Fairfax Financial Holdings (TSX: FFH) for the second quarter of this year. The company’s net earnings for the latest reporting period came in at US$46.0 million (US$3.13 a share) compared with the US$173.7 million (US$12.09 a share) reported for the same period in 2003. […]
August 31, 2004
2 min read
The first half 2004 financial return for Toronto-based E-L Financial Corp. (TSX: ELF) shows significant improvement over the result for the same period in 2003, with the first six months of this year mostly showing gains made in the general insurance segment. E-L is the parent of the Dominion of Canada General Insurance Co. For […]
Kingsway Financial Services (TSX: KFS) saw net income for the second quarter of this year rise by 22% to $33.3 million compared with the $27.3 million reported for the same period a year ago. This translates to earnings of 59 a share, reflecting a 7% year-on-year gain (with approximately 14% more outstanding common shares in […]
Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38 million ($1.74 a share) for the second quarter ending June 2004 on the back of a 5% reduction in the company’s combined ratio. Co-operators posted a combined ratio of 92.8% for the second quarter of this year compared with the 97.8% ratio […]
Risk
Ethical dilemmas are a reality in the risk management profession. How prepared are you as risk manager - as well as the organization that you work for - in responding to the ethical "gray areas" of operational decisions?
By Garry McDonell | August 31, 2004
5 min read
Where there is risk, there is normally insurance coverage available. As risk attracts insurance, the latter attracts the possibility of fraud. In today's high-tech, high-speed world, both insurers and risk managers face increasing challenges in combating fraud through effective loss control. And, although the sophistication behind fraudulent activities will likely continue to develop, new tools and approaches to combating fraud are delivering excellent results in curtailing claims costs.
By Greg Smith | August 31, 2004
6 min read
Northbridge Financial (TSX: NB), the Canadian operational holding company of Fairfax Financial, saw net earnings decline to $43.3 million (85 a share) for the second quarter of 2004 from $57.5 million ($1.16 a share) for the same period a year earlier – and this, despite the company turning in a combined ratio of 90.6% during […]
The transition from the previous "soft" to "hard" market impacted global property and casualty insurers significantly - with not all the players having survived the hardship of the pricing cycle. Many global insurers reduced capacity and ceased writing business in some countries and regions, with Canada having attracted a cautious outlook based on the perceived burdensome regulatory environment of doing business in the country. But, with the pricing corrections brought about by the hard market, Canada once again is drawing favorable attention.
By Nicholas Smith | August 31, 2004
The Financial Services Commission of Ontario (FSCO) has published its guidance on the new minimum capital test (MCT), with p&c insurers set to implement the new test on 2004 annual returns, filed by February 28, 2005. The MCT, a risk-based system of assessing capital requirements, has actually been in place on a trial basis since […]
By Canadian Underwriter | August 31, 2004
1 min read
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In its quarterly report on property & casualty insurance, the Insurance Bureau of Canada (IBC) looked at the extent to which auto claims frequency has declined, compared to a steep increase in severity, over the past decade.Frequency, or the number of claims filed per 100 vehicles insured, dropped by 30-50%, depending on geographic region, between […]
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