Risk
Fitch Ratings has graded FM Global with a “AA- (very strong)” financial rating with a “stable outlook” primarily based on the U.S.-based insurer’s competitive positioning, market expertise, risk control and the healthy state of its balance-sheet. Fitch notes that FM Global’s positioning in the “highly protected risk” (HPR) market combined with its sound underwriting practices […]
By Canadian Underwriter | February 17, 2004
1 min read
Industry
Specialty insurer Kingsway Financial Services (TXS, NYSE: KFS) saw its return on equity drop slightly in 2003, although the company still boasted double-digit returns for the year.For the 12 months ending December 31, 2003, ROE was 12.9%, down from 13.8% the year prior. However, the company’s net income rose 7% to $83.5 million, or $16.2 […]
By Canadian Underwriter | February 16, 2004
2 min read
New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer posted after-tax net income of US$249.2 million, or US$3.83 per share, compared to US$208.2 million, […]
By Canadian Underwriter | February 13, 2004
Claims
Catastrophe-link securities were up nearly 50% in 2003, according to rating agency Moody’s Investors Service.The rater says cat bonds grew from the US$1 billion average over the past few years to US$1.5 billion in 2003. This is based on 13 transactions.Cat bonds are risk-linked securities the risk of natural catastrophe losses in excess of a […]
Although international adjuster Lindsey Morden (TSX: LM) increased its revenue in 2003, lingering issues with its U.S. operations dragged the company’s net loss even deeper.Overall, the company posted a net loss of $30 million, or $2.18 per share, for 2003, versus a net loss of $17.5 million, or $1.28 per share, in 2002. This includes […]
By Canadian Underwriter | February 12, 2004
Broker network Western Financial Group has purchased its first brokerage in Manitoba. Barker Agencies has two offices in Brandon and one in Souris, Manitoba, serving the western part of the province.This brings the total for the Western Insurance Network up to 54 offices in B.C., Alberta, Saskatchewan and Manitoba.Barker Agencies was founded in 1919, and […]
Northbridge Financial Corp. (TSX: NB), the Canadian arm of Fairfax Financial, is reporting strong underwriting results for 2003. The company posted net earnings of $153.0 million last year, up from $53.7 million in 2002. This translates to earnings per share of $3.07 in 2003, more than double the $1.16 per share reported in 2002.Overall, the […]
By Canadian Underwriter | February 11, 2004
The global property & casualty insurance industry has a long way to go on the road to recovery despite price increases and a stronger overall combined ratio, says rating agency A.M. Best.In its annual “review/preview”, the agency speculates the industry should achieve a 101.1% combined ratio for 2003, but says there is still much to […]
Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) says it posted its largest ever annual profit in 2003, earning US$271.1 million, compared to US$263.0 million in 2002. This translates to earnings per share of $18.55 for 2003, up from US$18.20 in 2002.Some of this growth came on the back of increased revenues, up […]
By Canadian Underwriter | February 10, 2004
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company produce income of $44.0 million last year, versus a net loss of $1.1 million the year prior. This translates to earnings per share of $1.78 in 2003, against a loss per share of $0.48 in 2002.The […]
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