Industry
Montreal-based financial services giant Desjardins Financial Corp. (TSX: DFS) reported net earnings were about double in the second-quarter ending June 30, 2003, primarily on the back of growth in its insurance operations, as well as investment gains.Overall, net earnings for the quarter were $59.3 million, up from $28.6 million in the same period last year. […]
By Canadian Underwriter | August 20, 2003
1 min read
Home
The price tag for insurers in Louisiana as a result of Tropical Storm Bill is estimated at US$22 million, says the state’s Department of Insurance (LDOI).Insurance commissioner Robert Wooley says the latest figure includes claims under the federal flood insurance program. Not counting those claims, the figures is about US$19.5 million in insured losses.Tropical Storm […]
Despite almost doubling its revenue in the second quarter ending June 30, 2003, Oakville-based pet insurer Pethealth Inc. (TSX: PTZ) reported a net loss for the period of $743,093, or $0.01 per share. While this represents an improvement over the loss of $1.52 million, or $0.01 per share, reported for the same period in 2002, […]
By Canadian Underwriter | August 19, 2003
2 min read
Claims
As of June 30, 2003, Montreal-based Optimum General Inc. (TSX: OGI.A) is out of the red, posting net income of $492,000, or $0.04 per share for the first half of this year. This is a vast improvement over the loss of $2.0 million, or $0.18 per share, reported in the first half of 2002.The improvement […]
The Insurance Corp.of B.C. (ICBC) is reporting net income of $77 million for the six months ending June 30, 2003, largely on the back of reduced expenses, rate hikes and the sale of certain real estate. This represents a significant jump over the $9.2 million net income reported for the first half of 2002.The public […]
By Canadian Underwriter | August 18, 2003
Royal & SunAlliance Canada confirms that president and CEO Larry Simmons will retire. No effective date has been given, as Simmons will stay on until a replacement is found, says RSA Canada communications director Sally Turney.Simmons took over the top spot in late 2001, moving up from the position of president and COO. He was […]
Impact from the blackout that hit the northeastern U.S. and parts of Ontario from Windsor to Ottawa should not be significant, insurance sources on both sides of the border are reporting.”It’s very, very difficult to say [what insured losses will be] at this time,” says Mark Yakabuski, vice president of Ontario region for the Insurance […]
By Canadian Underwriter | August 15, 2003
Reacting to news that the government of Prince Edward Island intends to join other province’s in implementing a $2,500 cap on “pain and suffering” awards for auto accident victims, insurers are holding back on the celebration. While the cap is good news, PEI is also looking at stricter regulation of auto insurers, which the Insurance […]
By Canadian Underwriter | August 13, 2003
Broker consolidator Western Financial Group (TSX: WES) says that losses from its bank start-up have been lees than budgeted for, and the company is on target to achieve its projected $1.6-$2 million net income for 2003.For the second quarter ending June 30, 2003, the company reported revenue of $9.2 million and net income of $834,057, […]
By Canadian Underwriter | August 12, 2003
Risk
Florida’s Office of Insurance Regulation is considering the suspension of one of Toronto-based Goran Capital Inc.’s subsidiaries. An administrative law judge in Florida has said the regulator can suspend Superior Insurance Company’s (Superior Insurance) authority to write business for up to two years.In 2002, Superior wrote about US$45 million gross written premium in the Florida […]
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