Industry
Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68% to $27.3 million, versus $16.2 million in Q2 2002. Earnings per share are $0.55 for […]
By Canadian Underwriter | August 11, 2003
2 min read
Rating agency Standard & Poor’s (S&P) says the downward pressure continues on ratings for North American reinsurers, despite premium increases. Overall, S&P is continuing its “negative outlook” for the sector, for the sixth consecutive year.A negative outlook implies downgrades should outpace upgrades or even affirmations of ratings in the short-to-medium term.”Despite further price increases in […]
1 min read
The federal Transport Ministry has released proposals that would require owners of commercial passenger boats to carry specific levels of liability insurance.Under the Marine Liability Act (MLA), compulsory insurance would be required for the owners of most vessels used by passengers for travel within Canada. This includes commercial ventures, plus publicly-run vessels such as ferries.If […]
By Canadian Underwriter | August 8, 2003
Risk
A treaty that would create an international standard for compensation to victims of airline disasters has taken one step closer to signing.The U.S. Senate has approved the “Montreal Convention”, as created by the International Civil Aviation Organization (ICAO).Among the issues outlined in the treaty is creating a jurisdictional system for lawsuits filed by crash victims […]
The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year. The latest quarterly earnings equate to US$1.73 a share against the 50c a share shown […]
By Canadian Underwriter | August 7, 2003
First-half 2003 results for Toronto-based E-L Financial Corp. Ltd. (TSX:ELF) show some signs of improvement, although net income is down due to investment losses. The company’s net operating income rose to $29.5 million, or $7.67 per share, for the first six months of this year, versus $14.1 million, or $3.66 per share during the same […]
Claims
Adjuster Lindsey Morden (TSX: LM) is reporting increased losses for second-quarter 2003, despite revenue growth in most operations.The Toronto-based company says all segments except its Canadian group reported higher earnings in the quarter, but losses in its U.S. division led to an overall net loss of $2.6 million, or $0.19 per share. This compares with […]
Risk managers say costs for directors’ and officers’ (D&O) and pension fund liability insurance are soaring, while property risks are seeing some relief, according to quarterly results of the Risk and Insurance Management Society (RIMS) and Advisen Ltd. “Benchmark Survey”.Fiduciary liability rates, such as D&O, are climbing sharply, in some cases increasing as much as […]
By Canadian Underwriter | August 6, 2003
Home
Fires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned, including major blazes in Strawberry Hill, McLure and Chilko Lake. Fires are also spreading into […]
Hot on the heels of a throne speech demanding insurers reduce auto insurance rates in New Brunswick, the provincial Conservative government is striking a committee to review the potential for a public auto insurance system.MLA Elizabeth Weir has been asked by Premier Bernard Lord to head up the “Select Committee on Public Auto Insurance”, which […]
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