Industry
The future outlook for Fairfax Financial Holdings Ltd. (TSX: FFH) increased substantially with the almost 14 times increase in the company’s net earnings for the first quarter of this year to $154.6 million (equal to $10.60 a share) compared with the $11.3 million (46 a share) reported for the same period last year. The financial […]
May 31, 2003
2 min read
Commercial
Not yet mid-way through the year, 2003 has already set the record for digital attacks, and those attacks are becoming more dangerous, says digital security firm mi2g.As of May 25, 87,903 overt digital attacks were verified worldwide, while the previous annual record, set in 2002, was 87,525.A release from mi2g notes the attacks are targeting […]
By Canadian Underwriter | May 30, 2003
1 min read
Risk
Insurance broker Willis says it is forming a special unit to capitalize on the risk market created by the rebuilding of Iraq following its invasion by U.S.-led forces.The company says more than US$10 billion in reconstruction projects are expected to begin within the next five years, providing a market for risk and insurance services.Willis will […]
Fairfax Financial Holdings (TSX, NYSE: FFH) says it has realized pre-tax gains of more than $425 million from the investment portfolios of its various companies thus far in the second quarter 2003. This is largely the result of the sale of bonds, the company reports.The company’s entire investment portfolio now has unrealized gains of more […]
By Canadian Underwriter | May 29, 2003
In the full version of its “industry report card” on Canada’s p&c sector, rating agency Standard & Poor’s shows little hope that an underwriting profit can be achieved.Following on comments from a press release issued in conjunction with the report (see Breaking News, 5/28/2003), S&P says that Canada’s fragmented p&c market has shown no clear […]
The Canadian p&c insurance industry did not fare well on its “industry report card” from rating agency Standard & Poor’s (S&P).S&P said the outlook for the industry remains negative despite price hikes over the past year.”Intense competition, unrelenting claims costs, and poor investment returns continue to be factors that erode away profitability and capital,” a […]
By Canadian Underwriter | May 28, 2003
Home
Severe rain storms which hit Atlantic Canada in the beginning of April this year will likely cost insurers about $14.3 million as a result of auto, home and other property covers, says the Insurance Bureau of Canada (IBC).Nova Scotia bore the brunt of the downpour from the storms, with the total insured loss amounting to […]
By Canadian Underwriter | May 27, 2003
Revenue was up for broker consolidator Western Financial Group (TSX: WES) despite a drag on earnings from the start-up of its new banking operation. Consolidated net income for the first quarter ending March 31, 2003 was $175,000, representing no earnings per share, down from $427,000, or $0.03 per share, in the first quarter 2002. This […]
The group general insurance division of Desjardins Financial Corp. was a drag on overall earnings in the first quarter ending March 31, 2003, the Montreal-based financial services company says.Gross written premiums were up 17% compared to the first quarter 2002, and net written premiums up 14%. However, claims were substantially higher for the quarter compared […]
U.S. insurers celebrated a successful week on Capital Hill with the introduction of a bill to resolve the asbestos crisis and a House committee vote in favor of class action reform late last week.Republican senator Orrin Hatch of Utah put forward a bill that sets up an asbestos “fund” to pay out claims. The legislation […]
By Canadian Underwriter | May 26, 2003
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