Industry
Following a tumultuous trading binge last month, Toronto-based Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) was hit by another volley today following a ratings downgrade from Standard & Poor’s. Yesterday, the stock flew up to top $110 per share after the company reported record profits for 2002. But on news of the S&P downgrade, the […]
By Canadian Underwriter | February 12, 2003
2 min read
After a disastrous 2001, Toronto-based financial giant Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history.For the fourth quarter ending December 31, 2002, the company saw total revenue of $2.09 billion, versus the $1.73 billion reported during the last quarter of […]
By Canadian Underwriter | February 11, 2003
Oddyssey Re Holdings Corp. (TSX: ORH), the reinsurance operation of Fairfax Financial Holdings Ltd., produced net taxed income of US$208.2 million for the financial year ended December 2002. This equates to earnings of US$3.20 a share. As a result, the company declared a cash dividend of 25c a share for the year.Odyssey lifted gross written […]
By Canadian Underwriter | February 10, 2003
1 min read
Kingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up 154% to $25.4 million from $10 million for the same period a year earlier. Earnings […]
Risk
The insurance industry is being called on to stand up against “egregious” class action securities lawsuits to avoid erosion of the troubled directors and officers (D&O) market. Speaking to members of the U.S. Professional Liability Underwriting Society (PLUS), Chubb vice chairman John Degnan asked the industry to establish the “Institute for Securities Class Action Defense”, […]
By Canadian Underwriter | February 7, 2003
A computer hard-drive containing personal client information of The Co-operators Life Insurance Co. has been recovered by the Regina police authorities. The hard-drive was reported stolen last week from a storage facility owned by ISM Canada.A statement released by The Co-operators says the hard-drive will be subject to a police forensic examination. Initial indications suggest […]
By Canadian Underwriter | February 6, 2003
Following harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the freezing rain. “As with everyone else, our primary concern is the safety and adequate shelter […]
By Canadian Underwriter | February 5, 2003
In a new survey by the U.S. Insurance Information Institute, Wall Street analysts predict that while the hard market will continue through 2003, its pace will slacken. Following up on its “Earlybird Forecast” late last year, the “Groundhog Forecast” suggests insurers are backing off of price increases too soon.Analysts predict net premiums written will rise […]
By Canadian Underwriter | February 4, 2003
Claims
With doctors across the U.S. planning or having already walked out over increased medical malpractice insurance costs, rating agency Fitch says such action could turn into a credit concern for hospitals.Fitch’s suggestion is the latest step in a growing crisis, which has seen doctors walk of the job in several states, most recently with 800 […]
By Canadian Underwriter | February 3, 2003
Both economic and political turmoil worldwide make some countries a bad investment risk, says a new report from international broker Aon Corp. In introducing its Global Credit and Political Risk Map, Aon Trade Credit notes that Latin America and the Middle East have become poor risks, while Russia has improved its profile and become a […]
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