Industry
The Liberal B.C. government announced that it has temporarily opted against open competition in the province’s basic, mandatory auto insurance market. The provincial government delivered its long-awaited “Core Review” findings in investigating the operation of crown insurer, the Insurance Corp. of British Columbia (ICBC), with the view of deregulating the insurance market as part of […]
November 30, 2002
3 min read
Kingsway Financial Services Inc. (TSX: KFS) increased net income for the third quarter by 51% to $21.7 million from the $14.3 million made for the same period last year. This saw a 22% jump in earnings to 44 a share compared with the 35 a share shown for the third quarter of 2001. The company’s […]
2 min read
Claims
Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s net income for the first nine months of this year clocked in at $24 million […]
1 min read
Risk
Despite major financial upsets over the past two years, culminating in the devastating loss arising from the World Trade Center (WTC) terrorist attacks, the global reinsurance sector is emerging “alive and well”, says Ross McKenzie, CEO of Aon Re International. McKenzie presented a future outlook for the reinsurance marketplace at a recently held industry event […]
Despite a declining underwriting loss for Canadian p&c insurers thus far in 2002, investment market declines are hitting balance sheets hard.In its quarterly “Perspectives” report, the Insurance Bureau of Canada (IBC) notes that in the last two quarters investment income has dropped $500 million. This muddied the impact of increased premiums and a lower loss […]
By Canadian Underwriter | November 29, 2002
Oakville, Ontario-based Pethealth Inc. has expanded its U.S. presence through two new distributors. The nation’s largest pet insurance provider has signed agreements with the U.S. largest union benefits provider, Union Privilege. Pethealth’s PetCare insurance program will be exclusively marketed to members of the American Federation of Labor and the Congress of Industrial Organizations starting at […]
By Canadian Underwriter | November 28, 2002
Western Financial Group (TSX: WES), formerly Hi-Alta Capital, experienced continued growth in the third quarter, with revenue and income up.For the three months ending September 30, 2002, revenue was $7.32 million, versus $6.31 million for the same period in 2001, a gain of 15.9%. For the first nine months of the year, revenue was $20.79 […]
TD Bank Financial Group has ended its fiscal year on a sour note, reporting a yearend loss of $160 million or $0.25 per share, compared with earnings of $1.3 billion, or $2.05 per share, last year.Much of the loss stems from beleaguered stock markets, with TD chair and CEO A. Charles Baillie noting, “our credit […]
The same day Gerling Global announced it would exit the reinsurance business altogether, its Australian non-life business was bought by QBE Insurance Group.Sydney-based QBE Group says it will pay AUD$130 million (Cdn$114) for the renewal rights to the business. The deal does not include trade credit policies and Australian clients of non-local Gerling offices.The Australian […]
By Canadian Underwriter | November 27, 2002
Rating agency A.M. Best has placed the financial strength and senior unsecured debt ratings of Kingsway Financial Services under review pending its annual review of the company.A.M. Best’s concerns come from the company’s rapid growth and its “elevated underwriting leverage position”. Kingsway’s written premium growth this year has exceeded the rating agency’s expectations, with A.M. […]
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