Claims
Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period a year earlier. This gave the company net earnings of $124,000, versus a loss of […]
By Canadian Underwriter | November 12, 2002
1 min read
Industry
Slumping Fairfax Financial Holdings (TSE, NYSE: FFH) showed signs of a turnaround in the third quarter 2002, with the largest quarterly profit in the company’s history.After posting a loss of $458.3 million for the quarter ending September 30, 2001, the company came through with net earnings of $281.4 million for the same period this year. […]
By Canadian Underwriter | November 11, 2002
Among the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed by December 12, 2002, a twelve-month countdown for implementing the UV project has begun.In a […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) is reporting a record increase in earnings per share for the quarter ending September 30, 2002. The company’s net income for the third quarter increased 51% to $21.7 million from $14.3 million during the same period a year earlier. The result was a 22% jump in earnings per […]
By Canadian Underwriter | November 8, 2002
2 min read
Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital Inc., coinciding with the company’s life and financial services operation, Hub Financial Inc.Sun Life Financial […]
Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus on general insurance, having already sold off much of its life operations.As for Canada, a […]
The downward spiral shows little sign of abating for Montreal-based Optimum General Inc. (TSX: OGI.A). Third quarter results see losses deepen, including a big dip in underwriting results.Overall, the company saw a net loss of $743,000, or $0.07 per share for the quarter ending September 30, 2002, as compared to net profit of $475,000, or […]
By Canadian Underwriter | November 7, 2002
Risk
The industry’s pool for high risk drivers appeared before the Nova Scotia and New Brunswick utilities boards this week to request rate increases in those provinces.The Facility Association (FA) is seeking a 30% increase in Nova Scotia and a whopping 60% in New Brunswick, which would apply to under 2% of drivers in each province.FA […]
By Canadian Underwriter | November 6, 2002
The Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates from its Echelon subsidiary for higher risk drivers. Existing customers will still be offered Co-operators […]
The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars Measure Up”, the IBC reports that the Tiburon is followed by the Acura Integra and […]
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