Industry
In its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims pending as of June 30. Viacom is a defendant in lawsuits claiming various asbestos-related personal […]
By Canadian Underwriter | August 15, 2002
2 min read
Odyssey Re, the reinsurance arm of Fairfax Financial Holdings, increased net income for the first six months of this year by 120% to US$89.1 million compared with the US$40.6 million reported at the end of June 2001. Earnings for the latest six month period amount to US137c a share. The company increased its shares in […]
By Canadian Underwriter | August 14, 2002
Toronto-based financial services group Fairfax Financial Holdings (TSE: FFH) lifted net premium for the first six months of this year by 20% to $3.1 billion compared with the previous year’s half year amount of $2.6 billion.Pre-tax income rose by a dramatic 206% year-on-year to 103.8 million, however, Fairfax incurred a hefty tax bill of $41.7 […]
1 min read
Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting net loss per share is $0.21 for this quarter, compared to $0.06 for the same […]
Shares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained in Ashland Inc.’s latest 10Q report, which it filed to the Securities and Exchange Commission […]
By Canadian Underwriter | August 13, 2002
Claims
Claims services company Lindsey Morden (TSX: LM) is reporting increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue was $110 million, versus $106 million last year, and increase of 3%. Operating earnings were also up, to $4.4 million from $3.9 million last year.The company notes […]
British Columbia’s public insurer is reporting increased profits for the quarter ending June 30, 2002, largely the result of changes to its investment portfolio. The Insurance Corporation of B.C. (ICBC) saw a net profit of $39.6 million for the second quarter of this year, compared to $8.5 million profit for the same period in 2001. […]
By Canadian Underwriter | August 12, 2002
Broker consolidator Hub International (TSX, NYSE: HBG) continued to see the benefits of acquisition, reporting net earnings of US$10.7 million for the quarter ending June 30, 2002. This is an increase of 319% over the US$2.7 million in net earnings reported for the second quarter of 2001. Diluted earnings per share are US$0.41, an increase […]
Broker and financial services network Western Financial Group (TSE: WES) plans to buy back 90% of a set of convertible redeemable subordinated debentures issued in June 1998. Western made the offer to buy back the debentures, with a total value of $6 million, for cash, 9% convertible unsecured subordinated debentures or a combination of both.Holders […]
By Canadian Underwriter | August 9, 2002
Specialty insurer Kingsway Financial (TSE, NYSE: KFS) is announcing another record showing in the second quarter of 2002, with net income up 42% over the same period last year, to $16.2 million from $11.4 million. For the period ending June 30, 2002, diluted earnings per share are $0.33, on par with second-quarter 2001, but with […]
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