Industry
Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21 a share (1-Q 2001: 13 a share). […]
May 31, 2002
1 min read
Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Much of this recovery came on the heels of rate increases implemented last year across nearly all lines of business, as […]
2 min read
Risk
Despite several years of depopulation, the Facility Association (FA) saw a modest increase in marketshare across the board in 2001. According to preliminary data released at its recent AGM, the “insurer of last resort” for high-risk drivers saw written premiums go up last year for the residual market to $178 million, and its risk sharing […]
The general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001 from the p&c operations.The reason for the turnaround is growth in all lines of business […]
By Canadian Underwriter | May 31, 2002
Broker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16 each. Of the US$68.6 million Hub expects to raise, US$47 million will go to pay […]
By Canadian Underwriter | May 30, 2002
On the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines now have until the end of June to implement an alternative insurance mechanism against terrorism […]
By Canadian Underwriter | May 29, 2002
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U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO).In total, approximately 218,000 claims from businesses and homeowners were made […]
By Canadian Underwriter | May 28, 2002
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big five bank groups from rural communities and a general move to automated central service centers […]
By Canadian Underwriter | May 26, 2002
Co-operators General Insurance Co. (TSE: CCS.PR.A) produced a net taxed loss of $2.2 million for the first quarter of this year compared with a $20 million loss reported for the same period of 2001. This translates to a loss of 18c a share for the latest reporting period. The significant improvement in the insurers’ financial […]
By Canadian Underwriter | May 24, 2002
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) is reporting a 212% jump in net income for the first quarter of this year, compared with the same period in 2001. For the three months ending March 31, 2001, the company saw net income of $426,700, versus $136,800 for the first quarter of 2001. This leads to […]
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