Industry
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. Despite this improvement to the bottom-line, the industry only achieved a 2.5% return on equity for the latest quarterly reporting period, […]
By Canadian Underwriter | May 22, 2002
2 min read
Rating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd. and The Insurance Company of Prince Edward Island, of which SGI is the majority owner. […]
Claims
Broker consolidator Vector Intermediaries Inc. (TSX Venture Exchange: VTE) is reporting a net loss of $4.04 million loss for 2001, only a slight improvement over a loss of $4.05 the year prior. This works out to a loss of $0.18 per share for the year ended December 31, 2001,versus the loss of $0.35 per share […]
By Canadian Underwriter | May 21, 2002
1 min read
Risk
Once more, the U.S. government has extended the deadline for third-party war risk coverage for airlines, this time by 30 days. The coverage was set to run out on May 19, but will now last at least until June 19.The coverage, which is for third-party war risk and terrorism liability, was instituted following the September […]
By Canadian Underwriter | May 17, 2002
The Organization for Economic Cooperation and Development (OECD)says it will look into the issue of terrorism reinsurance in light of the potential economic impacts worldwide. At its Ministerial Meeting in Paris this week, the OECD formally stated, “We recognize the adverse effects of the shrinkage of affordable insurance cover for terrorism risks. We would welcome […]
Quebec-based Optimum General Inc. (TSE: OGI.A) posted a modest recovery in net taxed income for the first quarter of the 2002 financial year as the insurer’s loss ratio eased back mostly as a result of improved pricing conditions. The company’s net after-tax income for the latest reporting period came in at $290,000, equal to 3c […]
By Canadian Underwriter | May 16, 2002
Toronto-based specialty insurer Goran Capital (OTCBB:GNCNF, TSE:GNC) is reporting a net loss for the first quarter ending March 31, 2002. The loss of $5.97 million is actually an improvement over last year’s loss of $9.55 million for the same period. This translates to a loss of $1.11 per share, as opposed to a loss of […]
By Canadian Underwriter | May 15, 2002
Odyssey Re Holdings Corp. (TSE: ORH), a subsidiary of the Fairfax group, lifted net taxed income to $56.3 million for the first quarter of 2002, which amounts to earnings of 86c a share. The reinsurer also grew gross revenue by more than 60% to $403.8 million compared with the $251.8 million reported at the end […]
Toronto-based Fairfax Financial Holdings (TSE: FFH) is showing signs of improvement in the first quarter of 2002. After losing $346 million last year, to pretax earning of $29 million for the quarter ending March 31, 2002. This is a 257% jump over the $11.3 million in earnings for the first quarter 2001.However, net earnings dropped […]
By Canadian Underwriter | May 14, 2002
A proposed rating service for the Centre for the Study of Insurance Operations (CSIO) portal, to make it more inclusive for member insurers, is a go. Late last week the CSIO board approved the creation of the rating service, which will allow member companies who are not yet ready to fully participate in the portal […]
By Canadian Underwriter | May 13, 2002
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