Risk
Quebec-based Optimum General (TSE: OGI.A) reports weak second-quarter results, despite the company’s moves to respond to poor returns in the past. Gross written premiums and net earned premiums fell, while the company’s combined ratio continues to rise. At the beginning of the year, Optimum chose to cede a higher percentage of its premiums to reinsurance […]
By Canadian Underwriter | August 10, 2001
2 min read
Industry
Specialty auto insurer Kingsway Financial Services (TSE: KFS; NYSE: KFS) continues to see growth in premiums and earnings mid-way through 2001. In a press release, Kingsway CEO Bill Star notes that the company is reporting record profits, earnings per share and premium levels for the second quarter of the year, and in year-to-date totals.Net income […]
By Canadian Underwriter | August 9, 2001
1 min read
In a strange twist, Canadian-based Fairfax Financial Holdings continues its downward slide as its reinsurance subisidiary, Odyssey Re, experiences phenomenal growth. In releasing second-quarter 2001 results, Fairfax acknowledges that the company’s profits fell 45%, down to $46 million as compared with %83.6 million for the same quarter last year. The slump saw earnings per share […]
By Canadian Underwriter | August 8, 2001
Aon Corporation is expanding its captive and risk management business through the purchase of Sinser Holding AB, a subsidiary of Swedish-based Skandia Group. The capitve management and consulting business deals with more than 250 captives in 10 coutries, and includes consulting and research arm Risk & Insurance Research Group (RIRG).The acquisition follows Aon’s buy out […]
By Canadian Underwriter | August 7, 2001
Minnesota-based The St. Paul Companies (NYSE: SPC) has purchased specialty liability underwriter London Guarantee Insurance Co. from the Great West Lifeco Inc. (TSE: GWO) for about $125 million.London Guarantee is ranked second as market leader in underwriting surety business and financial/professional service products in Canada. The company’s total net written premiums for the 2000 financial […]
By Canadian Underwriter | August 3, 2001
Network consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has acquired an unnamed independent brokerage located in Calgary, Alberta for an undisclosed amount. A media statement issued by the brokerage group says the acquired operation generates about $1 million in annual premiums. The latest acquisition is the 18th of a string of brokerages acquired […]
The Economical Insurance Group has completed restructuring of Hartford Insurance Co. of Canada which was acquired at the beginning of this year. The acquisition was given approval by regulators in late April.The Hartford Canadian operation has been renamed Langdon Insurance Co. which will serve as the specialty commercial lines division of the Economical group. Langdon […]
By Canadian Underwriter | August 2, 2001
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In releasing its first-half 2001 results, U.K.-based Royal & SunAlliance (RSA) says the release of capital from its life operations will be fed into growing its property and casualty business in several countries, including Canada. RSA CEO Bob Mendelsohn says the company is reorganizing its business to focus on its p&c side, believing that this […]
Citigroup Inc. Canadian subsidiary, London & Midland General, is selling part of its affinity business to Canada Life Assurance Company. Canada Life annouces it will take over London & Midland’s “non-affiliate” affinity business, which is expected to bring in over $15 million in premiums this year.The sale includes London & Midland’s accidental death and dismemberment […]
Kingsway Financial Services Inc. announces that Frank Amodeo, former head of Winterthur International’s Canadian office, has joined the specialty auto insurer as its vice president.Amodeo was vice president and manager of multi-national operations for Winterthur’s Canadian branch, located in Toronto. The branch, along with other Winterthur International operations were recently sold to global risk underwriter […]
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