Industry
Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted basis amounted to 15c a share against 10c a share shown at the end of […]
By Canadian Underwriter | November 16, 2001
1 min read
In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the quarter.While no third quarter figures are available for 2000 for comparison, the company does note […]
By Canadian Underwriter | November 15, 2001
2 min read
Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000.Earnings per […]
By Canadian Underwriter | November 9, 2001
New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income of US$14.6 million reported for the same period in 2000.The negative earnings performance occurred as […]
By Canadian Underwriter | November 7, 2001
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates to $35.23 a share against the $1.93 a share loss reported for the third quarter […]
Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR, a private equity management firm, is just the first part of a capital enhancement program […]
By Canadian Underwriter | November 5, 2001
New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market, and to “respond to the current favorable underwriting and pricing environment”. This comes on the […]
By Canadian Underwriter | November 2, 2001
With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result of September 11 claims. The company says its net operating loss is US$390.1 million for […]
By Canadian Underwriter | November 1, 2001
Although the September 11 terrorist attacks are “unprecedented in scope and complexity,” the industry will be able to meet its commitments, says Larry Mayewski, executive vice president and chief rating officer for A.M. Best. “The direct and indirect impact of this event may not be fully understood for several years,” he notes. A.M. Best says […]
October 31, 2001
Insurance Corporation of British Columbia president and CEO Thom Thompson is retiring after more than five years. Prior to joining ICBC, he worked for BC Hydro. No successor has been named yet. ING Canada is changing its organization, including the promotion of Yves Brouilette (pictured) to general manager, ING Americas, responsible for Canada and Mexico. […]
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