Industry
In a strange twist, Canadian-based Fairfax Financial Holdings continues its downward slide as its reinsurance subsidiary, 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 […]
August 31, 2001
1 min read
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801 a share for the first six months of this year (June […]
Insurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the market expects losses of 1.39 billion pounds (US$2 billion) and for 2000, losses of 694 […]
By Canadian Underwriter | August 31, 2001
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year.Net income growth was an astounding […]
By Canadian Underwriter | August 30, 2001
With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent of Financial Institutions (OSFI) for a similar seven-year term.Among Le Pan’s responsibilities will be overseeing […]
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400 million, would see CGI provide information technology support to FFIC’s 80 locations across the U.S. […]
By Canadian Underwriter | August 29, 2001
A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons for the sale’s failure were not given, although in an earlier statement Queensway had alluded […]
Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses. The company had seen a recent turnaround, posting profits of $1.7 million in the second […]
By Canadian Underwriter | August 28, 2001
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70% drop in the industry’s taxed earnings to $269 million for the first half of this […]
By Canadian Underwriter | August 26, 2001
2 min read
PetCare Insurance Brokers, a subsidiary of Pethealth Inc. (CDNX: PTZ), will soon be marketing its pet insurance products through Petcetera’s stores and Internet site. In a deal involving the acquisition of certain assets of Western pet insurer PAWS Health Plans Inc., Petcare will have exclusive rights to provide pet insurance to B.C.-based Petcetera’s customers. The […]
By Canadian Underwriter | August 24, 2001
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