Industry
A hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by the severe weather.Hood, fenders and car roofs were damaged by hail as large as hardballs, […]
By Canadian Underwriter | August 23, 2001
1 min read
The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the individual investors in the insurance market, writes that the catastrophes that have plagued Lloyd’s in […]
By Canadian Underwriter | August 22, 2001
Rating agency Standard & Poor’s has maintained its negative outlook position of the European reinsurance market based on the industry’s 2000 financial returns. If anything, the rating agency notes, the financial strength ratings of companies may be downgraded. Although the European reinsurance market notched up 9% growth in premiums for 2000, Standard & Poors believes […]
By Canadian Underwriter | August 20, 2001
2 min read
Rating agency A.M. Best has lifted its "negative outlook" on Lloyd’s of London. The agency has also affirmed the London-based market’s "A" rating. This step follows a negative outlook report which was issued on Lloyd’s on June 28 of this year based on potential asbestosis liability-related exposures.According to the rating agency, Lloyd’s short-term exposure to […]
By Canadian Underwriter | August 16, 2001
Goran Capital Inc. (TSE: GNC), which through its various operating subsidiaries underwrites specialty auto business, reported a net loss of $6.1 million equal to 105c a share for the first three months of its 2001 financial year.For the first six months of the current calendar year, the company came home with a loss of $15.6 […]
Canadian-based pet insurer Pethhealth Inc. (CDNX: PTZ) is laboring through a costly 2001 as expenses related to establishing a U.S. presence take their toll on the company’s bottom-line. Net loss after tax for the second quarter is $2.36 million, or $0.01 per share, more than double that of second-quarter 2000, which saw a loss of […]
By Canadian Underwriter | August 14, 2001
Claims management group Crawford Adjusters Canada has acquired Edmonton-based Leonard, Hirst & Miller Adjusters (LH&M) for an undisclosed amount. The firm boosts Crawford’s position in Alberta to nine offices and over 100 employees. LH&M is described as a multi-line adjusting firm operating across Alberta. Crawford CEO Glenn Gibson says the acquisition will involve restructuring the […]
By Canadian Underwriter | August 10, 2001
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
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
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
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