Following reassessment of its purchase of Vista, Calgary-based Anthony Clark International Insurance Brokers (TSX: ACL) has restated its half-year earnings for the period ending June 30, 2004. The company announced last November revised figures for the first quarter of 2004, after it determined the fair value of vendor debt issued on the Vista acquisition was almost $900,000 less than the face value of that debt. It also reclassified portions of its results related to foreign currency translation, and net proceeds from a private placement of common shares, now classifying both as cash.The net result is that the company is now reporting a net loss of $358,857, compared to the earlier reported loss of $331,673, for the first six months of 2004. This translates to a revised loss per share of $0.05, versus the earlier reported loss of $0.04 per share.
How record-high Cat season will impact reinsurance renewals
About half of the Canadian P&C insurance industry’s projected $7.7 billion in losses due to four natural disasters over the summer will be covered by reinsurance, a reinsurance broker told the National Insurance Conference of Canada (NICC) in Vancouver Tuesday. “We can observe that about 50% of the losses coming out those four main events […]
By David Gambrill | September 26, 2024
3 min read