Claims
Despite encouraging half-year results, net income was down in the seoncd quarter and claims were on the rise for Co-operators General Insurance Company (TSX: CCS.PR.A).After-tax net income was down to $7.0 million for the quarter ending June 30, 2002, from $11.5 million for the same period a year earlier. This translates into earnings per common […]
By Canadian Underwriter | August 26, 2002
1 min read
Toronto-based Goran Capital Inc. (TSX: GNC) is reporting dismal results for the second quarter of 2002. For the three months ending June 30, the company suffered a net loss of $8.4 million, worse than the $6.1 million loss in last year’s second quarter. Net loss per share is $1.55 versus $1.05 for the same period […]
By Canadian Underwriter | August 20, 2002
Losses from flooding throughout Europe could reach EUR 1 billion (Cdn$1.54 billion), suggests a report from Swiss Re.Heavy rainfall has led to flooding in the Black Sea region, and through Germany, Austria, Russia, Bulgaria, Romania, Italy, Spain, the Czech Republic and United Kingdom. Thus far, 100 fatalities have been reported, but the flood conditions continue […]
Claims services company Lindsey Morden (TSX: LM) is reporting increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue was $110 million, versus $106 million last year, and increase of 3%. Operating earnings were also up, to $4.4 million from $3.9 million last year.The company notes […]
By Canadian Underwriter | August 13, 2002
British Columbia’s public insurer is reporting increased profits for the quarter ending June 30, 2002, largely the result of changes to its investment portfolio. The Insurance Corporation of B.C. (ICBC) saw a net profit of $39.6 million for the second quarter of this year, compared to $8.5 million profit for the same period in 2001. […]
By Canadian Underwriter | August 12, 2002
2 min read
Researchers at Colorado State University’s hurricane forecast team say this year’s hurricane season should be less punishing than previously thought. Despite the recent appearance of tropical storms Arthur and Bertha in the Atlantic basin, atmospheric conditions since the start of the season, June 1, suggest a light storm season in 2002.”The fact that we have […]
By Canadian Underwriter | August 8, 2002
Broker network consolidator Vector Intermediaries (TSX: VTE) saw continued operating improvement in the first quarter of this year, with earnings before interest, taxes and amortization amounting to $165,462 versus the $148,272 posted for the first quarter of 2001. The company notes that, despite much lower contingent commissions and the first quarter being a typically slow […]
July 31, 2002
The Wall Street Journal is reporting that an expected spin-off of General Electric’s Employers Re is being put on hold. Citing un-named sources close to the matter, the paper says the expected partial initial public offering is now off the table due to lukewarm response. A GE spokesperson neither confirmed nor denied the report, says […]
By Canadian Underwriter | July 12, 2002
Global reinsurer Munich Re announced that it will increase reserves relating to losses stemming from the World Trade Center (WTC) terrorist attacks by US$500 million to a total of about US$2.9 billion. The company will also inject about US$2 billion into its troubled U.S. subsidiary, American Re. Munich acquired American Re in 1996 for around […]
By Canadian Underwriter | July 11, 2002
Former Insurance Bureau of Canada (IBC) president George Anderson is about to receive the nation’s highest honor, the Order of Canada. Anderson retired from the IBC earlier this year, after ten years in the top spot.”It is overwhelming to receive this kind of an honor and to be included in such a small group of […]
By Canadian Underwriter | July 8, 2002
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