Industry
ING Canada Inc. says it has filed a prospectus to make an initial public offering of common shares in Canada. The IPO, which does not include ING Direct, but does include the insurance arm of ING, would be used in part to fund ING’s acquisition of Allianz Canada, as well as to repay funds to […]
By Canadian Underwriter | October 31, 2004
1 min read
Toronto-based Northbridge Financial Corp. (TSX: NB), part of Fairfax Financial, has posted improved earnings for the third quarter ending September 30, 2004 despite taking a $32.6 million hit for weather claims as a result of U.S. hurricanes, floods in Peterborough, Ontario and hailstorms in Western Canada.For the quarter, Northbridge posted earnings of $38.5 million ($0.76 […]
Fairfax Financial Holdings Ltd. announces that in its bid to buy back debt, it is issuing US$300 million, or 2.4 million in subordinate voting shares to a number of institutional investors including Southeastern Asset Management and Markel Corp. (no relation to Fairfax subsidiary Markel Insurance Co.).Southeastern will buy US$150 million in shares, while Markel will […]
By Canadian Underwriter | October 28, 2004
As a result of compensation paid in the acquisition of Talbot Financial, Chicago-based Hub International (TSX: HBG) is reporting earnings down for the third quarter and nine months ending September 30, 2004.The brokerage says despite revenue growth, net earnings for the third quarter were down 83% to US$1.1 million (US$0.04 per share) from US$6.8 million […]
2 min read
The quartet of U.S. hurricanes this fall, as well as bad weather here in Canada, have produced a net loss in the third quarter for financial giant Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH). Fairfax reports the four hurricanes Charley, Frances, Ivan and Jeanne coupled with the Peterborough, Ontario floods and hailstorms in Western Canada, […]
Aviva Canada and its subsidiaries have seen their financial strength and long-term counterparty credit ratings lifted to “A+” from “A”, with a stable outlook, by Standard & Poor’s.S&P says the upgrade reflects the improved earnings posted by Aviva in 2003 and early 2004. “The introduction of government auto reforms, rate increases, capital gains generated within […]
By Canadian Underwriter | October 27, 2004
With the U.S. election one week away, presidential candidate John Kerry has touted his desire to deal with “tax havens”, a situation which could have implications for offshore captives.But speakers at the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto Wednesday say Senator Kerry’s comments may prove more bark than bite. “I think it’s election […]
Fronting a captive is a challenging business, but one which also has the potential to provide great benefits to the fronting insurer, delegates to the Strategy Institute’s “Captive Insurance Strategies” conference in Toronto heard Wednesday.Robert Davis, senior vice president for ACE Captive Solutions says many fronting arrangements are established on the basis of need. For […]
Just one day on the job and new Marsh CEO Michael Cherkasky has led a major overhaul of the brokerage’s business practices. Under the new scheme, the brokerage will not only stop the practice of contingent commissions, as previously announced, but will also make “all revenue streams 100% transparent to clients”. This means clients will […]
By Canadian Underwriter | October 26, 2004
Associations representing Canadian brokers says allegations of “hidden commissions” being paid by insurers is unfair to reputable, professional brokers. The Insurance Brokers Associations of Canada (IBAC) and Ontario (IBAO) have released statements responding to events in the U.S., as well as a call by the Consumers Association of Canada (CAC) for government to investigate what […]
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