Industry
Calgary-based Anthony Clark International Insurance Brokers has added its third U.S. brokerage, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd. in Norfolk, Virginia.The transaction is valued at $9.03 million and was financed with seller financing, new […]
By Canadian Underwriter | September 9, 2004
1 min read
Rate softening is beginning to creep into the professional liability market, despite continued pressure on claims, said speakers at Thursday’s “Errors & Omissions” seminar hosted by the Toronto Insurance Conference (TIC).The seminar looked at broker E&O, but expanded quickly into a discussion of the professional liability (PL) market, where speakers say the overall trend to […]
2 min read
In its first earnings release since acquiring Canadian Direct, Edmonton-based Canadian Western Bank says the insurance arm brought in $1.2 million in net income for the second quarter of 2004. Canadian Direct, which was acquired from HSBC Bank during the quarter, produced income per share of $0.08 on a dilute basis, its new parent reports. […]
By Canadian Underwriter | September 7, 2004
Lloyd’s has been granted an injunction in Ontario Superior Court against Ian Stuart, who, the London market contends, has been holding himself out as a Lloyd’s representative without authorization.The court order prohibits Stuart from purporting to place business with Lloyd’s or any of its syndicates or from using any named other than Ian Stuart. Stuart […]
By Canadian Underwriter | September 6, 2004
Rating agency Fitch has placed a negative “rating watch” on Fairfax Financial Holdings and its subsidiaries, citing concerns over the insurer’s disclosure practices. Fitch says it will either downgrade or withdraw its ratings if its public disclosures do not give more information about the company’s financial health. In response, Fairfax has issued a release saying […]
By Canadian Underwriter | September 1, 2004
Alberta-based broker network and bank Western Financial Group (TSX: WES) saw net earnings for the first half of this year more than double to $2 million compared with the $957,000 reported for the first six months of 2003. This translates to earnings of 9 a share against the 5 a share reported the year prior […]
August 31, 2004
Montreal-based Optimum General Inc. (TSX: OGI.A) saw net income for the second quarter of this year more than double to $2.21 million (19 a share) compared with the $783,000 (7 a share) reported for the period a year ago. Much of the insurer’s financial gains resulted from stringent underwriting discipline, with the company’s combined ratio […]
Everyone has moments of stress in the workplace environment, but in some cases the degree thereof can adversely impact the ability of employees to effectively do their jobs - resulting in lost work time. However, new stress-handling models have produced proven results in dealing with conflict before it reaches this adverse stage.
4 min read
Each month of this special 70th anniversary year, Canadian Underwriter will look back at a pivotal period in the industry's history. These are the people, events and issues that have shaped Canadian Underwriter and the insurance industry for seven decades.
3 min read
Chicago-based broker Hub International (TSX: HBG), a subsidiary of the Fairfax group, saw improvement in its financial results from a variety of sources for the second quarter of 2004 – growth was experienced both organically and through acquisition, with both the Canadian and U.S. operations performing above expectation, a company statement says. Hub’s net earnings […]
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