Industry
A steep decline in realized gains has dampened earnings growth for Fairfax Financial Holdings (TSX: FFH) for the second quarter of this year. The company’s net earnings for the latest reporting period came in at US$46.0 million (US$3.13 a share) compared with the US$173.7 million (US$12.09 a share) reported for the same period in 2003. […]
August 31, 2004
2 min read
The first half 2004 financial return for Toronto-based E-L Financial Corp. (TSX: ELF) shows significant improvement over the result for the same period in 2003, with the first six months of this year mostly showing gains made in the general insurance segment. E-L is the parent of the Dominion of Canada General Insurance Co. For […]
Kingsway Financial Services (TSX: KFS) saw net income for the second quarter of this year rise by 22% to $33.3 million compared with the $27.3 million reported for the same period a year ago. This translates to earnings of 59 a share, reflecting a 7% year-on-year gain (with approximately 14% more outstanding common shares in […]
Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income rise to $38 million ($1.74 a share) for the second quarter ending June 2004 on the back of a 5% reduction in the company’s combined ratio. Co-operators posted a combined ratio of 92.8% for the second quarter of this year compared with the 97.8% ratio […]
Northbridge Financial (TSX: NB), the Canadian operational holding company of Fairfax Financial, saw net earnings decline to $43.3 million (85 a share) for the second quarter of 2004 from $57.5 million ($1.16 a share) for the same period a year earlier – and this, despite the company turning in a combined ratio of 90.6% during […]
The latest quarterly financial filings by Canada’s property & casualty insurers shows an industry profit of $1.24 billion in the second quarter ending June 30, 2004. This compares with net income of $584.4 million as reported by the Office of the Superintendent of Financial Institutions (OSFI) for the second quarter of 2003.Combining commercial and auto […]
By Canadian Underwriter | August 31, 2004
1 min read
Both Ontario and B.C.’s financial services regulators are putting the stop to a “Stop ‘N Cash” operation selling insurance without a license.The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order for SNC Insurance Company (Barbados) Inc. and Stop ‘N’ Cash 1000 Inc., located in Kitchener, ON. “An investigation found that […]
By Canadian Underwriter | August 30, 2004
Swiss Re’s August 2004 Canadian Economic Outlook suggests the nation’s economy has shown resiliency despite slowdown in other countries. Swiss Re chief economist Kurt Karl predicts GDP growth of 2.7% for 2004, and 3.5% in 2005 for Canada. He also predicts the Bank of Canada will begin to raise interest rates on September 8, to […]
Police in Ontario’s York Region have laid 130 criminal charges against five men after recovering stolen vehicles worth more than $2 million.The charges followed a 16-month investigation dubbed “Project Romeo” which led to the recovery of over 50 luxury vehicles which had been reported stolen.”The 16-month investigation uncovered the use of counterfeit United States certificates […]
By Canadian Underwriter | August 29, 2004
Insurers are taking umbrage with the idea of making their regulatory rate filings public. In a submission to hearings being conducted by Nova Scotia’s Insurance Review Board (IRB), the Insurance Bureau of Canada (IBC) says insurers rate filings contain proprietary information which should be kept private for competitive reasons.”We believe that certain rate filing information […]
By Canadian Underwriter | August 26, 2004
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