Industry
Canada’s property and casualty insurance industry – inclusive of the primary and reinsurance sectors – appears to suffer from a condition of “rich man, poor man syndrome”, a condition which the insured public whether they fall in the personal lines or the commercial classes of business does not seem to have much sympathy for. As […]
May 31, 2004
4 min read
In an unprecedented move, the Financial Services Commission of Ontario (FSCO) has filed charges against two former Pilot Insurance Co. executives for “directly or indirectly furnishing false, misleading or incomplete information” to the insurance regulator. Former Pilot CEO Stu Kistruck and CFO Colin Simpson each face the same charge, along with another charge relating to […]
2 min read
A major new windstorm research project has been initiated after gaining financial backing from the insurance industry. The industry’s disaster prevention organization, the Institute for Catastrophic Loss Reduction (ICLR) has approved the University of Western Ontario’s (UWO) proposal to build a facility to test the effects of wind and moisture on a full-sized building structure. […]
1 min read
Insurance holding company Fairfax Financial Holdings (TSX: FFH) reported reduced net earnings of US$39.5 million for the first quarter of 2004, down from the US$169.0 million posted for the same period the year prior. This saw earnings drop to US$2.63 a share from US$6.97 a share shown for the comparative period a year ago. Fairfax […]
Kingsway Financial Services Inc. (TSX: KFS) boosted net income by 26% to $30.8 million for the first quarter of this year compared with the $24.4 million reported for the same period a year ago. As a result, earnings on a per share basis rose by 12% to 55 a share from the 49 a share […]
One year into the new federal solvency test – the minimum capital test (MCT) – the industry overall maintains a capital level well above that required by regulators, according to the Insurance Bureau of Canada (IBC). The bureau says the industry’s test score is 215%, showing a favorable gain over the regulatory target of 150%. […]
George Lightbound It is with sadness that CU announces the passing of George Lightbound. After a tough battle with cancer he died peacefully, on April 26, 2004 at home surrounded by his loving wife of over 56 years, Merle, and his two sons and two daughters. Lightbound was in his 81st year. He served overseas […]
The Fairfax group’s Canadian arm, Northbridge Financial Corp. (TSX: NB), posted an underwriting profit of $20.3 million for the first quarter of this year. This was achieved on the back of a 92.8% combined ratio. The company’s latest financial return reflects a doubling of the underwriting profit of $10.1 million posted for the first quarter […]
Fairfax’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) posted a return on equity (ROE) of 17% for the first quarter of 2004. The reinsurer produced a taxed profit of US$59.0 million (US90 a share) for the first quarter of this year compared with the US$46.6 million (US72 a share) reported for the same period […]
Driving instructors want parents to act as good role models to their children, long before those children are ready to get behind the wheel, according to a new survey by “I Promise Program” executive director Gary Direnfeld. “It is difficult for the instructor to instill good driving behavior when parents consistently exceed the speed limit […]
By Canadian Underwriter | May 31, 2004
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