Industry
Alberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued shares as of April 27. It will also repurchase up to $548,715 in aggregate principal […]
By Canadian Underwriter | May 4, 2004
1 min read
Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million (US$0.72 per share) for the same period in 2003. While realized gains were strong at […]
By Canadian Underwriter | May 3, 2004
Toronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.Overall, net income for the most recent quarter was $24.0 million ($6.24 per share), up from $16.9 million ($4.41 per […]
B.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums were up to $726 million for the most recent quarter, from $674 million a year […]
A Maple Ridge, B.C. man has pleaded guilty to fraudulently accepting payment of $23,414 from the Insurance Corp. of B.C.In May, 2003, Daniel Wiens claimed the amount following a single-vehicle crash he said occurred on May 16, resulting in a total write-off of his car.”Everything looked normal until it was later discovered through a routine […]
By Canadian Underwriter | May 2, 2004
Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping to US$2.63 from US$6.97 for the comparative period.Fairfax says some of the problem comes from […]
In an environment of high consumer expectations, mutual insurers looked to vendors to offer lessons in managing customer relationships at the Canadian Association of Mutual Insurance Companies (CAMIC) mid-year meeting which was recently held in Toronto. Speakers focused on meeting the customer service challenge while maintaining control of claims expenses and underwriting through enhanced information.
April 30, 2004
4 min read
It is with sadness that we report the passing of Paul Graham on April 11, just one week after his 70th birthday. Paul’s insurance career spanned 40 years, most recently as president and CEO of Canadian Re (now Swiss Reinsurance Co. of Canada) from 1989 until his retirement in 1997. He played an important role […]
All for a good cause, the industry tipped back some of the world’s finest scotches at the 4th Annual Scotch Nosing, hosted by the Honorable Order of the Blue Goose, Ontario Pond. The event raised $6,500 for the Women in Insurance Cancer Crusade (WICC), and attendees were treated to a sampling of Speyside Region offerings, […]
Broker network consolidator Hub International (TSX: HBG) increased net income year-on-year by 8% to US$9.6 million for the first quarter 2004 compared with the US$8.9 million posted for the same period the year prior. The company achieved this despite a US$1.7 million after-tax write-off incurred during the financial year from incorporating all operations under the […]
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