Industry
The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., have been acquired by Canadian Western Bank. The deal involves a cash payment of $25.4 million, reflecting a 25% premium over book value of the HSBC insurance operations. The deal is subject to regulatory approval. Canadian Direct will continue to operate as […]
February 29, 2004
1 min read
Financial services provider E-L Financial Corp. Ltd. (TSX: ELF), parent company of The Dominion of Canada General Insurance Co., posted higher operating income for 2003, largely on the back of growth in its general insurance business. However, net income dropped as a result of hits to the company’s investment income.Overall net income for the company, […]
By Canadian Underwriter | February 27, 2004
Folowing on the departure of Jan Tomlinson to the U.S. parent company, Chubb Insurance Company of Canada has named Ellen J. Moore as its new CEO. In fact, Moore will continue to work for Tomlinson, who has assumed the role of international field operations manager and chairman of Chubb Canada.Moore has been with Chubb since […]
Memphis-based Sedgwick Claims Management Services Inc. is taking on the Canadian market with the opening of Sedgwick CMS Canada Inc., the first move outside the U.S. for Sedgwick.The new office will be based in Mississauga, Ontario, and will be headed up by Louise A. Rivett, a Canadian claims industry veteran of 25 years.”Sedgwick CMS has […]
By Canadian Underwriter | February 25, 2004
Broker network Hub International Ltd. (TSX, NYSE: HBG) saw its revenues rise to a record US$286.4 million in 2003, up 30% from the US$220.0 million recorded for 2002.Net earnings for the year were US$38.5 million, or US$1.14 per share, up from US$31.9 million, or US$1.06 per share the year prior.Both Canadian and U.S. operations fared […]
By Canadian Underwriter | February 23, 2004
2 min read
A new homeowner’s policy from Chubb Insurance Co. of Canada may be a sign of increasingly dangerous times, covering rising crimes including child abduction, home invasion, car jacking and stalking.In launching the program, Chubb cites Statistics Canada data suggesting 30% more break-ins and vehicles thefts per capita are being reported in Canada than in the […]
Specialty insurer Kingsway Financial Services (TXS, NYSE: KFS) saw its return on equity drop slightly in 2003, although the company still boasted double-digit returns for the year.For the 12 months ending December 31, 2003, ROE was 12.9%, down from 13.8% the year prior. However, the company’s net income rose 7% to $83.5 million, or $16.2 […]
By Canadian Underwriter | February 16, 2004
New York-based Odyssey Re Holdings Corp. (part of Fairfax Financial) saw premium growth of 35%, with progress in all of its four global business segments, to boost net income for 2003. For the year ending December 31, 2003, the reinsurer posted after-tax net income of US$249.2 million, or US$3.83 per share, compared to US$208.2 million, […]
By Canadian Underwriter | February 13, 2004
Broker network Western Financial Group has purchased its first brokerage in Manitoba. Barker Agencies has two offices in Brandon and one in Souris, Manitoba, serving the western part of the province.This brings the total for the Western Insurance Network up to 54 offices in B.C., Alberta, Saskatchewan and Manitoba.Barker Agencies was founded in 1919, and […]
By Canadian Underwriter | February 12, 2004
Northbridge Financial Corp. (TSX: NB), the Canadian arm of Fairfax Financial, is reporting strong underwriting results for 2003. The company posted net earnings of $153.0 million last year, up from $53.7 million in 2002. This translates to earnings per share of $3.07 in 2003, more than double the $1.16 per share reported in 2002.Overall, the […]
By Canadian Underwriter | February 11, 2004
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