Industry
For the fourth year in a row, the two-door Hyundai Tiburon has been listed as the “most stolen car in Canada” by the Insurance Bureau of Canada (IBC). But this could be the last year, as the vehicle maker have taken strides to make the Tiburon a less friendly target for auto thieves. “The 2001 […]
By Canadian Underwriter | November 10, 2003
2 min read
Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3 million for the same period a year prior. But net operating income (excluding investments) was […]
1 min read
Northbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for the period. This compares with net earnings of $15.8 million, or $0.34 per share, for […]
By Canadian Underwriter | November 7, 2003
Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares from the Toronto Stock Exchange (TSX) beginning November 17, 2003, citing the fact that most […]
Rate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently, rates have been on a “downward slide ever since”, the ISO’s president Frank Coyne told […]
By Canadian Underwriter | November 6, 2003
Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million ($19.31 a share) posted for the third quarter of last year. This year’s third quarter […]
By Canadian Underwriter | November 3, 2003
3 min read
Desjardins Group General Insurance and Assurances generales des caisses Desjardins have adopted new names as part of a marketing repositioning of the group, a statement says. The two companies have been renamed Desjardins General Insurance Group and Desjardins General Insurance respectively. “By adopting these new corporate identities, we are demonstrating that we want to display […]
The Dominion of Canada General Insurance Co. will issue premium refund cheques to Nova Scotia auto policyholders over the coming two weeks, a statement says. The refunds relate to the recent passing of the province’s Bill-1 auto insurance legislation which requires insurers to drop rates by 20% subject to a price freeze until November 2004. […]
By Canadian Underwriter | November 2, 2003
Royal & SunAlliance Insurance Co. of Canada will cease to write new personal and individual corporate auto covers in Nova Scotia effective immediately, says the company’s president Rowan Saunders. Royal & SunAlliance is the first among a number of auto insurers expected to withdraw from the province in reaction to legislation passed last week under […]
Rate freezes, rollbacks, premium refunds and government-run insurance. It seems that the language of auto insurance has changed so rapidly that insurers have been left dazed and disorientated in an unknown land. But, based on latest events, it would appear that the time for learning new languages is over. In the Editorial of the October […]
October 31, 2003
4 min read
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