Industry
Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68% to $27.3 million, versus $16.2 million in Q2 2002. Earnings per share are $0.55 for […]
By Canadian Underwriter | August 11, 2003
2 min read
Rating agency Standard & Poor’s (S&P) says the downward pressure continues on ratings for North American reinsurers, despite premium increases. Overall, S&P is continuing its “negative outlook” for the sector, for the sixth consecutive year.A negative outlook implies downgrades should outpace upgrades or even affirmations of ratings in the short-to-medium term.”Despite further price increases in […]
1 min read
The federal Transport Ministry has released proposals that would require owners of commercial passenger boats to carry specific levels of liability insurance.Under the Marine Liability Act (MLA), compulsory insurance would be required for the owners of most vessels used by passengers for travel within Canada. This includes commercial ventures, plus publicly-run vessels such as ferries.If […]
By Canadian Underwriter | August 8, 2003
The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year. The latest quarterly earnings equate to US$1.73 a share against the 50c a share shown […]
By Canadian Underwriter | August 7, 2003
First-half 2003 results for Toronto-based E-L Financial Corp. Ltd. (TSX:ELF) show some signs of improvement, although net income is down due to investment losses. The company’s net operating income rose to $29.5 million, or $7.67 per share, for the first six months of this year, versus $14.1 million, or $3.66 per share during the same […]
Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15 a share for the latest quarter against the $2.95 a share shown for the same […]
By Canadian Underwriter | July 31, 2003
Toronto-based Northbridge Financial Corp. (TSX: NB) – the listed property and casualty primary insurance arm of the Fairfax group – increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million shown for the same period in 2002. The latest earnings equal $1.16 a share versus […]
As the final image on the large-screen television faded away, the golf professional clicked a switch and the lights in the small room came on. “Okay, people,” he said with a smile. “These were the fundamentals of how to get up and down from a greenside bunker.” He quickly passed out two sheets of paper […]
July 31, 2003
9 min read
A familiar face in unfamiliar times. Brokers face perhaps their most challenging market ever, trying to sell rate increases and find coverage for exposures insurers are leery to touch. Auto insurance has become a political hot potato in almost every province, on the back of consumer outrage at rising rates and lack of availability. The struggle to get the CSIO portal off the ground continues, and the ever-present threat of the big banks loom again. This landscape, however, offers opportunity for brokers, says incoming IBAC president Ken Orr.
6 min read
Kingsway Financial Services Inc. (TSX: KFS) has launched a lawsuit against the former directors, auditors and actuaries of a recent U.S. acquisition, American Country Holdings Inc. Kingsway alleges that the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc., understated the reserves of American Country’s subsidiary American Country Insurance Co. which […]
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