Industry
Fairfax Financial Holdings (TSX, NYSE: FFH) says it has realized pre-tax gains of more than $425 million from the investment portfolios of its various companies thus far in the second quarter 2003. This is largely the result of the sale of bonds, the company reports.The company’s entire investment portfolio now has unrealized gains of more […]
By Canadian Underwriter | May 29, 2003
1 min read
In the full version of its “industry report card” on Canada’s p&c sector, rating agency Standard & Poor’s shows little hope that an underwriting profit can be achieved.Following on comments from a press release issued in conjunction with the report (see Breaking News, 5/28/2003), S&P says that Canada’s fragmented p&c market has shown no clear […]
The Canadian p&c insurance industry did not fare well on its “industry report card” from rating agency Standard & Poor’s (S&P).S&P said the outlook for the industry remains negative despite price hikes over the past year.”Intense competition, unrelenting claims costs, and poor investment returns continue to be factors that erode away profitability and capital,” a […]
By Canadian Underwriter | May 28, 2003
Revenue was up for broker consolidator Western Financial Group (TSX: WES) despite a drag on earnings from the start-up of its new banking operation. Consolidated net income for the first quarter ending March 31, 2003 was $175,000, representing no earnings per share, down from $427,000, or $0.03 per share, in the first quarter 2002. This […]
By Canadian Underwriter | May 27, 2003
The group general insurance division of Desjardins Financial Corp. was a drag on overall earnings in the first quarter ending March 31, 2003, the Montreal-based financial services company says.Gross written premiums were up 17% compared to the first quarter 2002, and net written premiums up 14%. However, claims were substantially higher for the quarter compared […]
U.S. insurers celebrated a successful week on Capital Hill with the introduction of a bill to resolve the asbestos crisis and a House committee vote in favor of class action reform late last week.Republican senator Orrin Hatch of Utah put forward a bill that sets up an asbestos “fund” to pay out claims. The legislation […]
By Canadian Underwriter | May 26, 2003
2 min read
As The Loyalist Insurance Co. wrote its last personal lines policy in December 2002, the market departure was too late to save yearend results, although the company sees promise for 2003.Overall, parent The Loyalist Insurance Group Ltd. (TSX: LOY) posted a net after-tax loss of $3.9 million, worse than the 2001 loss of $770,000. This […]
Kingsway Financial Services Inc. (TSX: KFS) has completed the second private placement of 30-year floating rate trust preferred securities amounting to US$15 million. The company will receive about US$14.5 million in proceeds from the placement. Kingsway recently made a similar placement which generated net proceeds of US$17 million.A statement released by Kingsway notes that, combining […]
On the heels of a decision to limit civil judgements against State Farm, the U.S. Supreme Court has again declared two separate multi-million-dollar verdicts against Ford Motor Co. as excessive.This week, the Supreme Court said that judgements of $290 million in California and $18 million in Kentucky must be reconsidered by lower courts as they […]
By Canadian Underwriter | May 23, 2003
Fairfax Financial Holdings’ Northbridge Financial Corporation initial public offering (IPO) of 13,400,000 common shares will be priced at $15.00 per. The result would be gross proceeds of $201 million.Northbridge Financial combines Fairfax’s existing Canadian p&c companies, and is one of the country’s largest general insurers based on gross written premiums.Northbridge will keep about $19 million […]
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