Industry
ING is the first insurer to publicly state it will continue to write auto insurance in Nova Scotia despite introduction of a bill to freeze rates for the next six months in that province.Recently the provincial government introduced Bill-45 which would freeze rates until January, 2004.ING said that despite its intention to stay in Nova […]
By Canadian Underwriter | May 12, 2003
1 min read
Internet reinsurance trading site “inreon” is closing shop after just a couple years in business.Low trading volumes are to blame, the company says, with growth not meeting targets. Last month, the company reported that online trading for the 2002-2003 renewal season and into the first quarter was growing, with more than 500 submissions for quotation […]
By Canadian Underwriter | May 9, 2003
Hot on the heels of the sale of its Canadian primary insurance operation, Gerling Group announces the sale of its credit insurance operation, Gerling NCM.The majority shareholding has been sold to Deutsche Bank and Swiss Re, reducing Gerling’s holding in the credit insurer to 3%. Deutsche Bank paid EUR 120 million and Swiss Re EUR […]
A change in accounting practices by Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) has contributed to its first quarter 2003 income dropping 17% Net income for the quarter was US$46.6 million, or US$0.72 per share, versus US$19.4 million, or US$0.30 per share in the first quarter of 2002. However, with a gain of US$36.9 […]
By Canadian Underwriter | May 6, 2003
2 min read
It was good news all around for Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) with the release of vastly improved first quarter 2003 results, plus the announcement that reinsurers have agreed to adverse development cover for the majority of troubled sub TIG’s reserves.Currently Fairfax’s ORC Re subsidiary has taken on the full US$300 million in […]
A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of real solutions”.”Our costs are rising daily and today, the government plans to freeze the premiums […]
E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain, reports net income for the first quarter ending March 31, 2003 was up to $11.1 million, or $2.89 per share, versus $9.4 million, or $2.44 per share, a year earlier.This is exclusive of investment gains, which if counted […]
By Canadian Underwriter | May 5, 2003
Rating agency A.M. Best has placed under review the financial strength rating of Gerling Canada Insurance Company (rated A-, excellent). The review follows news that the company’s German parent, Gerling Konzern Allgemeine, will sell the operation to a group of Canadian investors.”The current under review status reflects the pending sale of Gerling Canada to a […]
Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to a 48% increase in diluted earnings of 49c a share against the 33c a share […]
By Canadian Underwriter | May 2, 2003
Broker network Hub International Limited (NYSE, TSX: HBG) reports growth in both revenue and earnings, on the back of growth in Canada and rising contingent commissions, for the first quarter ending March 31, 2003.For the quarter, revenue was up 39% to US$68.9 million, from US$49.5 million in the first quarter last year. During the same […]
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