Industry
Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) has bought 4.3 million outstanding common shares of its own spin-off, Odyssey Re Holdings Corp.. As a result of the private transaction, Fairfax now owns more than 52.36 million or 80% of more than 65 million outstanding common shares of Odyssey Re.The subsidiary has issue US$78.05 million principal […]
By Canadian Underwriter | March 5, 2003
1 min read
A new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The Nova Scotia Branch of the CBA says that its findings are in contrast to submissions […]
By Canadian Underwriter | March 4, 2003
Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per share, versus $77.2 million, or $20.10 per share, in 2001. Similarly, net operating income before […]
By Canadian Underwriter | March 3, 2003
Odyssey Re Holdings Corp. (TSX: ORH), the reinsurance operation of Fairfax Financial Holdings Ltd., produced net taxed income of US$208.2 million for the financial year ended December 2002. This equates to earnings of US$3.20 a share. As a result, the company declared a cash dividend of 25 a share for the year. Odyssey lifted gross […]
February 28, 2003
After a disastrous 2001, Toronto-based financial services giant Fairfax Financial Holdings Ltd. (TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history. The company’s net earnings for 2002 amounted to $28.78 a share compared with a loss of $28.04 a share posted for the 2001 financial year. […]
2 min read
The industry’s guaranty fund is considering its future role in Newfoundland, members heard at the recent annual general meeting of the Property & Casualty Insurance Compensation Corporation (PACICC). Newfoundland recently proposed that insurers cover 100% of unearned premiums in the event of an insurer insolvency, while PACICC currently refunds 70% up to a cap of […]
In reporting its overall results for the fourth quarter and yearend 2002, TD Bank Financial Group notes that insurance products brought in gross premiums of $282 million during the last quarter of the year. This is up $56 million, or 25%, over fourth quarter 2001, the company notes.TD sells insurance through its TD Insurance and […]
By Canadian Underwriter | February 27, 2003
Auto insurance and workers’ compensation emerged as the top issues for states when it came to insurance legislation last year. This comes from a survey by the National Association of Mutual Insurance Companies (NAMIC).P&c insurers faced 239 new laws last year in 44 states. Sixty of these were aimed at auto insurance, while 45 new […]
By Canadian Underwriter | February 26, 2003
Rating agency Fitch’s has downgraded the financial strength of U.K.-based Royal & SunAlliance Insurance plc (RSAIP) from A- to BBB+. The company’s long-term rating was also lowered to BBB- from BBB, and its junior subordinated debt to BB+ from BBB-.This follows the group’s ratings being lowered with a “negative outlook” in mid-November of last year. […]
By Canadian Underwriter | February 25, 2003
Litigation is taking center stage south of the border with ongoing discussions on tort reform, medical malpractice liability and even the never-ending asbestos issue.This week, a joint Senate committee is hearing testimony on a proposal to tackle the spiraling cost of medical malpractice insurance. The House of Representatives has introduced a bill to cap jury […]
By Canadian Underwriter | February 13, 2003
3 min read
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