Industry
Following a tumultuous trading binge last month, Toronto-based Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) was hit by another volley today following a ratings downgrade from Standard & Poor’s. Yesterday, the stock flew up to top $110 per share after the company reported record profits for 2002. But on news of the S&P downgrade, the […]
By Canadian Underwriter | February 12, 2003
2 min read
After a disastrous 2001, Toronto-based financial giant Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) rebounded in 2002 to produce a profit of $415.7 million, the largest in the company’s history.For the fourth quarter ending December 31, 2002, the company saw total revenue of $2.09 billion, versus the $1.73 billion reported during the last quarter of […]
By Canadian Underwriter | February 11, 2003
Oddyssey 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 25c a share for the year.Odyssey lifted gross written […]
By Canadian Underwriter | February 10, 2003
1 min read
Kingsway Financial Services (TSX, NYSE: KFS) brought in record net income for the fourth quarter 2002 and strong full-year earnings, largely as a result of performance from its U.S. operations.Net income for the quarter ending December 31, 2002 was up 154% to $25.4 million from $10 million for the same period a year earlier. Earnings […]
A computer hard-drive containing personal client information of The Co-operators Life Insurance Co. has been recovered by the Regina police authorities. The hard-drive was reported stolen last week from a storage facility owned by ISM Canada.A statement released by The Co-operators says the hard-drive will be subject to a police forensic examination. Initial indications suggest […]
By Canadian Underwriter | February 6, 2003
Following harsh winter storms which struck New Brunswick and other Atlantic provinces earlier this week.According to the Insurance Bureau of Canada (IBC), as of Tuesday morning, 25,000 households in New Brunswick were still without power as a result of the freezing rain. “As with everyone else, our primary concern is the safety and adequate shelter […]
By Canadian Underwriter | February 5, 2003
It was not hard to find the spanking new offices of Triple D Adjusters Ltd. They occupied the main floor of a new low-rise office building close to one of the city’s main expressway exits. My insurance company used Triple D frequently and my boss, downtown branch manager Fred Wilson, had asked me to attend […]
January 31, 2003
8 min read
Life has not been kind to most technology companies. Those still standing after the "dot.com meltdown" have shown a resilience, even stubbornness, that so many lacked. After 20 years in the insurance automation business, Compu-Quote founder John Savage can count his company among the survivors. The keys to the kingdom, he says, are flexibility in the face of change. And now, with the development of the CSIO Internet portal, Savage prepares for yet another challenge to the company's dominance in the rating system arena.
6 min read
These are difficult times for the Canadian insurance market. Industry cooperation and government action can help the industry as a whole, but in a way, that really is not the point. Each carrier is still faced with finding an appropriate business strategy - no matter what the details of the context they all share. And today, more than ever, the right technology is crucial to successful execution on business strategy.
5 min read
With the passage of Ontario’s auto insurance legislation under Bill-198, insurers may be tempted to revert to dependence on Designated Assessment Centers (DACs) and forego the opinion of Independent Medical Examiners (IMEs). Certainly, the legislation spotlights DACs, making their decisions carry far greater weight and giving them immunity from litigation. As insurers look to drive […]
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