Industry
Odyssey Re Holdings Inc.’s (TSX: ORH) net taxed income for the third quarter of this year came in at US$87.8 million, equivalent to US135c a share. Net taxed income for the first nine months of 2002 amounted to US$176.9 million or US272c a share. The net earnings include US$68 million in taxed realized capital gains […]
By Canadian Underwriter | November 13, 2002
1 min read
Slumping Fairfax Financial Holdings (TSE, NYSE: FFH) showed signs of a turnaround in the third quarter 2002, with the largest quarterly profit in the company’s history.After posting a loss of $458.3 million for the quarter ending September 30, 2001, the company came through with net earnings of $281.4 million for the same period this year. […]
By Canadian Underwriter | November 11, 2002
Among the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed by December 12, 2002, a twelve-month countdown for implementing the UV project has begun.In a […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) is reporting a record increase in earnings per share for the quarter ending September 30, 2002. The company’s net income for the third quarter increased 51% to $21.7 million from $14.3 million during the same period a year earlier. The result was a 22% jump in earnings per […]
By Canadian Underwriter | November 8, 2002
2 min read
Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital Inc., coinciding with the company’s life and financial services operation, Hub Financial Inc.Sun Life Financial […]
Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus on general insurance, having already sold off much of its life operations.As for Canada, a […]
The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars Measure Up”, the IBC reports that the Tiburon is followed by the Acura Integra and […]
By Canadian Underwriter | November 6, 2002
Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for the latest reporting period amount to 19c a share against the 9c a share shown […]
By Canadian Underwriter | November 5, 2002
Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of a warning issued last week by SCOR that it will likely disclose a net loss […]
Rating agency Standard & Poor’s has placed its ratings on Aon Corp., including a “A- counter-party credit rating”, on “credit watch” with negative implications following an announcement by the Chicago-based corporate brokerage house that it plans to raise about US$1 billion in funding to strengthen its balance-sheet and to replace maturing debt.Aon recently disclosed its […]
By Canadian Underwriter | November 3, 2002
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