Industry
Tough times prevail for Montreal-based Optimum General (TSE: OGI.A), which posted a net loss of $2.3 million, or 21 a share for the quarter ending June this year. This compares with a net loss of $709,000, or 6 a share reported for the second quarter of 2001. The company’s gross written premiums dropped to $41.9 […]
August 31, 2002
2 min read
Toronto-based financial services group Fairfax Financial Holdings (TSE: FFH) lifted net premium for the first six months of this year by 20% to $3.1 billion compared with the previous year’s half year amount of $2.6 billion. Pre-tax income rose by a dramatic 206% year-on-year to $103.8 million, however, Fairfax incurred a hefty tax bill of […]
Broker consolidator Hub International (TSE: HBG) continued to realize the benefits of acquisitional growth, reporting net earnings of US$10.7 million for the second quarter to end June of this year. This reflects a year-on-year increase of 319% over the US$2.7 million in net earnings reported for the second quarter of 2001. Earnings amounted to US41 […]
1 min read
There is strong support for a series of reforms aimed at modernizing the world’s oldest insurance market, says Lloyd’s of London in releasing results of consultation on the reforms.The original proposals have been revised somewhat since they were first introduced at the beginning of the year, but key elements remain. The plan involves the creation […]
By Canadian Underwriter | August 30, 2002
Second-quarter results for Western Financial Group (TSX: WES), formerly Hi-Alta Capital, are on track to hit the company’s yearend targets. Revenue is up 21.4% for the quarter ending June 30, 2002, to $7.6 million, versus $6.2 million in the same period a year earlier. Net income was also up, to $477,662 for the most recent […]
By Canadian Underwriter | August 29, 2002
Financial services giant ING Group reports that its Canadian operations were a “solid performer” in the second quarter of 2002. Overall, the Amsterdam-based company reported net operating profit is down for the period ending June 30, 2002 to Cdn$3.5 billion, a drop of 2% from the same period a year earlier. Per share operational net […]
By Canadian Underwriter | August 23, 2002
The gap between the world’s strongest reinsurers and the weakest is likely to widen in the current market, suggests a report from rating agency A.M. Best.The annual review of the reinsurance market notes that it was lack of attention to underwriting and over-reliance on investment gains that brought reinsurers to their dismal results last year […]
Canadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings for the first six months of this year fell by 20.5% to $300 million compared […]
By Canadian Underwriter | August 22, 2002
3 min read
Following the wind-up of Ontario-based Markham General, bodyshops are reporting that previously filed claims are not being paid. This follows a Toronto Star report early this week that stated cheques issued by the failed insurer are bouncing.The Collision Industry Action Group, in an information piece sent out to shopowners, notes that it has been contacted […]
RBC Insurance increased premium and deposit income for the third quarter of the group’s financial year by 22% to $536 million compared with the $440 million reported for the same period a year prior. Net earned premiums rose by 27% year-on-year for the latest quarterly reporting period to $423 million (3-Q 2001: $334 million).The insurance […]
By Canadian Underwriter | August 21, 2002
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