Industry
Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has entered into a debt financing arrangement of US$5 million (Cdn$7.9 million) with Textron Financial Corp. The funding was arranged through the broker’s U.S. subsidiary Addison York Insurance Brokers LLC for the purpose of acquiring additional property and casualty insurance brokerages.Completion of the debt […]
By Canadian Underwriter | August 21, 2002
1 min read
Despite a rough showing overall for Montreal’s Desjardins-Laurentian Financial Corporation, the company’s p&c unit performed well in the second quarter of 2002.Net premiums for life/health and general insurance were up 9% for the quarter ending June 30, 2002, to $660.1 million from $603.7 million for the same period last year. The company reports growth across […]
Aon Corp., the world’s largest brokerage, says it has resolved issues with the U.S. Securities Exchange Commission (SEC) over financial reporting. Aon highlighted the issues when releasing its second-quarter 2002 results recently, including such things as reporting of investment impairments and business restructuring charges. The news, combined with the announcement that Aon was putting on […]
By Canadian Underwriter | August 20, 2002
Continuing poor financials have induced A.M. Best to lower the rating of Quebec-based Optimum General’s p&c insurance subsidiaries. Optimum’s five subsidiaries, previously rated as B (fair) now have a financial strength rating of C++ (marginal).The subsidiaries include Quebec-based Optimum Farm Insurance and Optimum Insurance Company, Ontario’s Optimum Frontier and B.C.’s Optimum West. The action also […]
By Canadian Underwriter | August 19, 2002
Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”, beginning in September.In the interim, ICBC chair will take over the duties of president and […]
2 min read
Lea Algar was appointed the chair of the board of directors of the newly created General Insurance Ombudservice (GIO) at the organization’s first meeting. The GIO board consists of seven members, two of which are insurance industry appointees. George Anderson, former CEO of the Insurance Bureau of Canada (IBC) sits on the board along with […]
By Canadian Underwriter | August 15, 2002
In its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims pending as of June 30. Viacom is a defendant in lawsuits claiming various asbestos-related personal […]
Odyssey Re, the reinsurance arm of Fairfax Financial Holdings, increased net income for the first six months of this year by 120% to US$89.1 million compared with the US$40.6 million reported at the end of June 2001. Earnings for the latest six month period amount to US137c a share. The company increased its shares in […]
By Canadian Underwriter | August 14, 2002
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 $41.7 […]
Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting net loss per share is $0.21 for this quarter, compared to $0.06 for the same […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
