Industry
Shares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained in Ashland Inc.’s latest 10Q report, which it filed to the Securities and Exchange Commission […]
By Canadian Underwriter | August 13, 2002
2 min read
Broker consolidator Hub International (TSX, NYSE: HBG) continued to see the benefits of acquisition, reporting net earnings of US$10.7 million for the quarter ending June 30, 2002. This is an increase of 319% over the US$2.7 million in net earnings reported for the second quarter of 2001. Diluted earnings per share are US$0.41, an increase […]
By Canadian Underwriter | August 12, 2002
Broker and financial services network Western Financial Group (TSE: WES) plans to buy back 90% of a set of convertible redeemable subordinated debentures issued in June 1998. Western made the offer to buy back the debentures, with a total value of $6 million, for cash, 9% convertible unsecured subordinated debentures or a combination of both.Holders […]
By Canadian Underwriter | August 9, 2002
1 min read
Specialty insurer Kingsway Financial (TSE, NYSE: KFS) is announcing another record showing in the second quarter of 2002, with net income up 42% over the same period last year, to $16.2 million from $11.4 million. For the period ending June 30, 2002, diluted earnings per share are $0.33, on par with second-quarter 2001, but with […]
Stock in Aon Corporation (NYSE: AOC) dropped 30% yesterday upon release of the company’s second-quarter results, news that a planned spin-off was being halted and an investigation of previous financial reporting by the Securities Exchange Commission (SEC).Second-quarter results for the Chicago-based brokerage were “the worst in Aon’s history”, admits the company’s CEO Patrick G. Ryan. […]
By Canadian Underwriter | August 8, 2002
Despite a drop in its portfolio investment segment, E-L Financial Corp. (TSE: ELF) saw net income rise for the first six months of 2002, to $32.4 million from $30.8 million for the same period last year. This results in income of $8.43 per share this year versus $8.01 per share last year for the period […]
By Canadian Underwriter | August 7, 2002
Pet insurance specialist Pethealth Inc. has netted $3.6 million through its previously announced private placement of 30,000,000 units at $0.12 each.”We are delighted to have closed this financing given the turbulent conditions of the financial markets over the past few months and we feel it speaks extremely well of our accomplishments to date,” says Mark […]
By Canadian Underwriter | August 2, 2002
Market capacity in Lloyd’s of London is growing, rising from 12.2 billion pounds (Cdn$30.25 billion) at the beginning of 2002 to a mid-year high of 12.5 billion pounds (Cdn$31 billion).At the recent Western States Surplus Lines conference in Whistler, B.C., Lloyd’s director of worldwide markets Julian James said that the market is at its most […]
By Canadian Underwriter | August 1, 2002
The insurance industry has gone through two years of a hard market which started mid-2000 and became more restrictive following the disaster of September 11 of last year. Currently, the tight conditions experienced within the marketplace remain a dominating factor, particularly for managing general agents (MGAs) and program business.
July 31, 2002
5 min read
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for its U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”. Fairfax filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock. The company also notes that it has netted US$69 million […]
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