Industry
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced at the company’s annual general meeting. Shareholders also approved a change of name for the company to Western Financial Group, which will trade on the Toronto Stock Exchange under […]
May 31, 2002
1 min read
At a Center for the Study of Insurance Operations' (CSIO) board meeting held in 1999, someone raised the topic of technology trends within the insurance industry. Little did we know that this seemingly harmless discussion would lead to the world's first insurance portal. Those initial hopes have transformed into an industry mobilized with a common goal of broker-company communication for the future. Less than three years later we are on the verge of seeing this vision become a reality.
5 min read
Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income came in at $16.3 million versus $9.2 million for the first quarter 2001. This translates to earnings of 33 a share for the latest quarter compared with 27 posted […]
Noting the rising awareness of natural disaster costs, both in financial and human terms, the Institute for Catastrophic Loss Reduction (ICLR) has revealed a full slate of research programs for the year ahead. At the institute’s annual general meeting held in Toronto recently, executive director Paul Kovacs noted the focus has been sharpened for the […]
Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21 a share (1-Q 2001: 13 a share). […]
Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Much of this recovery came on the heels of rate increases implemented last year across nearly all lines of business, as […]
2 min read
The general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001 from the p&c operations.The reason for the turnaround is growth in all lines of business […]
By Canadian Underwriter | May 31, 2002
Broker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16 each. Of the US$68.6 million Hub expects to raise, US$47 million will go to pay […]
By Canadian Underwriter | May 30, 2002
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big five bank groups from rural communities and a general move to automated central service centers […]
By Canadian Underwriter | May 26, 2002
Co-operators General Insurance Co. (TSE: CCS.PR.A) produced a net taxed loss of $2.2 million for the first quarter of this year compared with a $20 million loss reported for the same period of 2001. This translates to a loss of 18c a share for the latest reporting period. The significant improvement in the insurers’ financial […]
By Canadian Underwriter | May 24, 2002
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