Industry
Montreal-based insurer Optimum General Inc. (TSE: OGI.A) which through five subsidiaries operates across Canada and parts of the U.S. posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for the previous year. This translates to a loss of 25c a share for the latest […]
By Canadian Underwriter | March 5, 2002
2 min read
Following the release of a consultation paper last fall, the Financial Services Commission of Ontario has passed, as part of a budget bill, changes to the restrictions on insurer investment portfolios. The changes are to make the province’s regulations more in line with other provincial as well as federal guidelines.Among the provisions is one that […]
By Canadian Underwriter | March 4, 2002
1 min read
Insurance contracts are sold by insurers to provide peace of mind to the buying public, the summary decision court papers applying to the Whiten v. Pilot final appeal case indicate. Specifically, the Supreme Court of Canada, which recently upheld $1 million in punitive damages that had previously been made against Pilot Insurance Co. in a […]
February 28, 2002
4 min read
The Supreme Court of Canada has restored a jury award of $1 million in punitive damages which had been made against Pilot Insurance Co. The cross-appealed Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award contested, as well as the apparent “shift” by the courts toward […]
When Canada's financial services industries caught wind of a government proposal to build a national ombudsman service geared at regulating customer service under the regal eye of Ottawa, companies from banks, investment dealers to insurers reacted swiftly with the creation of their own "all-in-one" countrywide ombudsman service. But, the question remains, will this private sector initiative hold up under political as well as consumer scrutiny?
8 min read
On the heels of selling its personal lines book of business to ING, Zurich is now set to sell its Canadian life operations to giant Manulife. The two companies have inked a deal where Manulife will acquire all outstanding shares of Zurich Life for an undisclosed price. Manulife already owns Zurich’s group life and health […]
The World Trade Center (WTC) attacks, combined with the failure of U.S. energy-trading giant Enron, led Canadian-based Fairfax Financial Holdings (TSE: FFH) to a $346 million loss last year, compared to $137.4 million profit in 2000. This works out to a loss of $28.04 per share for 2001, versus a gain of $9.41 the year […]
Specialty insurer Kingsway Financial Services (TSE: KFS) capped off a successful 2001 financial year with record earnings and revenue for the last quarter. The specialty insurer’s net income increased to $10 million from $7.4 million for the same period in 2000. Earnings rose to a record 23 a share for the last quarter of 2001, […]
The Insurance Bureau of Canada (IBC) is taking the next step in its bid for auto insurance reform in Atlantic Canada. The industry’s representative body is trying to persuade the Nova Scotia government to institute changes that would reduce the cost of claims, specifically of soft-tissue personal injury claims. A recent “closed claim” study conducted […]
By Canadian Underwriter | February 28, 2002
In keeping with the recent success of its U.S. acquisitions, Mississauga-based Kingsway Financial Services (TSE, NYSE: KFS) is making an offer on American Country Holdings Inc.Kingsway, which owns several subsidiaries in the U.S. and Canada, is offering US$2.10 per share of common stock, US$12 for preferred stock and US$0.175 per class A common stock purchase […]
By Canadian Underwriter | February 27, 2002
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