Industry
U.K.-based CGNU says it is changing a few things, beginning with its name. The company, including its Canadian operations will be called Aviva, a name chosen to reflect the company’s international focus. Currently the company operates with 50 different names worldwide.”We are looking forward to adopting the worldwide brand in Canada” says Igal Mayer, president […]
By Canadian Underwriter | February 27, 2002
1 min read
Broker consolidator Hi-Alta (TSE: HIA) made the maximum amount possible from its recent release of debentures, bringing in $7 million in new capital. The offering of 9% convertible unsecured subordinated debentures was expected to bring in between $4 million and $7 million. The debentures can be converted into Hi-Alta common shares at a conversion price […]
By Canadian Underwriter | February 26, 2002
Adjusting firm Lindsey Morden Group Inc. posted a net loss of $5.8 million for the 2001 financial year to end December compared with the $23 million loss reported the previous year. The company was able to lift to revenue by 16% to $438.9 million for 2001 (2000: $377.2 million) due to what the directors note […]
By Canadian Underwriter | February 25, 2002
Specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) capped off a successful 2001 with record earnings and revenue in the fourth quarter, ending December 31. The company has been on a winning streak, in the face of disastrous results in the rest of the industry.In the last quarter of 2001, Kingsway reports net income increased […]
By Canadian Underwriter | February 21, 2002
2 min read
British Columbia’s public insurer is reporting a loss of $251 million last year, but is predicting a close to break-even 2002. This compares with a net income of $139 million in 2000 for the Insurance Corporation of B.C. (ICBC).In fact, 2000 saw income of $357 million, but $219 million of this was paid back to […]
By Canadian Underwriter | February 20, 2002
Trade associations representing the financial services will join together in a single lobby group, despite their differences on certain legislative issues. The Insurance Bureau of Canada (IBC), Canadian Bankers Association (CBA), Canadian Life & Health Insurance Association (CLHIA), Investment Dealers Association (IDA) and Investment Fund Institute of Canada (IFIC) will form the Financial Services Council […]
By Canadian Underwriter | February 19, 2002
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 Life’s group life and health […]
By Canadian Underwriter | February 18, 2002
On the tail of a slew of terrible fourth quarter 2001 reportings from insurers, Canadian-based Fairfax is the latest to tell its tale of financial woe in the wake of September 11. The World Trade Center (WTC) attacks, combined with the failure of U.S. energy giant Enron, led the company to a $346 million loss […]
By Canadian Underwriter | February 11, 2002
Rating agency A.M. Best says the collapse of U.S. energy giant Enron has cost insurers US$3 billion in investment exposures, at least in the early stages. The figure assesses losses as of September 30, 2001.However, the majority of these losses were from the life and health industry, which had an investment of US$2.8 billion at […]
By Canadian Underwriter | February 7, 2002
Lloyd’s of London is set to make a second cash call on its members in order to deal with claims from 1998 to 2001, including its US$2.8 billion exposure to the September 11 terrorist attacks.The calls will bring in about US$800 million ($564 million pounds sterling). Individual investors (Names) will each be asked to pay […]
By Canadian Underwriter | February 6, 2002
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