Industry
Specialty insurer Kingsway (TSE: KFS) reported record earnings and revenue for the third quarter 2001. Unlike many insurers who have seen abysmal results due to September 11 losses, Kingsway posted net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000. This translates to record quarterly earnings of 36c […]
November 30, 2001
1 min read
Montreal-based B.F. Lorenzetti (BFL) is set to buy a majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted commercial brokerage offices in Halifax and Quebec City. BFL says the acquisition makes it the largest independent commercial brokerage with 132 employees and over $125 million […]
Canadian property and casualty insurers produced a record-low return on equity (ROE) of 1.8% for the first nine months of this year against the 7.4% return achieved a year previous, according to the latest quarterly Perspective financial report released by the Insurance Bureau of Canada (IBC). The dramatic drop in the industry’s ROE is reflected […]
3 min read
Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest reporting period rose by an impressive 39% to $674,900 against the $485,600 made to the […]
By Canadian Underwriter | November 30, 2001
The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government with a proposal aimed at curtailing the rise in personal injury claims while at the […]
Despite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The company was hit not only with September 11 losses, which it confirmed at US$1.84 billion, […]
By Canadian Underwriter | November 29, 2001
2 min read
Montreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition makes it the largest independent commercial brokerage with 132 employees and over $125 million in […]
By Canadian Underwriter | November 27, 2001
Lloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property and business interruption claims and increasing reinsurance exposures in light of other insurers increasing their […]
Canadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for the latest quarter fell by 46.7% to $165 million compared with the $310 million made […]
By Canadian Underwriter | November 23, 2001
British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia (ICBC) announces the appointment as it heads into perhaps its most difficult period, with private […]
By Canadian Underwriter | November 22, 2001
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