Industry
Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and Canada.The offering will be led by HSBC Securities and CIBC World Markets. A preliminary prospectus […]
By Canadian Underwriter | November 21, 2001
1 min read
A new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study that revealed 26% of all personal injury claims are fraudulent.The new poll also shows 92% […]
Manitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped to offer a rate reduction, but after unexpected high claims, some as a result of […]
By Canadian Underwriter | November 20, 2001
Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the same period last year.All of this helps to offset the company’s losses from the September […]
By Canadian Underwriter | November 19, 2001
Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted basis amounted to 15c a share against 10c a share shown at the end of […]
By Canadian Underwriter | November 16, 2001
In reporting its third quarter 2001 results, German insurer Allianz says its original September 11 loss estimate of US$600 million has risen significantly to US$1.3 billion. The impact of the terrorist attack claims is a US$40.74 million loss for the quarter.While no third quarter figures are available for 2000 for comparison, the company does note […]
By Canadian Underwriter | November 15, 2001
2 min read
Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000.Earnings per […]
By Canadian Underwriter | November 9, 2001
New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income of US$14.6 million reported for the same period in 2000.The negative earnings performance occurred as […]
By Canadian Underwriter | November 7, 2001
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates to $35.23 a share against the $1.93 a share loss reported for the third quarter […]
Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR, a private equity management firm, is just the first part of a capital enhancement program […]
By Canadian Underwriter | November 5, 2001
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