Industry
A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons for the sale’s failure were not given, although in an earlier statement Queensway had alluded […]
By Canadian Underwriter | August 29, 2001
1 min read
Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses. The company had seen a recent turnaround, posting profits of $1.7 million in the second […]
By Canadian Underwriter | August 28, 2001
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70% drop in the industry’s taxed earnings to $269 million for the first half of this […]
By Canadian Underwriter | August 26, 2001
2 min read
PetCare Insurance Brokers, a subsidiary of Pethealth Inc. (CDNX: PTZ), will soon be marketing its pet insurance products through Petcetera’s stores and Internet site. In a deal involving the acquisition of certain assets of Western pet insurer PAWS Health Plans Inc., Petcare will have exclusive rights to provide pet insurance to B.C.-based Petcetera’s customers. The […]
By Canadian Underwriter | August 24, 2001
A hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by the severe weather.Hood, fenders and car roofs were damaged by hail as large as hardballs, […]
By Canadian Underwriter | August 23, 2001
The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the individual investors in the insurance market, writes that the catastrophes that have plagued Lloyd’s in […]
By Canadian Underwriter | August 22, 2001
Rating agency Standard & Poor’s has maintained its negative outlook position of the European reinsurance market based on the industry’s 2000 financial returns. If anything, the rating agency notes, the financial strength ratings of companies may be downgraded. Although the European reinsurance market notched up 9% growth in premiums for 2000, Standard & Poors believes […]
By Canadian Underwriter | August 20, 2001
Rating agency A.M. Best has lifted its "negative outlook" on Lloyd’s of London. The agency has also affirmed the London-based market’s "A" rating. This step follows a negative outlook report which was issued on Lloyd’s on June 28 of this year based on potential asbestosis liability-related exposures.According to the rating agency, Lloyd’s short-term exposure to […]
By Canadian Underwriter | August 16, 2001
Goran Capital Inc. (TSE: GNC), which through its various operating subsidiaries underwrites specialty auto business, reported a net loss of $6.1 million equal to 105c a share for the first three months of its 2001 financial year.For the first six months of the current calendar year, the company came home with a loss of $15.6 […]
Canadian-based pet insurer Pethhealth Inc. (CDNX: PTZ) is laboring through a costly 2001 as expenses related to establishing a U.S. presence take their toll on the company’s bottom-line. Net loss after tax for the second quarter is $2.36 million, or $0.01 per share, more than double that of second-quarter 2000, which saw a loss of […]
By Canadian Underwriter | August 14, 2001
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