Canadian Underwriter

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Optimum falls into net loss despite underwriting action (March 05, 2002)

March 5, 2002 by Canadian Underwriter

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

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FSCO passes guidelines on insurer investments

March 4, 2002 by Canadian Underwriter

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

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U.S. terror cover debate heats up

March 1, 2002 by Canadian Underwriter

As the Canadian government waits to take its lead from the U.S. on a terrorism reinsurance solution, lobbying efforts south of the border are intensifying. Risk and Insurance Management Society (RIMS) president David Mair was on Capitol Hill this week,

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Co-operators struggles in 2001

February 28, 2002 by Canadian Underwriter

Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or $0.97 per share, compared with income of $31.7

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IBC calls for change in Nova Scotia

February 28, 2002 by Canadian Underwriter

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

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Swiss Re ups WTC loss estimate and predicts loss for 2001

February 27, 2002 by Canadian Underwriter

Swiss Re, the world’s second-largest reinsurer has increased its after-tax loss estimate from the September 11 terrorist attacks to US$1.73 billion from US$1.25 billion. This and other exposures have left the company predicting a loss of more than US$117 million.Other

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Kingsway aims to buy another U.S. insurer

February 27, 2002 by Canadian Underwriter

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

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CGNU to adopt new name; cuts dividend

February 27, 2002 by Canadian Underwriter

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

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Hi-Alta raises $7 million with debenture sale

February 26, 2002 by Canadian Underwriter

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

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Lindsey Morden shows modest recovery for 2001

February 25, 2002 by Canadian Underwriter

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

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Court upholds $1 million punitive award against Pilot Insurance

February 22, 2002 by Canadian Underwriter

The Supreme Court of Canada has restored a jury award of $1 million in punitive damages made against Pilot Insurance Co. The Whiten v. Pilot case has been closely watched by insurers due to the magnitude of the punitive award.A

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Kingsway continues to soar

February 21, 2002 by Canadian Underwriter

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