Canadian Underwriter

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Insurance


News Insurance

Western to buy back shares, expands in Alberta

May 4, 2004 by Canadian Underwriter

Alberta-based Western Financial Group Inc. (TSX: WES) says it will make a bid to repurchase shares and debentures through the Toronto exchange.The company will buy back up to 918,265 of its common shares, or 5% of the outstanding and issued

News Climate ChangeInsurance

Swiss Re wins another round against Silverstein

May 4, 2004 by Canadian Underwriter

Swiss Re came out ahead in the latest legal round against World Trade Center leaseholder Larry Silverstein. A New York jury found in favor of the reinsurer that it is bound by the Wilprop policy form for its portion of

News Climate ChangeInsurance

Hurricane Juan toll hits $113 million

May 4, 2004 by Canadian Underwriter

The insured losses arising from Hurricane Juan’s assault on Nova Scotia last fall have risen to $113 million, signaling the need for better disaster prevention, says the Insurance Bureau of Canada (IBC).In November, the IBC had pegged insured losses from

News Insurance

E-L Financial earnings up on premium gains

May 3, 2004 by Canadian Underwriter

Toronto-based E-L Financial Corp. (TSX: ELF), parent of The Dominion of Canada General Insurance Co., posted higher net income for the first quarter of 2004 on the back of premium growth in its general insurance segment.Overall, net income for the

News InsuranceMergers and Aqcuisitions

ICBC net income jumps to $81.6 million in first quarter

May 3, 2004 by Canadian Underwriter

B.C.’s public insurer is reporting net income of $81.6 million for the first quarter ending March 31, 2004, a massive leap from the $4.7 million reported for the same period a year ago.The Insurance Corp. of B.C. (ICBC) says premiums

News Insurance

Odyssey Re ROE hits 17%

May 3, 2004 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE: ORH) exceeded its own goals, posting return on equity of 17% for the first quarter of 2004.The reinsurer posted after-tax income of US$59.0 million (US$0.90 per share) for the first quarter, versus US$46.6 million

News Climate ChangeInsurance

WTC ruling favors most insurers

May 2, 2004 by Canadian Underwriter

The jury is still out for Swiss Re, but many of the insurers on the World Trade Center (WTC) policy have received a positive verdict from a Manhattan jury. The jury said that many of the insurers, including Lloyd’s, are

News Insurance

Lindsey Morden losses widen on U.S. TPA sale

May 2, 2004 by Canadian Underwriter

International adjuster Lindsey Morden (TSX: LM) saw its losses widen in the first quarter of 2004, up to $21.1 million from just $2.0 million in the first quarter of 2003.However, much of this loss stems from its U.S. operations, with

News Insurance

Fairfax earnings down despite strong combined ratio

May 2, 2004 by Canadian Underwriter

Insurance giant Fairfax Financial Holdings (TSX. NYSE: FFH) is reported reduced net earnings for the first quarter of 2004, down to US$39.5 million from US$169.0 million for the same period a year before. This translates to earnings per share dropping

News InsuranceMergers and Aqcuisitions

ICBC uncovers $23,000 fraud

May 2, 2004 by Canadian Underwriter

A Maple Ridge, B.C. man has pleaded guilty to fraudulently accepting payment of $23,414 from the Insurance Corp. of B.C.In May, 2003, Daniel Wiens claimed the amount following a single-vehicle crash he said occurred on May 16, resulting in a

News Insurance

Hub profits up 8% in first quarter

April 29, 2004 by Canadian Underwriter

Broker network Hub International (NYSE/TSX: HBG) posted net income up 8% in the first quarter 2004, to US$9.6 million, compared with US$8.9 million in the first quarter of 2003.This is dispute a US$1.7 million after-tax write-off following the company’s move

News Insurance

Loyalist completes turnaround for profitable 2003

April 29, 2004 by Canadian Underwriter

After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results