Topic
Insurance
Industrial Alliance produces 1-Q earnings gain
May 5, 2005 by Canadian UnderwriterProperty and casualty insurance and financial services provider Industrial Alliance Insurance and Financial Services Inc. (TSX: IAG) lifted net earnings for the first quarter of this year by 14% to $42.4 million compared with the $37.2 million disclosed for the…
MSA/Baron 2004 report confirms down cycle (May 05, 2005)
May 5, 2005 by Canadian UnderwriterDespite the higher profitability achieved by Canadian property and casualty insurers for 2004, the industry is unlikely to maintain this earnings momentum through this year and into 2006, according to the recently released fourth quarter 2004 "MSA/Baron Outlook Report". The…
SEC issues salvo of finite transaction subpoenas against insurers
May 4, 2005 by Canadian UnderwriterHannover Reinsurance Co. and General Electric Co. are among the latest targets of the U.S.’s Securities Exchange Commission (SEC) in its investigation into finite reinsurance transactions. The SEC’s interest in the use of finite reinsurance by insurers was sparked earlier…
Hub acquires U.S. specialty reinsurance brokerage
May 4, 2005 by Canadian UnderwriterBroker network consolidator, Hub International Ltd. (TSX: HBG), has acquired Los Angeles-based THB Intermediaries Inc. (THB) in a combined cash and stock deal. The value and terms of the purchase have not been disclosed.THB operates as a specialty reinsurance brokerage…
FSCO confirms 1-Q auto rate declines
May 4, 2005 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) says that auto insurer rate filings at the end of the first quarter of this year show an average year-on-year price drop of 7.5%. In comparison, approved auto insurance rates for the first…
Co-operators produces modest 1-Q earnings growth
May 3, 2005 by Canadian UnderwriterMutual insurer, Co-operators General Insurance Co. (TSX: CCS.PR.A), lifted net earnings for the first quarter of this year by 6% to $36.5 million compared with the $34.4 million reported for the same period in 2004. The latest quarterly result equates…
AIG runs into further accounting problems
May 3, 2005 by Canadian UnderwriterAmerican International Group Inc. (AIG) has hit another hurdle in attempts to deal with accounting irregularities that will require the insurer to restate five years of its financial results. AIG says that a review of its books by auditor PricewaterhouseCoopers…
Optimum announces senior management change
May 3, 2005 by Canadian UnderwriterQuebec-based Optimum General Inc. (TSX: OGI.SV.A) has appointed Jean-Claude Page in the role of president/CEO of the company. Page follows in the role of David Liddle, recently retired after a career with the company spanning 20 years. The announcement of…
Western Financial maintains stock buyback strategy
May 2, 2005 by Canadian UnderwriterFinancial services group and broker network consolidator Western Financial Group Inc. (TSX: WES) has gained regulatory approval from the Toronto Stock Exchange (TSE) to repurchase the equivalent of up to 5% of both its common issued shares as well as…
Northbridge 1-Q earnings benefit from investment gains
May 2, 2005 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB), the holding company for the Fairfax group’s Canadian insurance operations, lifted net earnings for the first quarter of this year by 76.5% to $56.8 million compared with the $32.2 million reported for the same period…
Higher loss exposure from Florida’s new hurricane deductible limited
May 2, 2005 by Canadian UnderwriterInsured losses arising from hurricane events in Florida will unlikely have a significantly higher impact on insurers as a result of the state’s new "annual deductible" regulation change which kicks into effect from the beginning of May this year, according…
Odyssey Re 1-Q earnings plummet (May 02, 2005)
May 2, 2005 by Canadian UnderwriterThe Fairfax group’s reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This…