Features
Kingsway maintains strong profit margin
March 1, 2005 by Canadian UnderwriterSpecialty risk insurer Kingsway Financial Services (TSX: KFS) saw net income for 2004 rise 54% to hit a record $131.0 million, or $2.32 per share. This equates to a return on equity (ROE) of 17.4% for last year versus the…
Markel International enters Canada
March 1, 2005 by Canadian UnderwriterThe Canadian market was “the right fit” for the newest office in the Markel International stable, says the company’s CEO Gerry Albanese. The move into Canada through MINT Canadian Specialty Underwriters (MCSU) was based on several factors, he notes. “We…
Anthony Clark loss reflects cost charges
March 1, 2005 by Canadian UnderwriterAnthony Clark International Insurance Brokers Ltd. (TSX: ACL) continues to bleed red ink, with its financial return for the first three quarters of the current financial year (ending December 2004) showing a net loss of $2.39 million compared with a…
E-L Financial reaps hard market gains
March 1, 2005 by Canadian UnderwriterE-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co., posted net income for 2004 of $129.9 million, or $31.93 a share. This is more than double the 2003 net income of $46.9 million, or $11.66…
Co-operators’ earnings lifted by underwriting
March 1, 2005 by Canadian UnderwriterCo-operators General Insurance Co. (TSX: CCS.PR.A) increased net income three-fold for 2004 to $139.49 million ($6.54 a share) compared with the $44.04 million ($1.78 a share) reported for 2003. The insurer boosted earnings for the fourth quarter of 2004 to…
Northbridge flexes underwriting muscle for 2004
March 1, 2005 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial Holdings, posted record net earnings for 2004 of $162.2 million, equal to $3.19 a share compared with follows earnings of $153.0 million, or $3.07 a share reported the year…
Cyclical Business…
March 1, 2005 Sean van Zyl, Managing EditorA press conference recently held by the Insurance Bureau of Canada (IBC) to disclose preliminary earnings figures for the Canadian property and casualty insurance industry, and presumably to achieve maximum “damage control” in anticipation of a negative media response to…
Insurers achieve record return for 2004
March 1, 2005 by Canadian UnderwriterThe Canadian property and casualty insurance industry will likely finish 2004 with a 65% increase in net profit of $4.2 billion compared with the $2.5 billion reported the previous year, according to preliminary financial data recently released by the Insurance…
RAIN, RAIN, go away
March 1, 2005 Vikki SpencerRisk managers await clear skies
PORT In the STORM
March 1, 2005 Vikki SpencerThere is little smooth sailing for risk managers today. The rough tides brought on by the Spitzer investigations, coupled with a commercial insurance market in transition, are forcing risk professionals to navigate treacherous waters indeed. Into this fray, incoming Risk & Insurance Management Society (RIMS) president Ellen Vinck treads, ready to take the helm, charting strong fundamentals and a united industry voice as the true course to guide the professional safely to port.
Voluntary Reaction?
March 1, 2005 Craig HarrisCanada’s non-profit sector has taken its insurance hits over the past three years from higher rates and reduced coverage. Its vulnerable position in the insurance cycle has caught the attention of regulators and politicians across the country. Insurers are now responding with a flurry of activity to solve the problem and control the damage.
The Politics of Leasing
March 1, 2005 Glenn McGillivrayIn the United States, yet another deep pocket has been found to finance third-party automobile injury claims. Is the trend beginning here?