November 30, 2001 by Canadian Underwriter
Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest reporting period rose by an impressive 39% to $674,900 against the $485,600 made to the end of September 2000. Earnings per share clocked in 50% higher year-on-year at 6c a share compared with the 4c a share produced last year.
Hi-Alta president Scott Tannas says higher prices resulting from the general hardening of the insurance market began to feed into the network’s revenue after the third quarter. "we can capitalize on the opportunities brought about by a hardening of the insurance market, we are focused on gradually building our expertise and product offering in financial services."
Tannas says the brokerage network is set to launch a special life insurance program in conjunction with a major Canadian life insurer. The network has also applied for a Canadian bank charter to allow for further expansion in the agency banking field which has proven to be highly successful for the company. Tannas expects to increase the number of offices within the network from the current 35 to 50 locations by the end of the first quarter of next year.
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