Canadian Underwriter

Lindsey Morden losses up in Q1 2002 due to outstanding claims

April 18, 2002   by Canadian Underwriter

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International adjusters Lindsey Morden, operating in Canada as Cunningham Lindsey, is reporting a net loss of $7.9 million for the first quarter 2002, on the back of expenses and outstanding claims. The $9.9 million in expenses for the quarter ending March 31, 2002, along with settlement of two large outstanding claims, were largely to blame for the loss, a big increase over last year’s loss of $2.9 million in the first quarter.
Among the outstanding claims the company settled was a 32.6 million pounds sterling plus interest claim by Eastgate Group Ltd. from its purchase of Hambro Assistance from Lindsey Morden in 1998. “The company determined that it was preferable to settle these claims at reasonable amounts rather than pursue its defences through further
court proceedings,” states the release.
On a bright note, revenues are up 18% over last year to $109.9 for the quarter, an increase of $81 million over the same period last year.
Operating earnings were also up substantially, to $3.1 million, from last year’s $0.6 million.

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