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More companies make key asbestos disclosures

August 15, 2002 by Canadian Underwriter

In its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims…

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Odyssey Re benefits from pricing rebound for half year

August 15, 2002 by Canadian Underwriter

Odyssey Re, the reinsurance arm of Fairfax Financial Holdings, increased net income for the first six months of this year by 120% to US$89.1 million compared with the US$40.6 million reported at the end of June 2001. Earnings for the…

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Fairfax takes tax hit on half-year recovery (August 14, 2002)

August 14, 2002 by Canadian Underwriter

Toronto-based financial services group Fairfax Financial Holdings (TSE: FFH) lifted net premium for the first six months of this year by 20% to $3.1 billion compared with the previous year’s half year amount of $2.6 billion.Pre-tax income rose by a…

News InsuranceMergers and Aqcuisitions

Optimum General still waiting for turnaround

August 14, 2002 by Canadian Underwriter

Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting…

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Busy period for asbestos liability, as three companies make key disclosures

August 13, 2002 by Canadian Underwriter

Shares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained…

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Lindsey Morden revenue up, losses down

August 13, 2002 by Canadian Underwriter

Claims services company Lindsey Morden (TSX: LM) is reporting increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue was $110 million, versus $106 million last year, and increase of 3%.…

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ICBC reports almost $40 million profit in Q-2 2002

August 12, 2002 by Canadian Underwriter

British Columbia’s public insurer is reporting increased profits for the quarter ending June 30, 2002, largely the result of changes to its investment portfolio. The Insurance Corporation of B.C. (ICBC) saw a net profit of $39.6 million for the second…

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Acquisitions continue to pay off for Hub

August 12, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSX, NYSE: HBG) continued to see the benefits of acquisition, reporting net earnings of US$10.7 million for the quarter ending June 30, 2002. This is an increase of 319% over the US$2.7 million in net earnings…

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Western to acquire 90% of outstanding debentures

August 9, 2002 by Canadian Underwriter

Broker and financial services network Western Financial Group (TSE: WES) plans to buy back 90% of a set of convertible redeemable subordinated debentures issued in June 1998. Western made the offer to buy back the debentures, with a total value…

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Kingsway continues winning streak in second quarter

August 9, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial (TSE, NYSE: KFS) is announcing another record showing in the second quarter of 2002, with net income up 42% over the same period last year, to $16.2 million from $11.4 million. For the period ending June…

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Lighter than normal hurricane season expected, scientists say

August 8, 2002 by Canadian Underwriter

Researchers at Colorado State University’s hurricane forecast team say this year’s hurricane season should be less punishing than previously thought. Despite the recent appearance of tropical storms Arthur and Bertha in the Atlantic basin, atmospheric conditions since the start of…

News Insurance

Aon stock slides on series of bad news

August 8, 2002 by Canadian Underwriter

Stock in Aon Corporation (NYSE: AOC) dropped 30% yesterday upon release of the company’s second-quarter results, news that a planned spin-off was being halted and an investigation of previous financial reporting by the Securities Exchange Commission (SEC).Second-quarter results for the…