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Fairfax rebounds in third quarter

November 11, 2002 by Canadian Underwriter

Slumping Fairfax Financial Holdings (TSE, NYSE: FFH) showed signs of a turnaround in the third quarter 2002, with the largest quarterly profit in the company’s history.After posting a loss of $458.3 million for the quarter ending September 30, 2001, the…

News Insurance

Legislation sets timetable for UV project

November 11, 2002 by Canadian Underwriter

Among the changes included in last week’s introduction of Bill 198 in the Ontario legislature is a countdown for the industry’s Uninsured Vehicles project.Through changes to the province’s Compulsory Automobile Insurance and Highway Traffic acts which stand to be passed…

News Insurance

Kingsway earnings up for third quarter (November 08, 2002)

November 8, 2002 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX, NYSE: KFS) is reporting a record increase in earnings per share for the quarter ending September 30, 2002. The company’s net income for the third quarter increased 51% to $21.7 million from $14.3 million during…

News Insurance

Hub to buy Sun Life mutual fund operation

November 8, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSX, NYSE: HBG) has signed a letter of intent to purchase Sun Life Financial Advisory Services Inc. which sells mutual funds in Canada. These operations would be merged with Hub’s existing mutual fund arm, Hub Capital…

News Insurance

Big changes for RSA, including Canadian ops

November 8, 2002 by Canadian Underwriter

Royal & SunAlliance is making some sweeping changes in light of continued financial troubles. The company has announced results of a financial review that will see it exiting under-performing lines of business. The group says it will continue to focus…

News Insurance

Struggles continue for Optimum General

November 7, 2002 by Canadian Underwriter

The downward spiral shows little sign of abating for Montreal-based Optimum General Inc. (TSX: OGI.A). Third quarter results see losses deepen, including a big dip in underwriting results.Overall, the company saw a net loss of $743,000, or $0.07 per share…

News Insurance

Facility seeks Atlantic rate increases

November 6, 2002 by Canadian Underwriter

The industry’s pool for high risk drivers appeared before the Nova Scotia and New Brunswick utilities boards this week to request rate increases in those provinces.The Facility Association (FA) is seeking a 30% increase in Nova Scotia and a whopping…

News InsuranceMergers and Aqcuisitions

Co-operators cuts new business in Alberta

November 6, 2002 by Canadian Underwriter

The Co-operators General Insurance says it will not accept new business at “preferred” auto rates in Alberta after November 1, 2002. In essence this means the Co-operators operation will no longer write the business, but will offer those clients rates…

News Insurance

Tiburon tops theft list again

November 6, 2002 by Canadian Underwriter

The third time is definitely not a charm for the Hyundai Tiburon which has ranked as the most stolen vehicle in Canada for the third straight year, according to Insurance Bureau of Canada (IBC) data.In its annual report “How Cars…

News Insurance

Hub 3-Q earnings rocket amidst “unusual” stock trading

November 6, 2002 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for…

News Insurance

ICBC posts strong 3-Q earnings rebound

November 5, 2002 by Canadian Underwriter

Provincial crown insurer, the Insurance Corp. of British Columbia (ICBC), reported net income of $15 million for the third quarter of this year, a stark contrast to the $7 million loss made for the same period a year prior. ICBC’s…

News Insurance

Scor head replaced in scramble to regain investor confidence

November 5, 2002 by Canadian Underwriter

Jacques Blondeau, the CEO of French reinsurer SCOR, has been replaced by Denis Kessler, the head of the French insurers’ association, the company announced following a director’s board meeting held Monday. The senior management switch came on the heels of…