Canadian Underwriter

News


News InsuranceMergers and Aqcuisitions

Kingsway ROE jumps to 18.2% in second quarter

August 11, 2003 by Canadian Underwriter

Reporting record results for the second-quarter and first half of 2003, Kingsway Financial Service Inc. (TSE, NYSE: KFS) says its annualized return on equity of 18.2% for the quarter, versus 11.8% for Q2 2002.Net income for the quarter grew 68%…

News Insurance

S&P continues negative outlook on reinsurance industry

August 11, 2003 by Canadian Underwriter

Rating agency Standard & Poor’s (S&P) says the downward pressure continues on ratings for North American reinsurers, despite premium increases. Overall, S&P is continuing its “negative outlook” for the sector, for the sixth consecutive year.A negative outlook implies downgrades should…

News Insurance

Draft insurance rules for commercial boat owners released

August 8, 2003 by Canadian Underwriter

The federal Transport Ministry has released proposals that would require owners of commercial passenger boats to carry specific levels of liability insurance.Under the Marine Liability Act (MLA), compulsory insurance would be required for the owners of most vessels used by…

News Insurance

International airline liability treaty nears signing

August 8, 2003 by Canadian Underwriter

A treaty that would create an international standard for compensation to victims of airline disasters has taken one step closer to signing.The U.S. Senate has approved the “Montreal Convention”, as created by the International Civil Aviation Organization (ICAO).Among the issues…

News Insurance

Odyssey’s 2-Q earnings rise on realized gains

August 8, 2003 by Canadian Underwriter

The Fairfax group’s reinsurance arm, Odyssey Re Holdings Corp. (TSX: ORH), increased net earnings for the second quarter of this year by more than three-fold to US$112.7 million compared with the US$32.8 million reported for the same period last year.…

News Insurance

E-L Financial results dragged by investments

August 7, 2003 by Canadian Underwriter

First-half 2003 results for Toronto-based E-L Financial Corp. Ltd. (TSX:ELF) show some signs of improvement, although net income is down due to investment losses. The company’s net operating income rose to $29.5 million, or $7.67 per share, for the first…

News Insurance

Lindsey Morden troubles increase on U.S. losses

August 7, 2003 by Canadian Underwriter

Adjuster Lindsey Morden (TSX: LM) is reporting increased losses for second-quarter 2003, despite revenue growth in most operations.The Toronto-based company says all segments except its Canadian group reported higher earnings in the quarter, but losses in its U.S. division led…

News Insurance

Risk managers cite growth in liability rates

August 6, 2003 by Canadian Underwriter

Risk managers say costs for directors’ and officers’ (D&O) and pension fund liability insurance are soaring, while property risks are seeing some relief, according to quarterly results of the Risk and Insurance Management Society (RIMS) and Advisen Ltd. “Benchmark Survey”.Fiduciary…

News Insurance

B.C. forest fires claim 80 homes, sawmill

August 6, 2003 by Canadian Underwriter

Fires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned,…

News InsuranceMergers and Aqcuisitions

NB strikes committee to look at public auto

August 6, 2003 by Canadian Underwriter

Hot on the heels of a throne speech demanding insurers reduce auto insurance rates in New Brunswick, the provincial Conservative government is striking a committee to review the potential for a public auto insurance system.MLA Elizabeth Weir has been asked…

News Insurance

Hub acquires CBUS for undisclosed amount

August 5, 2003 by Canadian Underwriter

Hub International Ltd. (TSX: HBG) has acquired all of the stock of wholesale brokerage Cross Border Underwriting Services Inc. (CBUS) from managing general agent (MGA) KRG Insurance Brokers Inc. for an undisclosed amount. CBUS will fall under Hub Group (Ontario)…

News Insurance

Hub 2-Q net earnings flatten on share dilution

August 5, 2003 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) increased second quarter revenue by 29% year-on-year to US$74.1 million, while net earnings fell to US$10.1 million for the same period compared with the US$10.7 million reported at the end of June…