Canadian Underwriter

News


News Insurance

Hub expects US$68.6 million from U.S. IPO

May 30, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSE: HBG) is hoping to raise US$68.6 million when it launches an initial public offering on the New York Stock Exchange next month.The company says it will sell 5 million shares for between US$14 and US$16…

News Insurance

EU approves 30 day extension for aviation terrorism cover

May 29, 2002 by Canadian Underwriter

On the heels of the decision made by the U.S. government to extend its coverage of airline terrorism exposures by another 30 days, the European Union has granted approval to its members to do the same. As such, the airlines…

News Insurance

U.S. insurers hit $700 million from April tornado/storm spree

May 28, 2002 by Canadian Underwriter

U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to…

News Insurance

Hi-Alta applies for banking license

May 27, 2002 by Canadian Underwriter

Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced today at the company’s annual general meeting.Tannas believes that the withdrawal by the big…

News Insurance

Co-operators shaves underwriting loss ratio for 1-Q

May 24, 2002 by Canadian Underwriter

Co-operators General Insurance Co. (TSE: CCS.PR.A) produced a net taxed loss of $2.2 million for the first quarter of this year compared with a $20 million loss reported for the same period of 2001. This translates to a loss of…

News Insurance

Hi-Alta net income doubles in first quarter

May 24, 2002 by Canadian Underwriter

Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) is reporting a 212% jump in net income for the first quarter of this year, compared with the same period in 2001. For the three months ending March 31, 2001, the company saw…

News InsuranceMergers and Aqcuisitions

Canadian insurers regain early profit momentum in 2002

May 23, 2002 by Canadian Underwriter

Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Despite this improvement to the bottom-line,…

News InsuranceMergers and Aqcuisitions

SGI gets initial A- rating

May 22, 2002 by Canadian Underwriter

Rating agency A.M. Best has assigned an initial financial strength rating of A- (excellent) to Saskatchewans public insurer, Saskatchewan Government Insurance Canada (SGI Canada). A rating of B+ (very good) has also been given to SGI Canada Insurance Services Ltd.…

News Insurance

Vector 2001 results show $4 million loss

May 21, 2002 by Canadian Underwriter

Broker consolidator Vector Intermediaries Inc. (TSX Venture Exchange: VTE) is reporting a net loss of $4.04 million loss for 2001, only a slight improvement over a loss of $4.05 the year prior. This works out to a loss of $0.18…

News Insurance

U.S. government extends airline cover (May 17, 2002)

May 17, 2002 by Canadian Underwriter

Once more, the U.S. government has extended the deadline for third-party war risk coverage for airlines, this time by 30 days. The coverage was set to run out on May 19, but will now last at least until June 19.The…

News Insurance

OECD to examine terrorism reinsurance issue

May 17, 2002 by Canadian Underwriter

The Organization for Economic Cooperation and Development (OECD)says it will look into the issue of terrorism reinsurance in light of the potential economic impacts worldwide. At its Ministerial Meeting in Paris this week, the OECD formally stated, “We recognize the…

News Insurance

Optimum rebounds in Q-1 on improved loss experience

May 16, 2002 by Canadian Underwriter

Quebec-based Optimum General Inc. (TSE: OGI.A) posted a modest recovery in net taxed income for the first quarter of the 2002 financial year as the insurer’s loss ratio eased back mostly as a result of improved pricing conditions. The company’s…