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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…

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Goran reports net loss for first quarter 2002

May 15, 2002 by Canadian Underwriter

Toronto-based specialty insurer Goran Capital (OTCBB:GNCNF, TSE:GNC) is reporting a net loss for the first quarter ending March 31, 2002. The loss of $5.97 million is actually an improvement over last year’s loss of $9.55 million for the same period.…

News Insurance

Odyssey Re produces strong 1-Q revenue gain

May 15, 2002 by Canadian Underwriter

Odyssey Re Holdings Corp. (TSE: ORH), a subsidiary of the Fairfax group, lifted net taxed income to $56.3 million for the first quarter of 2002, which amounts to earnings of 86c a share. The reinsurer also grew gross revenue by…

News Insurance

Fairfax earnings up in first quarter 2002

May 14, 2002 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings (TSE: FFH) is showing signs of improvement in the first quarter of 2002. After losing $346 million last year, to pretax earning of $29 million for the quarter ending March 31, 2002. This is a 257%…

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CSIO rating service in the works

May 13, 2002 by Canadian Underwriter

A proposed rating service for the Centre for the Study of Insurance Operations (CSIO) portal, to make it more inclusive for member insurers, is a go. Late last week the CSIO board approved the creation of the rating service, which…

News Insurance

Hub reports healthy profit and revenue growth for 1-Q

May 10, 2002 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted…

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ICBC reports $30.4 million loss in Q1 2002

May 10, 2002 by Canadian Underwriter

B.C.’s public insurer is reporting a net loss for the first quarter 2002 of $30.4 million. This compares with a loss of $39.1 million in the first three months of 2001 for the Insurance Corporation of B.C. (ICBC).However, only $9…

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NY Senate pushes Congress for action on terrorism cover

May 10, 2002 by Canadian Underwriter

The New York State Senate has formally adopted a resolution urging U.S. Congress to set up a temporary backstop for terrorism reinsurance, the Alliance of American Insurers (AAI) is reporting. The resolution calls the p&c market “a fundamental underpinning of…

News Insurance

Swiss Re files motion to break Silverstein “joint interest” with Willis

May 9, 2002 by Canadian Underwriter

In the latest stage of the ongoing legal battle between Swiss Re and World Trade Center (WTC) leaseholder Larry Silverstein, the insurer has filed a motion to break the “joint interest” privilege asserted by Silverstein and broker Willis. This privilege…

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Annual airshow cancelled due to insurance cost

May 8, 2002 by Canadian Underwriter

The London, Ontario annual airshow has been cancelled, its organizers announced, as a result of the excessive cost of insurance. Reports from the International Council of Air Shows Inc. (ICAS) suggest that Canadian airports are now demanding that airshow organizers…

News InsuranceMergers and Aqcuisitions

Auto insurance among FSCO priorities

May 7, 2002 by Canadian Underwriter

With the recent release of a discussion paper on its 2002 priorities, the Financial Services Commission of Ontario (FSCO) has put auto insurance on the agenda. But what exactly that auto reform will look like is still unclear.Although auto insurance…

News InsuranceMergers and Aqcuisitions

Anderson calls on government to act on insurance issues

May 6, 2002 by Canadian Underwriter

On the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute…