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Pethealth results show revenue growth despite loss

March 10, 2003 by Canadian Underwriter

Oakville, Ontario-based pet insurer Pethealth Inc. (TSX Venture Exchange Tier 1: PTZ) posted record financial results for the year ending December 31, 2002. The company brought in total revenue of $3.66 million, a 146% increase over revenue of $1.49 million…

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Battle over New Brunswick auto heats up

March 7, 2003 by Canadian Underwriter

A consumer group has thrown the latest attack in the battle over how to deal with New Brunswick’s auto insurance system. In a press release, the Consumers Coalition Against No-Fault Insurance says that it fears the government is going to…

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Hub earnings up almost 200% in 2002

March 6, 2003 by Canadian Underwriter

Broker consolidator Hub International Ltd. (TSX, NYSE: HBG) reports a 194% increase in net earnings for the year ending December 31, 2002. Last year, earnings grew to US$29.4 million from US$10 million in 2001. Diluted earnings per share grew 112%…

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State Farm faces rating review on surplus drop

March 6, 2003 by Canadian Underwriter

The State Farm group, the largest personal lines insurer operating in the U.S., has been placed under review for possible downgrade by rating agency Moody’s Investors Service after the company revealed that its surplus had fallen by US$6.3 billion to…

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ICBC posts $45 million income for 2002

March 5, 2003 by Canadian Underwriter

B.C.’s public insurer is singing a different tune for 2002, having posted net income of $45 million compared to a net loss of $251 million in 2001.The money, which amounts to less than 2% of annual premiums, will go into…

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Fairfax buys additional shares of Odyssey Re

March 5, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd. (TSX, NYSE: FFH) has bought 4.3 million outstanding common shares of its own spin-off, Odyssey Re Holdings Corp.. As a result of the private transaction, Fairfax now owns more than 52.36 million or 80% of more…

News InsuranceMergers and Aqcuisitions

Canadian Bar Association calls IBC findings into question

March 4, 2003 by Canadian Underwriter

A new study by the Canadian Bar Association (CBA) suggests court awards for auto accident injuries have gone up only marginally in the last two decades in Nova Scotia, refuting the claims of the Insurance Bureau of Canada (IBC). The…

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Loss widens for Optimum General in 2002

March 4, 2003 by Canadian Underwriter

Montreal-based Optimum General Inc. (TSX: OGI.A) is likely relieved to see 2002 gone, as the company reported a net loss of $7.4 million, or $0.68 per share, for the year ending December 31. This compares to a loss of $2.7…

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Munich Re, SCOR pleased with January 1 renewals

March 4, 2003 by Canadian Underwriter

Rising rates and tighter terms are putting smiles on the faces of reinsurance CEOs as they come off January 1 renewals.Munich Re Group, which saw 65% of its portfolio (worth EUR2.2 billion in premium volume in 2001) renew on January…

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E-L Financial net income down in 2002

March 3, 2003 by Canadian Underwriter

Net income was down for E-L Financial Corporation Ltd. (TSX: ELF), and its general insurance operations specifically, in 2002. In results for the year ending December 31, 2002, the company reports overall net income of $51.5 million, or $13.41 per…

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Hub expands New York network

March 3, 2003 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) has acquired the assets of Manhattan, New York-based Waldron Mahoney Inc. for an undisclosed cash sum through the group’s Kaye Insurance Associates Inc. Waldron specializes in serving the insurance needs of high-net…

News InsuranceMergers and Aqcuisitions

Co-operators ends 2002 in the red

February 28, 2003 by Canadian Underwriter

Auto claims continued to plague Co-operators General Insurance Company (TSX: CCS.PR.A) as it wound up 2002 with a fourth quarter loss of $2.5 million. This compares with a loss of $2.6 million for the last quarter of 2001.Year-on-year, gross written…