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Markets trouble Desjardins, despite group insurance growth

August 21, 2002 by Canadian Underwriter

Despite a rough showing overall for Montreal’s Desjardins-Laurentian Financial Corporation, the company’s p&c unit performed well in the second quarter of 2002.Net premiums for life/health and general insurance were up 9% for the quarter ending June 30, 2002, to $660.1…

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Goran Capital’s second-quarter results highlight woes

August 20, 2002 by Canadian Underwriter

Toronto-based Goran Capital Inc. (TSX: GNC) is reporting dismal results for the second quarter of 2002. For the three months ending June 30, the company suffered a net loss of $8.4 million, worse than the $6.1 million loss in last…

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European flood damage could cost insurers EUR 1 billion

August 20, 2002 by Canadian Underwriter

Losses from flooding throughout Europe could reach EUR 1 billion (Cdn$1.54 billion), suggests a report from Swiss Re.Heavy rainfall has led to flooding in the Black Sea region, and through Germany, Austria, Russia, Bulgaria, Romania, Italy, Spain, the Czech Republic…

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Aon resolves issues with SEC

August 20, 2002 by Canadian Underwriter

Aon Corp., the world’s largest brokerage, says it has resolved issues with the U.S. Securities Exchange Commission (SEC) over financial reporting. Aon highlighted the issues when releasing its second-quarter 2002 results recently, including such things as reporting of investment impairments…

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U.S. government extends airline cover (August 19, 2002)

August 19, 2002 by Canadian Underwriter

The U.S. government has yet again extended its offering of third party war-risk liability insurance to the country’s aviation industry. The program, put in place following the withdrawal of private insurers from the market after the September 11, 2001 terrorist…

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Optimum General results lead to downgrade

August 19, 2002 by Canadian Underwriter

Continuing poor financials have induced A.M. Best to lower the rating of Quebec-based Optimum General’s p&c insurance subsidiaries. Optimum’s five subsidiaries, previously rated as B (fair) now have a financial strength rating of C++ (marginal).The subsidiaries include Quebec-based Optimum Farm…

News InsuranceMergers and Aqcuisitions

ICBC president resigns

August 19, 2002 by Canadian Underwriter

Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”,…

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Algar named chair of newly created insurance "Ombudservice"

August 16, 2002 by Canadian Underwriter

Lea Algar was appointed the chair of the board of directors of the newly created General Insurance Ombudservice (GIO) at the organization’s first meeting. The GIO board consists of seven members, two of which are insurance industry appointees. George Anderson,…

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More companies make key asbestos disclosures

August 15, 2002 by Canadian Underwriter

In its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims…

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Odyssey Re benefits from pricing rebound for half year

August 15, 2002 by Canadian Underwriter

Odyssey Re, the reinsurance arm of Fairfax Financial Holdings, increased net income for the first six months of this year by 120% to US$89.1 million compared with the US$40.6 million reported at the end of June 2001. Earnings for the…

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Fairfax takes tax hit on half-year recovery (August 14, 2002)

August 14, 2002 by Canadian Underwriter

Toronto-based financial services group Fairfax Financial Holdings (TSE: FFH) lifted net premium for the first six months of this year by 20% to $3.1 billion compared with the previous year’s half year amount of $2.6 billion.Pre-tax income rose by a…

News InsuranceMergers and Aqcuisitions

Optimum General still waiting for turnaround

August 14, 2002 by Canadian Underwriter

Tough times continue for Montreal-based Optimum General (TSX: OGI.A), which posted a net loss of $2.3 million for the quarter ending June 30, 2002. This compares with a net loss of $709,000 for the second quarter of 2001. The resulting…