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Busy period for asbestos liability, as three companies make key disclosures

August 13, 2002 by Canadian Underwriter

Shares of Ashland Inc. were hit August 8, amid concerns about the company’s liability to asbestos claims. Ashland’s stock fell as much as 19.6 per cent earlier, hitting a new 52-week low of $29. The sell-off stems from disclosures contained…

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Lindsey Morden revenue up, losses down

August 13, 2002 by Canadian Underwriter

Claims services company Lindsey Morden (TSX: LM) is reporting increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue was $110 million, versus $106 million last year, and increase of 3%.…

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ICBC reports almost $40 million profit in Q-2 2002

August 12, 2002 by Canadian Underwriter

British Columbia’s public insurer is reporting increased profits for the quarter ending June 30, 2002, largely the result of changes to its investment portfolio. The Insurance Corporation of B.C. (ICBC) saw a net profit of $39.6 million for the second…

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Acquisitions continue to pay off for Hub

August 12, 2002 by Canadian Underwriter

Broker consolidator Hub International (TSX, NYSE: HBG) continued to see the benefits of acquisition, reporting net earnings of US$10.7 million for the quarter ending June 30, 2002. This is an increase of 319% over the US$2.7 million in net earnings…

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Western to acquire 90% of outstanding debentures

August 9, 2002 by Canadian Underwriter

Broker and financial services network Western Financial Group (TSE: WES) plans to buy back 90% of a set of convertible redeemable subordinated debentures issued in June 1998. Western made the offer to buy back the debentures, with a total value…

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Kingsway continues winning streak in second quarter

August 9, 2002 by Canadian Underwriter

Specialty insurer Kingsway Financial (TSE, NYSE: KFS) is announcing another record showing in the second quarter of 2002, with net income up 42% over the same period last year, to $16.2 million from $11.4 million. For the period ending June…

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Lighter than normal hurricane season expected, scientists say

August 8, 2002 by Canadian Underwriter

Researchers at Colorado State University’s hurricane forecast team say this year’s hurricane season should be less punishing than previously thought. Despite the recent appearance of tropical storms Arthur and Bertha in the Atlantic basin, atmospheric conditions since the start of…

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Aon stock slides on series of bad news

August 8, 2002 by Canadian Underwriter

Stock in Aon Corporation (NYSE: AOC) dropped 30% yesterday upon release of the company’s second-quarter results, news that a planned spin-off was being halted and an investigation of previous financial reporting by the Securities Exchange Commission (SEC).Second-quarter results for the…

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P&C unit of E-L boosted in first-half 2002

August 7, 2002 by Canadian Underwriter

Despite a drop in its portfolio investment segment, E-L Financial Corp. (TSE: ELF) saw net income rise for the first six months of 2002, to $32.4 million from $30.8 million for the same period last year. This results in income…

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Senate terrorism cover scheme cheaper than House option, study suggests

August 6, 2002 by Canadian Underwriter

The U.S. Senate’s plan for a government terrorism reinsurance backstop would cost less than the House’s “loan” scheme proposal, says a new study by Tillinghast-Towers Perrin (TTP), commissioned by the American Insurance Association. The Washington-based association, which represents more than…

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Future of WTC remains unsettled

August 6, 2002 by Canadian Underwriter

The future of the World Trade Center (WTC), including the insurance settlement on the structures destroyed in the September 11, 2001 terrorist attacks, remains unknown. Published reports this week suggest the City of New York has offered to take control…

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Pethealth nets $3.6 million from placement

August 2, 2002 by Canadian Underwriter

Pet insurance specialist Pethealth Inc. has netted $3.6 million through its previously announced private placement of 30,000,000 units at $0.12 each.“We are delighted to have closed this financing given the turbulent conditions of the financial markets over the past few…