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Industry’s ROE slips again on rising claims (August 27, 2001)

August 27, 2001 by Canadian Underwriter

Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70%…

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Pethealth expands brand in Western Canada

August 24, 2001 by Canadian Underwriter

PetCare Insurance Brokers, a subsidiary of Pethealth Inc. (CDNX: PTZ), will soon be marketing its pet insurance products through Petcetera’s stores and Internet site. In a deal involving the acquisition of certain assets of Western pet insurer PAWS Health Plans…

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MPI pays over $3 million for hail damage

August 23, 2001 by Canadian Underwriter

A hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by…

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Co-operators still fighting poor results

August 23, 2001 by Canadian Underwriter

Reorganization at Co-operators General Insurance Company (TSE: CCS.PR.A) has not yet begun to pay off in early 2001 results. The company, which has seen dismal results in the past several quarters, reports premiums are up, although the effect has yet…

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Lloyd’s members predict profit by 2002

August 22, 2001 by Canadian Underwriter

The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the…

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Acquisitions fuel Hub earnings

August 21, 2001 by Canadian Underwriter

A series of recent acquisitions are fueling the earnings growth of broker consolidator Hub International (TSE: HBG).In releasing its second-quarter 2001 results, the Canadian company shows a 22% rise in net earnings and net earnings per share. Net earnings were…

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S&P maintains negative position on European reinsurers

August 20, 2001 by Canadian Underwriter

Rating agency Standard & Poor’s has maintained its negative outlook position of the European reinsurance market based on the industry’s 2000 financial returns. If anything, the rating agency notes, the financial strength ratings of companies may be downgraded. Although the…

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A.M. Best lifts "negative outlook" on Lloyd’s

August 16, 2001 by Canadian Underwriter

Rating agency A.M. Best has lifted its "negative outlook" on Lloyd’s of London. The agency has also affirmed the London-based market’s "A" rating. This step follows a negative outlook report which was issued on Lloyd’s on June 28 of this…

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Goran 1-Q results reflect worsening claim development

August 16, 2001 by Canadian Underwriter

Goran Capital Inc. (TSE: GNC), which through its various operating subsidiaries underwrites specialty auto business, reported a net loss of $6.1 million equal to 105c a share for the first three months of its 2001 financial year.For the first six…

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U.S. start-up costs Pethealth

August 14, 2001 by Canadian Underwriter

Canadian-based pet insurer Pethhealth Inc. (CDNX: PTZ) is laboring through a costly 2001 as expenses related to establishing a U.S. presence take their toll on the company’s bottom-line. Net loss after tax for the second quarter is $2.36 million, or…

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Crawford acquires Edmonton-based adjuster

August 10, 2001 by Canadian Underwriter

Claims management group Crawford Adjusters Canada has acquired Edmonton-based Leonard, Hirst & Miller Adjusters (LH&M) for an undisclosed amount. The firm boosts Crawford’s position in Alberta to nine offices and over 100 employees. LH&M is described as a multi-line adjusting…

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Rough start to 2001 for Optimum General

August 10, 2001 by Canadian Underwriter

Quebec-based Optimum General (TSE: OGI.A) reports weak second-quarter results, despite the company’s moves to respond to poor returns in the past. Gross written premiums and net earned premiums fell, while the company’s combined ratio continues to rise. At the beginning…