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E-L Financial recovery hampered by investments

November 10, 2003 by Canadian Underwriter

Toronto-based E-L Financial Corp. Ltd. (TSX: ELF) posted higher net income in the first three quarters ending September 30, 2003, but investment losses hampered the recovery.Overall, the company posted net income of $42.3 million for the nine-month period, versus $41.3…

News Insurance

Lindsey Morden loss narrows

November 7, 2003 by Canadian Underwriter

While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.Net loss for the third quarter 2003 is…

News Insurance

Northbridge earnings up on strong underwriting and investments

November 7, 2003 by Canadian Underwriter

Northbridge Financial Corp. (TSX: NB), which includes the Canadian operations of Fairfax Financial, posted an impressive 92.7% combined ratio for the third quarter ending September 30, 2003 to boost the company’s earnings to $22.8 million, or $0.45 per share, for…

News Insurance

Odyssey reports income drop on lower realized gains

November 7, 2003 by Canadian Underwriter

Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) is reporting record premiums written, cash flow and operating income, despite a drop in net income, for the third quarter. The company has also announced its intention to de-list its common shares…

News Climate ChangeInsurance

Hurricane Juan damage pegged at $85 million

November 7, 2003 by Canadian Underwriter

Damage in the wake of Hurricane Juan in Nova Scotia and PEI will cost insurers more than $85 million, says the Insurance Bureau of Canada (IBC).In Nova Scotia, property damage is estimated at $76.5 million, with PEI hitting $5.7 million.…

News Insurance

ISO warns against “hyper competition” as U.S. pricing peaks

November 6, 2003 by Canadian Underwriter

Rate increases in the U.S. commercial property and casualty insurance marketplace appear to have peaked in July of this year with average cover renewal pricing of about 13%, according to market analysis conducted by the Insurance Services Office (ISO). Subsequently,…

News Climate ChangeInsurance

III pegs California wildfire loss at US$2 billion

November 6, 2003 by Canadian Underwriter

While much of the wildfires raging through California are now under control, the US Insurance Information Institute (III) says damage could easily top US$2 billion, making these the worst fires in California history.As of Monday, 5,980 claims had been filed…

News InsuranceMergers and Aqcuisitions

Ontario auto rates jump 8.2% in third quarter

November 6, 2003 by Canadian Underwriter

Auto insurance rate increases averaging 8.22% were granted in the third quarter of 2003, says the Financial Services Commission of Ontario (FSCO), the government body which regulates pricing.The increases happened prior to the provincial Liberals’ election win, and to the…

News InsuranceMergers and Aqcuisitions

ICBC’s nine month earnings soar on asset gains

November 5, 2003 by Canadian Underwriter

Crown insurer the Insurance Corp. of British Columbia’s (ICBC) net earnings rose by 4.5 times to $111.7 million for the first nine months of this year compared with the $24.4 million disclosed for the same period in 2002. The dramatic…

News Insurance

RIMS survey points to price easing of U.S. commercial covers

November 5, 2003 by Canadian Underwriter

The latest “benchmark survey” released by the Risk and Insurance Management Society (RIMS) suggests that the pace of price increases in the U.S. commercial insurance marketplace slowed dramatically in the third quarter of this year. “After the staggering increases [in…

News InsuranceMergers and Aqcuisitions

Alberta freezes auto rates for up to 18 months

November 5, 2003 by Canadian Underwriter

Following up on its threats, the Alberta government has announced it will freeze auto insurance rates as of October 30, 2003, and that the freeze could be in place for as long as 18 months. Bowing to public pressure, Premier…

News Insurance

Fairfax 3-Q earnings hit by investment declines

November 4, 2003 by Canadian Underwriter

Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million…