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Insurers ponder damage from U.S. tornadoes

May 8, 2003 by Canadian Underwriter

While it is too early to put a figure on damage caused by tornadoes that continue to rip through the U.S. midwest, insurers are bound to face a stiff price tag. The tornadoes have killed at least 40 people, and…

News Insurance

Combined ratio improves for reinsurance council members

May 7, 2003 by Canadian Underwriter

The 22 members of the Reinsurance Research Council (RRC) saw their overall combined ratio drop to 110.2% in 2002, versus 119.1% a year prior. After-tax income was up slightly for the group to $52.9 million from $477.7 million the year…

News Insurance

Lindsey Morden U.S., Canadian operations drag Q1 results down

May 7, 2003 by Canadian Underwriter

North American operations did little to boost the fortunes of adjuster Lindsey Morden Group Inc. (TSX: LM). For the first quarter 2003, the company reports a net loss of $1.99 million, and says reduced revenue from U.S. and Canadian operations…

News Insurance

Accounting changes impact Odyssey Re income

May 6, 2003 by Canadian Underwriter

A change in accounting practices by Fairfax’s Odyssey Re Holdings Corp. (NYSE, TSX: ORH) has contributed to its first quarter 2003 income dropping 17% Net income for the quarter was US$46.6 million, or US$0.72 per share, versus US$19.4 million, or…

News Insurance

Fairfax earnings jump; TIG reserve cover found

May 6, 2003 by Canadian Underwriter

It was good news all around for Fairfax Financial Holdings Ltd. (NYSE, TSX: FFH) with the release of vastly improved first quarter 2003 results, plus the announcement that reinsurers have agreed to adverse development cover for the majority of troubled…

News InsuranceMergers and Aqcuisitions

Nova Scotia rate freeze draws industry ire

May 6, 2003 by Canadian Underwriter

A bill to freeze auto insurance rates for six months, introduced into the Nova Scotia legislature, is drawing the wrath of the insurance industry’s lobby group.The Insurance Bureau of Canada (IBC) says the move will only “delay the implementation of…

News Insurance

E-L Financial net income up despite investment woes

May 5, 2003 by Canadian Underwriter

E-L Financial Corp. Ltd. (TSX: ELF), parent of The Dominion of Canada General Insurance Co. and Chieftain, reports net income for the first quarter ending March 31, 2003 was up to $11.1 million, or $2.89 per share, versus $9.4 million,…

News Insurance

Gerling Canada to be sold

May 5, 2003 by Canadian Underwriter

Rating agency A.M. Best has placed under review the financial strength rating of Gerling Canada Insurance Company (rated A-, excellent). The review follows news that the company’s German parent, Gerling Konzern Allgemeine, will sell the operation to a group of…

News Insurance

Kingsway enjoys record underwriting profit for 1-Q

May 2, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to…

News Insurance

Hub earnings up 80% in Q1 2003

May 2, 2003 by Canadian Underwriter

Broker network Hub International Limited (NYSE, TSX: HBG) reports growth in both revenue and earnings, on the back of growth in Canada and rising contingent commissions, for the first quarter ending March 31, 2003.For the quarter, revenue was up 39%…

News InsuranceMergers and Aqcuisitions

IBC renews push for New Brunswick auto reform in face of election battle

May 1, 2003 by Canadian Underwriter

The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic…

News Insurance

Western Financial to repurchase shares

May 1, 2003 by Canadian Underwriter

Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the…