News
Rough start to 2001 for Optimum General
August 10, 2001 by Canadian UnderwriterQuebec-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…
Kingsway growth continues in second quarter (August 09, 2001)
August 9, 2001 by Canadian UnderwriterSpecialty auto insurer Kingsway Financial Services (TSE: KFS; NYSE: KFS) continues to see growth in premiums and earnings mid-way through 2001. In a press release, Kingsway CEO Bill Star notes that the company is reporting record profits, earnings per share…
Fairfax profits fall as Odyssey star rises (August 08, 2001)
August 8, 2001 by Canadian UnderwriterIn a strange twist, Canadian-based Fairfax Financial Holdings continues its downward slide as its reinsurance subisidiary, Odyssey Re, experiences phenomenal growth. In releasing second-quarter 2001 results, Fairfax acknowledges that the company’s profits fell 45%, down to $46 million as compared…
Aon expands captive presence through acquisition
August 7, 2001 by Canadian UnderwriterAon Corporation is expanding its captive and risk management business through the purchase of Sinser Holding AB, a subsidiary of Swedish-based Skandia Group. The capitve management and consulting business deals with more than 250 captives in 10 coutries, and includes…
St. Paul acquisition of London Guarantee secures Canadian positioning
August 3, 2001 by Canadian UnderwriterMinnesota-based The St. Paul Companies (NYSE: SPC) has purchased specialty liability underwriter London Guarantee Insurance Co. from the Great West Lifeco Inc. (TSE: GWO) for about $125 million.London Guarantee is ranked second as market leader in underwriting surety business and…
Anthony Clark acquires Calgary brokerage
August 3, 2001 by Canadian UnderwriterNetwork consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has acquired an unnamed independent brokerage located in Calgary, Alberta for an undisclosed amount. A media statement issued by the brokerage group says the acquired operation generates about $1 million…
Economical reshapes acquired Hartford operation
August 2, 2001 by Canadian UnderwriterThe Economical Insurance Group has completed restructuring of Hartford Insurance Co. of Canada which was acquired at the beginning of this year. The acquisition was given approval by regulators in late April.The Hartford Canadian operation has been renamed Langdon Insurance…
Royal & Sun to invest in Canadian operations, says CEO
August 2, 2001 by Canadian UnderwriterIn releasing its first-half 2001 results, U.K.-based Royal & SunAlliance (RSA) says the release of capital from its life operations will be fed into growing its property and casualty business in several countries, including Canada. RSA CEO Bob Mendelsohn says…
London & Midland sells affinity business
August 2, 2001 by Canadian UnderwriterCitigroup Inc. Canadian subsidiary, London & Midland General, is selling part of its affinity business to Canada Life Assurance Company. Canada Life annouces it will take over London & Midland’s “non-affiliate” affinity business, which is expected to bring in over…
Winterthur Canadian head moves to Kingsway
August 2, 2001 by Canadian UnderwriterKingsway Financial Services Inc. announces that Frank Amodeo, former head of Winterthur International’s Canadian office, has joined the specialty auto insurer as its vice president.Amodeo was vice president and manager of multi-national operations for Winterthur’s Canadian branch, located in Toronto.…
E-L Financial’s half-year earnings fall on lower insurance revenues
July 31, 2001 by Canadian UnderwriterCanadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates…
Swiss Re to acquire U.S. reinsurance operation
July 30, 2001 by Canadian UnderwriterSwiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.In…