Northbridge 1-Q earnings benefit from investment gains
May 2, 2005 by Canadian UnderwriterNorthbridge Financial Corp. (TSX: NB), the holding company for the Fairfax group’s Canadian insurance operations, lifted net earnings for the first quarter of this year by 76.5% to $56.8 million compared with the $32.2 million reported for the same period…
European insurers outperform market in 2004: S&P
April 11, 2005 by Canadian UnderwriterEuropean insurers reported profit growth of more than 15% in 2004, outperforming the S&P Europe 350 Index, says rating agency Standard & Poor’s.S&P expected improved results for insurers in the region last year, on the back of strong non-life underwriting,…
U.K. non-life market strong, but not for long: Fitch
April 5, 2005 by Canadian UnderwriterThe U.K. non-life insurance market has enjoyed stronger results in the past two year, but this kind of improvement is unlikely to last, predicts Fitch Ratings.In a new report, “Enjoy it While it Lasts but not too much”, the rating…
What’s new: In brief (March 29, 2005)
March 29, 2005 by Canadian UnderwriterFairfax Financial Holdings says it has gained regulatory approval to extend the maturity date of the US$100 million note payable by Fairfax to its TIG Insurance Co. by one year. The original repayment date was June 30, 2005, but has…
E-L Financial reaps hard market gains
March 1, 2005 by Canadian UnderwriterE-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co., posted net income for 2004 of $129.9 million, or $31.93 a share. This is more than double the 2003 net income of $46.9 million, or $11.66…
Dominion parent posts significant earnings growth for 2004
February 24, 2005 by Canadian UnderwriterE-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co. , has posted net income o f$129.9 million, or $31.93 per share, for 2004. This is more than double the 2003 net income of $46.9 million,…
Insurers to take “cautious” approach to technology in 2005: study
February 7, 2005 by Canadian UnderwriterU.S. insurers are expected to be a bit more cautious in their information technology (IT) investments in 2005, according to a new study by TowerGroup. Technology spending is expected to remain relatively flat in 2005, at US$36.4 billion compared to…
What’s new: In brief (February 03, 2005)
February 3, 2005 by Canadian UnderwriterWestern Financial Group has successfully netted $22.25 million from its offering of subscription receipts. The offering was made in part to fund the company’s acquisition of Federated Life Insurance Co. and the subscription receipts can be redeemed for a share…
Tsunamis Echoes of the Waves
February 1, 2005 Vikki SpencerThe devastation wrought by the Indian Ocean tsunami poses a host of dire questions for government and for insurers here in Canada as they struggle to maintain some footing in what has become a war against Mother Nature.
Canadian financial services outperform peers: study
January 30, 2005 by Canadian UnderwriterCanadian financial services companies outperformed their peers over the past five years, according to a new report by Mercer Oliver Wyman released at last week’s World Economic Forum.The study notes, “North America has outperformed the global SPI (shareholder performance index)…
Joint Forum releases intermediary sales practices paper
January 30, 2005 by Canadian UnderwriterThe Joint Forum of Financial Market Regulators (JFFMR) has released its “Principles and Practices for the Sale of Products and Services in the Financial Sector”.The new document suggests principles for the sale of a wide array of products, including p&c…
Western Financial to make $20 million offering
January 26, 2005 by Canadian UnderwriterAlberta-based broker network and bank Western Financial Group Inc. (TXS: WES) says it has priced an offering of 9 million subscription receipts at $2.15 each for gross proceeds of $19.35 million. The offering, set to close on February 3, also…