Dividend hurt Lloyd's Canada

Article Abstract:

Lloyd's Canada president Mark Oppenheim has announced that the negative effect of the C$78-million dividend paid to parent Lloyd's of London is temporary. The unit failed to pass three of the eight early warning solvency test conducted by TRAC Insurance Service Ltd. in 1997. Lloyd's Canada is one of the most profitable property and casualty insurance companies in Canada, but posted the worst showing by a major insurer on the annual industry review. Lloyd's Canada investment income declined from C$41.1 million in 1996 to $31 million in 1997, as overall profit dropped to $49.8 million, reflecting the dividend payment.

Comment:

President Mark Oppenheim says the negative effect of the C$78-million dividend paid to parent Lloyd's of London is temporary

Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Property and casualty insurance, Lloyd's Canada

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ING to buy Guardian for $375-million (US)

Article Abstract:

Dutch financial services firm ING Groep NV has agreed to acquire general insurer Guardian Insurance Co. of Canada from Guardian Royal Exchange PLC for US$375 million. According to ING Canada, the acquisition would boost its premiums in Canada by 50% and strengthen its position as the second-largest property and casualty insurer in Canada, with total premiums of C$1.8 billion. ING Canada will now control more than 9% of the C$20-billion Canadian market. Meanwhile, ING Groep has agreed to sell its US P&C business to Guardian Royal for $1.15 billion.

Comment:

Has agreed to acquire general insurer Guardian Insurance of Canada from Guardian Royal Exchange for US$375 million

Asset sales & divestitures, Acquisitions & mergers, Netherlands, Insurance, Insurance Carriers and Related Activities, Other Financial Vehicles, Financial Services NEC, Financial services, ING Groep N.V., Guardian Insurance Co. of Canada

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Japan too rich for Templeton's blood

Article Abstract:

Templeton Investment Council Inc., which manages the Templeton International Stock Fund, said that its low weighting in Japanese stocks is not going to change in the near future. Company president Donald Reed said that the valuation of Japanese companies are abnormally high because of corporate writeofs and the traditional marking up of share prices as Japan nears the end of its fiscal year. The $5.5 billion Templeton International Stock Fund has posted an 8.1% return in 1998

Investment Companies, Open-End Investment Funds

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