Author Topic: ELF.TO - E-L Financial Corp. Ltd.  (Read 48442 times)

berkshiremystery

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ELF.TO - E-L Financial Corp. Ltd.
« on: July 27, 2013, 07:48:42 AM »
RE: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/djco-daily-journal-corporation/msg124486/#msg124486

After I logged into the board in the last two days I got a little tsunami wave of private IM responses about my previous post in the DJCO thread about my mentioned little reclusive Canadian gem, a miniature baby-type of Fairfax. The company owners have high integrity and here at the board it was mentioned only once. They are totally reclusive and shun the public light,... the company owners aren't interested in any publicity, thus the shares almost have no liquidity, trade rarely and are still relative way below book value. And this might also be the crucifix of the problem that knowbody from the most knowledgable members here ever discusses this company. I would guess maybe 5-10 people here at the boards are aware of them, of course Norman Rothery, Francis Chou and also Third Avenue know them. This company, an insurance company could probably be mentioned right after Berkshire, Fairfax, Markel and Leucadia. They are E-L Financial Corp of Toronto, Canada, and are only a 5 minute walk away from Fairfax headquarters. The company is run by the reclusive Jackman family from Rosedale, Toronto.
 
I might finally start the thread about


E-L Financial Corporation Limited.   (ELF.TO)
the little miracle at 165 University Avenue in Toronto

- Since 1969, the company’s book value has risen more than a hundredfold and over more than four decades it has suffered only four money-losing years.

- The Toronto-based company doesn’t have a website. It lacks a public relations department.

- E-L shares trade infrequently because the wealthy Jackman family of Rosedale, Toronto and a few institutional investors own most of the shares.

- Other value investors that are aware of this company include Third Avenue Mgmt. and Chou Associates, according to Bloomberg.

Source:

E-L Financial's stock price discount a tempting value play
May 01, 2012 (Update Sep. 10, 2012) The Globe & Mail
http://www.theglobeandmail.com/globe-investor/investment-ideas/e-l-financials-stock-price-discount-a-tempting-value-play/article4104087/
with opinions by our fellow board member Norman Rothery.

E-L Financial Corporation (ELF.TSX) @ The Globe & Mail
Financials, Quotes...
http://www.theglobeandmail.com/globe-investor/markets/stocks/financials/?q=ELF-T

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E-L Financial Corp. Ltd. (ELF.TO) -Toronto @ Yahoo! Finance
http://finance.yahoo.com/q?s=Elf.to&ql=1

E-L Financial Corp. Ltd. (ELFIF) - USA OTC Markets @ Yahoo! Finance
http://finance.yahoo.com/q?s=Elfif&ql=1



Headquarters of E-L Financial at 165 University Avenue, 10th Floor, Toronto, ON M5H 3B8



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Source: http://www.sedar.com/FindCompanyDocuments.do?lang=EN&page_no=1&company_search=E-L+Financial+&document_selection=0&industry_group=A&FromDate=26&FromMonth=10&FromYear=1997&ToDate=26&ToMonth=04&ToYear=2013&Variable=Issuer

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- E-L Financial's net equity value per Common Share at March 31, 2013 was $790.90.
     http://finance.yahoo.com/news/e-l-financial-corporation-limited-154021372.html
  The current market price per Common Share at July 24, 2013 was $645.
     http://finance.yahoo.com/q/hp?s=ELF.TO+Historical+Prices

« Last Edit: July 28, 2013, 08:41:30 AM by berkshiremystery »


hellsten

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #1 on: July 27, 2013, 08:15:43 AM »
Thank you for posting. I will definitely have a closer look at ELF.TO. Stock price is up 60% in one year, so I guess I'm a bit late to the party :'(

ajc

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #2 on: July 27, 2013, 08:26:37 AM »
Thanks, berkshiremystery.
Now I'm just hoping it doesn't end up on the front page of some well-known business paper in the Sunday edition!

(DJCO up 10% in 3 days, I'm still slowly bashing my head against the desk for having bumped your post on that...)

berkshiremystery

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #3 on: July 27, 2013, 08:29:36 AM »
Thanks, berkshiremystery.
Now I'm just hoping it doesn't end up on the front page of some well-known business paper in the Sunday edition!

(DJCO up 10% in 3 days, I'm still slowly bashing my head against the desk for having bumped your post on that...)

I have researched probably over 50-100 web links about them,....

berkshiremystery

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #4 on: July 27, 2013, 08:38:55 AM »
Since E-L Financial in Toronto doesn't maintain a website, someone might only get the annual reports in hardcopy form directly at:

E-L Financial Corp. Ltd.
165 University Avenue
10th Floor
Toronto, ON M5H 3B8

Phone: 416-947-2578
Fax:     416-362-2592

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Or from the Canadian type of EDGAR database at SEDAR.com

Company Search:  E-L Financial
Industry Group: All
Document Selection: All   
Sorted: By Issuer
Date From: October 26 1997
Date To: April 26 2013

Search results 1-100

Annual Reports PDF-files ----->>>>

http://www.sedar.com/FindCompanyDocuments.do?lang=EN&page_no=1&company_search=E-L+Financial+&document_selection=0&industry_group=A&FromDate=26&FromMonth=10&FromYear=1997&ToDate=26&ToMonth=04&ToYear=2013&Variable=Issuer

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SEDAR.com - Search for Canadian Public Companies
Main Search Form
http://www.sedar.com/search/search_form_pc_en.htm


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Empire Life annual reports --->>>
http://www.empire.ca/consumer/about-us/annual-report/en/

« Last Edit: July 27, 2013, 11:25:26 AM by berkshiremystery »

NormR

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #5 on: July 27, 2013, 08:46:08 AM »
Shhh, stop hyping my stocks.   ;)

It will be interesting to see what they do with the cash they get from The Dominion.  Also, the stock split at Algoma Central was unexpected.  I wonder if we might see one at the ELF.

berkshiremystery

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #6 on: July 27, 2013, 08:57:18 AM »
Shhh, stop hyping my stocks.   ;)

It will be interesting to see what they do with the cash they get from The Dominion.  Also, the stock split at Algoma Central was unexpected.  I wonder if we might see one at the ELF.

I know,... they will get something like $1.1 billion...

Travelers to buy insurer from Canada's E-L Financial for $1.1 billion
Reuters - June 10th, 2013
http://finance.yahoo.com/news/travelers-buy-insurer-canadas-e-134954682.html

U.S. insurer Travelers Co Inc (TRV.N) said it would buy Dominion of Canada General Insurance Co from E-L Financial Co Ltd (ELF.TO) for about $1.1 billion to boost its presence in Canada.

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Of course their subsidiary companies Dominion of Canada General Insurance Co and also Empire Life maintain some web presence with some interesting company information also about ELF.

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Empire Life @ Wokipedia.org
http://en.wikipedia.org/wiki/Empire_Life

The Empire Life Insurance Company (Empire Life or Empire Vie) is a Canadian life insurance and financial services company with its headquarters in Kingston, Ontario, Canada. It was incorporated in 1923 and is a subsidiary of E-L Financial Corporation Limited of Toronto, Ontario, Canada.

In 1968, E-L Financial Corporation Limited [2] acquired 94% of the outstanding shares of Empire Life. In 1987, E-L Financial acquired The Montreal Life Insurance Company, as well as the life insurance operations of The Dominion of Canada General Insurance Company, and adopted the marketing name of Empire Financial Group.


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Empire Life & E-L Finincial Corp Ltd. Family Tree Chart of Corporate Structure....
http://www.empire.ca/consumer/about-us/our-company/corporate-structure/en/


Link source: http://www.empire.ca/resources/images/assets/FamilyTreeEN.jpg

Company History Overview ...
http://www.empire.ca/consumer/about-us/our-company/our-history/en/index.html




Significant events in Empire Life history
---------------------------------------------
2011 New visual identity introduced
2009 Surpassed $8.5 billion in assets under management
2008 Launch of Class Plus—segregated fund with guaranteed minimum withdrawal benefit (GMWB)
2008 The Company celebrates 85th anniversary
2007 In October, surpassed $1 billion in gross segregated fund sales (year-to-date)—a company record
2006 Marketing name change from Empire Financial Group to Empire Life
2002 Amalgamation with Concordia Life Insurance Company
2000 Assumption of annuity and registered retirement income fund (RRIF) block of policies of Coopérants, Mutual Life Insurance Society
1997 Acquisition of Colonia Life Insurance Company (name changed to Concordia Life Insurance Company)
1997 Assumption of deferred annuity block of policies of Allstate Life Insurance Company of Canada
1995 Agreement to administer and assume deferred annuity and RRIF block of policies of Confederation Life Insurance Company
1993 Acquisition of non-participating individual insurance policies of The Citadel Life Assurance Company
1992 Acquisition of a block of group business of The Metropolitan Life Insurance Company
1987 E-L Financial Corporation Limited brings together through merger and acquisition activities The Empire Life Insurance Company, The Montreal Life Insurance Company and the life insurance section of The Dominion of Canada General Insurance Company; adopt marketing name of Empire Financial Group
1970 Life insurance business in-force grows to $1 billion
1968 E-L Financial Corporation Limited is formed as holding company of Empire Life
1963 Empire Life acquires first computer
1957 Empire Life begins selling Group products
1936 Merger with Mutual Relief Life Insurance Company; Head Office moves from Toronto to Kingston, Ontario
1934 Acquisition of The Canadian Order of Odd Fellows insurance portfolio
1929 Merger with The Commonwealth Life and Accident Insurance Company
1926 The Company expands outside Ontario by opening a Branch Office in British Columbia
1923 The Empire Life Insurance Company is founded by Milton Palmer Langstaff in Toronto, Ontario

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Dominion of Canada General Insurance Company @ Wikipedia.org
http://en.wikipedia.org/wiki/The_Dominion_of_Canada_General_Insurance_Company

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Dominion of Canada General Insurance Company
http://www.thedominion.ca/
http://www.thedominion.ca/Mobile/Contact-Us.aspx
« Last Edit: July 27, 2013, 12:14:35 PM by berkshiremystery »

Liberty

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #7 on: July 27, 2013, 09:29:41 AM »
Looked at them a couple years ago but passed. Maybe I shouldn't have  :-\
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen

ajc

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #8 on: July 27, 2013, 09:32:49 AM »
Thanks NormR and berkshiremystery, ELF seems like a really interesting idea.

I was just wondering if either of you have attended any of their annual meetings and maybe met the owners and management? If so, it'd be much appreciated if I could get either of your (or anyone else's) impressions of them.

berkshiremystery

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Re: ELF.TO - E-L Financial Corp. Ltd. (& the Jackman's)
« Reply #9 on: July 27, 2013, 10:31:01 AM »
Thanks NormR and berkshiremystery, ELF seems like a really interesting idea.

I was just wondering if either of you have attended any of their annual meetings and maybe met the owners and management? If so, it'd be much appreciated if I could get either of your (or anyone else's) impressions of them.

Nope, I haven't been to any AGM's and I don't know the Jackman's personally,
but if you search on the web about them, you will find a lot of info about them.

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E-L Financial is owned by the Jackman family from Rosedale in Toronto.

List of Canadians by net worth @ Wikipedia.org
http://en.wikipedia.org/wiki/List_of_Canadians_by_net_worth
Richest Canadians (2011 statistics)
No. 58  Hal Jackman  $1.06 billion



"Hal" Jackman"
Henry Newton Rowell "Hal" Jackman @ Wikipedia.org
http://en.wikipedia.org/wiki/Hal_Jackman

Henry Newton Rowell "Hal" Jackman, OC, O.Ont, CD (born June 10, 1932 in Toronto, Ontario), served as the 25th Lieutenant Governor of Ontario from 1991 to 1997. He is the son of former Member of Parliament Harry Jackman and philanthropist Mary Rowell Jackman. His mother was the daughter of another former Member of Parliament, Newton Wesley Rowell. His sister, Nancy Ruth, is a philanthropist who was appointed to the Senate in 2005.


Source:http://www2.macleans.ca/wp-content/uploads/2008/12/ted19.jpg

and  @ http://www2.macleans.ca/2008/12/09/ted-rogers/

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His father was...

Harry Jackman
Harry Jackman @ Wikipedia.og
http://en.wikipedia.org/wiki/Harry_Jackman

Henry Rutherford "Harry" Jackman, OC (November 5, 1900 – November 22, 1979) was a Canadian politician and successful entrepreneur. He represented the electoral district of Rosedale in the Canadian House of Commons from 1940 to 1949.

In business, Jackman built the Empire Life group of financial service companies during the Great Depression.


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They have a family foundation that is donating a lot to Toronto art institutions and Hal's daughter Victoria Jackman is the executive director.

Hal Jackman Foundation
http://www.haljackmanfoundation.org/

Victoria Jackman (Executive Director)
http://www.haljackmanfoundation.org/contact-us/

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Design Exchange Black and White gala
Oct. 30, 2010 - The Globe & Mail
http://www.theglobeandmail.com/news/toronto/design-exchange-black-and-white-gala/article1370824/
Gala honouree designer Bruce Mau with Victoria Jackman, executive director of the Hal Jackman Foundation

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Victoria Jackman (executive director)
http://www.gettyimages.de/detail/nachrichtenfoto/executive-director-of-the-hal-jackman-foundation-nachrichtenfoto/83595753


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Great Spaces: inside the home of Victoria Jackman and Bruce Kuwabara
Toronto Life
http://www.torontolife.com/style/toronto-homes/2010/12/07/great-spaces-inside-the-home-of-victoria-jackman-and-bruce-kuwabara/

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Birth of a Museum

@ Bloor Street West, Toronto
http://www.batashoemuseum.ca/media/background/birth_of_museum.shtml

Mrs. Sonja Bata, Founding Chairman of the Bata Shoe Museum, and The Honourable Hal Jackman, then Lieutenant-Governor of Ontario, cutting the cake at the public opening of the Museum. May 6, 1995.

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An Hour with the Honourable Hal Jackman
March 7, 2013 Interview for Dolce Mag
http://www.dolcemag.com/successstories/an-hour-with-the-honourable-hal-jackman/13526

Quote: “I have no regrets about anything I've done. I think I'd do it all the same ”

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Hal Jackman: Too much gloom
Dec 30, 2008 Interview
http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=a5cf8087-2722-4be5-aca1-23040b3d8925

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Black missed his calling: Jackman
National Post
http://www.financialpost.com/story.html?id=d6226a8a-c05c-497a-b928-8b44c2faf86c&k=89554

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Henry N. R. Jackman gives largest donation in the history of the Faculty of Law
University of Toronto
http://news.utoronto.ca/henry-n-r-jackman-gives-largest-donation-history-faculty-law

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« Last Edit: July 27, 2013, 01:00:07 PM by berkshiremystery »