Industry
Insurer Winterthur and broker Hub International have both decided to refocus their business in Quebec away from personal lines.Winterthur says it will sell is L’Unique Compagnie d’Assurances Generales to La Capitale Assurances Generales Inc. for $48 million, and focus on its other Canadian subsidiary, Toronto-based The Citadel. L’Unique writes largely Quebec auto business, along with […]
By Canadian Underwriter | November 7, 2004
1 min read
While the past year had seen the situation improve on many fronts for brokers, the events of the past few weeks in the U.S. are now taking their toll on Ontario’s brokers, noted Rod Finlayson, outgoing president of the Registered Insurance Brokers of Ontario (RIBO).At the self-regulatory body for broker’s annual general meeting in Toronto […]
2 min read
Almost a year into the insurance industry’s experience with new privacy legislation, many key issues remain unresolved, say panelists at the Insurance Bureau of Canada’s (IBC) Regulatory Affairs Symposium Thursday.The panel, which included three lawyers and a member of the federal privacy commission, looked at scenarios potentially facing insurers and found there was as much […]
By Canadian Underwriter | November 4, 2004
Canada’s newest insurer, Omega General Insurance Co., which received its federal license earlier this month, was established to fill gaps in the market which became apparent to parent company CEO Phil Cook through his work consulting with insurers.Cook heads up Omega Insurance Holdings Inc., parent of Omega General and recently acquired Focus Group Inc. Cook […]
By Canadian Underwriter | November 3, 2004
The “Feed the Minds of Youth” luncheon hosted by the Insurance Institute of Ontario’s (IIO) chapters Wednesday saw more than 150 students participating in the “Take Our Kids to Work” day learn more about the insurance industry from guest speakers including brokers, underwriters, adjusters and a forensic engineer. The event was also part of the […]
The general insurance operations of E-L Financial Corp. Ltd. (TSX: ELF), which include Dominion of Canada General and Chieftain, continued to produce strong results contributing to the parent’s overall success in the third quarter ending September 30, 2004.Overall, E-L Financial produced net income of $83.3 million ($20.73 per share) in the third quarter of 2004, […]
By Canadian Underwriter | November 2, 2004
The Canadian life and financial services branch of Hub International, Hub Financial Inc., says it will acquire Vancouver-based financial services firm TILCO. "TILCO has been a major client of Toronto-based Hub Financial since Tilly Enriquez founded TILCO in 1993, and essentially all TILCO business is placed through Hub Financial on a wholesale basis, notes a […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% in the third quarter of 2004 on underwriting gains, specifically with improvement in its Canadian operations. Overall, the Toronto-based insurance holding company produced net income of $30.6 million ($0.54 per share, on a dilute basis) for the quarter ending September […]
Even with the cloud of the investigation into commission practices, rating agency Fitch is maintaining its stable outlook on the U.S. commercial lines p&c sector.Recently, Standard & Poor’s said it was placing a negative outlook on the sector following a recent civil suit filed by New York Attorney General Eliot Spitzer against broker Marsh, and […]
By Canadian Underwriter | November 1, 2004
Adjuster Lindsey Morden (TSX: LM), part of Fairfax Financial, saw its losses narrow in the third quarter of 2004, with continuing operations providing an earnings boost.The company posted a net loss of $1.6 million ($0.11 per share) for the quarter ending September 30, 2004, compared to a loss of $4.2 million ($0.31 per share) the […]
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