Industry
Let’s get one thing straight right off the top: If what he alleges is true, Eliot Ness – I mean Spitzer – is right on the money with some of the accusations he has made against a few of the major players in the insurance brokerage industry. Again, if true, what these companies did was, […]
October 31, 2004
8 min read
Just when the financial weather for both the Canadian and U.S. property and casualty insurance industries was beginning to look downright “balmy” this year, along came the hurricane season – and like the “Four Riders of the Apocalypse” under Charley, Frances, Ivan and Jeanne – literally blew the insurance house down. The timing of the […]
4 min read
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 Omega Insurance Holdings CEO Phil Cook through his work consulting with insurers. Omega was created to perform two roles: to allow for the portfolio transfer of branches exiting […]
1 min read
Endurance Reinsurance Corp. of America, part of Bermuda-based Endurance Specialty, has opened a new Canadian branch based in Toronto, to be headed up by Michael Rende. “The Canadian branch office will initially focus on treaty reinsurance business for Canadian cedants, with a primary focus on property treaty,” notes a company statement. Rende moved to Endurance’s […]
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 […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) saw its net income jump an impressive 96% to $30.6 million (54 per share) for the quarter ending September 30, 2004, up from $15.6 million (28 per share) for the third quarter of 2003. For the most recent quarter, the company saw gross written premiums fall to $618.7 […]
2 min read
The Registered Insurance Brokers of Ontario's (RIBO) CEO Jeff Bear has been with the regulatory body almost since the beginning, marking his 20th anniversary this year. Moving from inhouse legal counsel to his current role, he has witnessed first-hand the evolving role of the broker in a changing marketplace. Bear's emphasis for the organization today is to keep pace with these changes, while fulfilling a mandate of consumer protection.
6 min read
After three years of hard market conditions, many players in the Canadian property and casualty insurance industry have put their existential woes behind them. Most balance sheets have been mended, risk-adjusted capital ratios have improved and rating agencies have backed off.
5 min read
With the announcement in mid-October of a civil suit against Marsh & McLennan over broker commission practices by New York Attorney General Eliot Spitzer, the floodgates of civil litigation, broker reform and even spin-off investigations here in Canada were opened. The Spitzer announcement, which accused Marsh of bid-rigging, but also of engaging in “steering” clients […]
The Supreme Court of Canada ruled that directors should not be held liable to creditors for decisions made in good faith prior to a bankruptcy, even if those decisions may have contributed to the company’s demise. In the case, in which law firm Lavery de Billy represent insurer Chubb on behalf of the directors of […]
By Canadian Underwriter | October 31, 2004
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