Industry
It has been confirmed that the Insurance Bureau of Canada (IBC) will no longer publicly release its quarterly financial data on insurers to anyone other than members. At the Independent Insurance Brokers of Alberta (IIBAA) conference, ING Canada CEO Claude Dussault said the decision was made because the information has been used against the industry, […]
By Canadian Underwriter | May 19, 2004
1 min read
The coming final plans for Alberta auto reform must be embraced by the industry and made to work, CEO speakers told the Independent Insurance Brokers Association of Alberta (IIBAA) conference.The new regulations, if handled properly by the industry, are a chance to demonstrate the kind of stability legislators are looking for. “We can convince them […]
Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent commissions goes beyond large account commercial clients to small businesses which may be less aware […]
By Canadian Underwriter | May 18, 2004
More than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published by accounting firm Mazars and the British Insurance Brokers Association (BIBA) finds 53% of respondents […]
By Canadian Underwriter | May 17, 2004
2 min read
The Ontario Bar Association (OBA) says while it supports the Law Society of Upper Canada’s (LSUC) regulation of paralegals, assurances are needed that government funding will be in place to support the regulatory system.”Critical to the success of this regulatory initiative is secure, adequate Ontario government funding and this must include money for appropriate enforcement […]
Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the best presidents we’ve seen in years,” Fitzpatrick noted. “It seems as if making ICBC an […]
Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed the filing of charges against Pilot’s former CEO Stu Kistruck and CFO Colin Simpson for […]
By Canadian Underwriter | May 16, 2004
Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This translates to earnings per share of $0.03 for the most recent quarter, versus break-even a […]
The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.Geer took over top spot at the government insurer three years ago – originally serving as chair and then assuming the CEO’s role in 2002 charged with tackling forces to open […]
Financial services giant ING is posting net profit of $1.9 billion for the first quarter of this year, up from $268 million a year ago, driven mainly by growth in its banking business. The insurance division posted operating profit of $855 million for the quarter, up 6% from a year ago. Quebec-based Desjardins Group says […]
By Canadian Underwriter | May 13, 2004
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