Industry
While much of the guidance for insurers under new international accounting standards was to have been applied under phase two, set for 2008, the International Accounting Standards Board (IASB) has released interim standards for insurance contracts.The International Financial Reporting Standard (IFRS) for insurance contracts is intended to be a stop-gap as the longer process of […]
By Canadian Underwriter | April 6, 2004
1 min read
Net income for brokerage and bank Western Financial Group (TSX: WES) was up 37% in 2003, to $2.1 million from $1.6 million in 2002, being its own projections. This translates to earnings per share of $0.11 last year, versus $0.08 the year prior.The company increased revenue by 17% year-on-year, to $32.7 million from $28.0 million. […]
With the announcement of the retirement of AXA Canada’s Jean-Denis Talon from the position of CEO, the company says the top spot will be assumed by Jean-Francois Blais.Talon, who recently won the “Canada-France personality of the year” from the French Chamber of Commerce, will continue as chairman of the company he has been with for […]
After reporting a narrower loss for 2003, French reinsurer SCOR Group saw its rating from A.M. Best affirmed at “B++” (very good) with a stable outlook, and the company has been removed from the review it was placed under last September.For 2003, SCOR’s loss was EUR 314 million (Cdn$495 million), down from EUR 455 million […]
By Canadian Underwriter | April 5, 2004
Ontario-based Loyalist Insurance Group Ltd. (TSX Venture: LOY) says it has accepted a private placement of $1.25 million debenture.The 10.5% senior secured subordinated convertible debenture is due five years from date of closing (slated for April 23), and is convertible to five million common shares at $0.25 per.”The proceeds will be used to provide additional […]
While Munich Reinsurance Co. of Canada has seen its “A+” (superior) rating affirmed by A.M. Best, its primary insurance affiliate, Temple Insurance Co. has been downgraded to “A” (excellent) from “A+”. Both ratings carry stable outlooks.While Temple enjoys strong capitalization and good operating performance, its rating is one level lower than the group due to […]
By Canadian Underwriter | April 4, 2004
Royal & SunAlliance Insurance Pool of Canada has seen its “A-” (excellent) rating affirmed by A.M. Best, with the outlook negative.The rating reflects improvement in underwriting results in 2003, as well as the strong capitalization and market position the pool enjoys as a result of its core position with parent company Royal & SunAlliance Insurance […]
The Insurance Bureau of Canada’s (IBC) investigative division will focus on auto theft and organized crime in the future, handing its individual claims investigation service over to another firm.As of April 1, the IBC will no longer accept new requests for individual claims file investigations, but will direct members to Forensic Investigations. Forensic Investigations has […]
By Canadian Underwriter | April 1, 2004
In its most recent poll of members, the Canadian Federation of Independent Business (CFIB) finds that insurance continues to be a sore spot for small-to-medium sized business owners.Along with energy costs, insurance price hikes are a thorn in the side of business owners as they warm to an increasingly stable economy. While 43% of companies […]
Hello, Fred! Hello, Dave!” The welcome came from Tom Johnstone, president of a long-established and successful brokerage in the city which was celebrating its 100th year in business. He shook our hands warmly, “thanks for coming”. A huge sign across the front of their office building proclaimed: “1904 – 2004 ONE HUNDRED YEARS OF SERVICE”. […]
March 31, 2004
11 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
