Industry
Thieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles in 2002. Two sedans, the 1989 Toyota Camry and the 1994 Honda Accord topped the […]
By Canadian Underwriter | March 1, 2004
2 min read
The merger of Brouwer Claims Canada & Co. with McLarens Canada is a “natural step”, says Brouwer chairman and CEO Jacob Brouwer.The two adjusting firms have signed an agreement in principle to merge, creating a national firm with 75 locations.The two firms will be able to share their individual strengths, notes Brouwer. McLarens is focused […]
1 min read
As claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold up under the new rules. So, when both sides met at the annual Joint Claims […]
February 29, 2004
5 min read
The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple awards by IIO president Patrick King (left) and Insurance Institute of Canada chairman Glenn Gibson […]
3 min read
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior. This equates to earnings a share of $1.78 for 2003 against a loss of 48 […]
Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business for the 2003 financial year with most of the top-ranked companies showing healthy profitability. From […]
4 min read
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year. Notably, the top […]
Specialty insurer Kingsway Financial Services (TXS: KFS) saw its return on equity drop slightly for the 2003 financial year, although the company still boasted a double-digit return. For the 12 months ending December 2003, Kingsway’s ROE clocked in at 12.9%, showing moderate weakness on the 13.8% return posted the year prior. However, the insurer’s net […]
A new approach to mediation, specifically on the role of legal counsel in the process, may be in order attendees heard at the recently held Ontario Insurance Adjusters Association (OIAA) “Claims 2004” conference. In a presentation made by law firm Lerners, attention was drawn to the amount of legal time wasted on “case management” of […]
Toronto-based insurance giant Fairfax Financial Holdings Ltd. (TSX: FFH) says it posted its largest ever annual profit for the 2003 financial year, earning US$271.1 million, or US$18.55 a share, compared with the US$263.0 million profit (equal to US$18.20 a share) posted for the prior year. The company’s earnings gain partly resulted from increased gross revenue […]
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