Industry
The St. Paul Companies Inc. and Travelers Property Casualty Corp. recently announced a merger of the two companies to form a US$20 billion global operation based on net written premiums. The deal, which involves a trading of stock between the two companies, is subject to regulatory approval with the expectation that it will be finalized […]
November 30, 2003
2 min read
The concern over brokers facing limited market availability was among the issues faced this past year by the Registered Insurance Brokers of Ontario (RIBO). At its recent AGM, the organization’s outgoing president Art Langley notes, “2003 has been a difficult year for both consumers and brokers. Changes within our industry have put a lot of […]
Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million ($19.31 a share) posted for the third quarter of last year. This year’s third quarter […]
3 min read
Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking the restructuring of the U.S. company. Over the past two years, the U.S. operation has […]
1 min read
A new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a detriment to the province’s financial position.Among the negative effects is a net loss of $64 […]
By Canadian Underwriter | November 28, 2003
The Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that changes made by the previous Conservative government reflect that there were no real savings in […]
In its pre-budget submission to the federal government released this week, the Insurance Brokers Association of Canada (IBAC) is asking the federal government to conduct a study of the impact of the goods and services tax (GST) on brokers. Currently, brokers are tax exempt in terms of collecting GST on insurance sales, but must pay […]
By Canadian Underwriter | November 27, 2003
A full 92% of U.S. property & casualty insurers list asbestos claims as their number-one concern, according to a survey conducted at the Executive Conference for the P&C Industry in New York recently. Standard & Poor’s rating agency released the survey results, which show that the second largest concern is workers’ compensation claims, with 87% […]
By Canadian Underwriter | November 26, 2003
The new Ontario government under the Liberal Party has introduced the Automobile Insurance Rate Stabilization Act, which if passed, will freeze insurer’s auto rates at levels applied by companies at October 23 of this year. The rate freeze, which is effective for a 90 day period, will expire by January 23, 2004. At this point […]
Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2c a share for the latest quarterly reporting period against the 1c a share shown for the […]
By Canadian Underwriter | November 25, 2003
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