Industry
The industry donned its finest digs for the 47th Annual Toronto Insurance Conference Black Tie Dinner at the Four Seasons in Toronto recently. Special guest speaker was former hockey player Dennis Hull, and TIC president Tracey McLean offered insights into the important role the TIC plays for area brokers.
November 30, 2002
1 min read
Business IT solutions provider CGI Group Inc. (TSX: GIB.A) has signed an agreement to acquire claims specialist Underwriters Adjustment Bureau Ltd. (UAB) for $53 million. The deal is expected to close by the beginning of next year. UAB generates about $100 million in annual revenue. A statement released by CGI says the deal will benefit […]
Comments made in the September 2002 issue of Canadian Underwriter regarding the difficulty in determining whether a Lloyd’s Syndicate is writing business were intended to refer to situations involving fraud and not to Lloyd’s cover holders legitimately writing business in Canada.
PPG Canada has a new home at 2301 Royal Windsor Dr. in Mississauga, ON, housing its headquarters, Toronto Business Development Center, CertifiedFirst Network and Nexa Autocolor offices. The company’s new phone number is 905-823-8377 and fax 905-823-0398, but all email addresses remain the same. The Insurance Institute of B.C. (IIBC) has a new chair, Glenda […]
Fairfax Financial Holdings (TSX: FFH) produced signs of a financial turnaround for the third quarter of this year, showing the largest quarterly profit in the company’s history. After posting a loss of $458.3 million for the same period in 2001, the company came through with net earnings of $281.4 million for the 2002 third quarter, […]
2 min read
Broker network consolidator Hub International Ltd. (TSX: HBG) saw net income for the third quarter of this year rise by 59% to US$5.4 million compared with the US$3.4 million reported for the same period the previous year. Diluted earnings for the latest reporting period amount to 19 a share against the 9 a share shown […]
This year marks the 50th anniversary of the Ontario Chapter of the Canadian Insurance Claims Managers’ Association (CICMA), the forerunner of the national organization. The first executive, led by president Walter Jennings, set out the goals of developing more harmonious relations amongst insurance companies, a more consistent approach to claim settlements and a high standard […]
Castek Inc. has signed a letter of intent with Kingsway Financial Services to use its Internet-based ClaimsPath platform for its auto physical damage and property claims. “Our adjusters will be able to obtain multiple quotes from preferred vendors and track the entire claims process in real-time. We anticipate a 40% decrease in handling and at […]
The licensing body for Ontario’s brokers is taking notice of the market availability crisis. At the recently held Registered Insurance Brokers of Ontario (RIBO) annual general meeting, outgoing president Joanne Brown says that concerns over the current tight market have been put forward by many brokers. “Through individual conversations with brokers and calls to the […]
As insurers and brokers met at the recent Insurance Brokers Association of Ontario (IBAO) convention held in Hamilton, the mood was a far cry from the easy days of the soft market. Rising rates and "vanishing markets" have put a strain on broker/insurer relations. Added to this is the pressure of mobilizing the industry towards its Internet portal project. The mix is producing heated discussion about the industry's future direction.
6 min read
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