Industry
Hub International Ltd. (TSX: HBG) has added four new brokerages to the network’s stable. In Ontario, Hub subsidiary Gifford Associates Insurance Brokers Ltd. purchased Ottawa-based O’Neil & Company Ltd. O’Neil sells commercial and personal property and casualty products, with a focus on the forestry industry. In business since 1935, it brings in annual commission revenue […]
October 31, 2002
1 min read
The Insurance Brokers Association of Canada is looking for a new executive director following the news that Brendan Wycks will be leaving to pursue other opportunities. Wycks had been with IBAC for two years. Technology provider Sherwood International has announced the appointment of Alex Davis as director of global strategic projects and Dan Sobotincic as […]
Much anticipated Ontario auto insurance reforms have been put before the legislature with the view of having legislation enacted by the beginning of next year. Auto insurers, represented by the Insurance Bureau of Canada (IBC), say they “applaud” the actions taken by Ontario Finance Minister, Janet Ecker, in tabling the legislation that will allow future […]
3 min read
Troubled Loyalist Insurance Co. has withdrawn from Ontario’s auto market. The withdrawal prompted rating agency A.M. Best to lower the company’s public data rating to “B-” from “B”. The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct written premiums. The company’s eroding capital position as a result of operating […]
The much anticipated Ontario auto insurance reforms have now been put before the legislature and the industry’s lobby body is pleased.Reacting to the news that Ontario Finance Minister Janet Ecker has tabled legislation that will allow future changes to the auto insurance system to be introduced more quickly, the Insurance Bureau of Canada is applauding.”We […]
By Canadian Underwriter | October 30, 2002
2 min read
The Commercial Insurance Market Index for the third quarter 2002 shows brokers and agents in the U.S. are worried about insurer solvency. In a poll, the Council of Insurance Agents and Brokers noted that 86% of respondents are concerned about the industry’s financial viability.Citing terrorism losses, investment declines and environmental claims as among the threats […]
By Canadian Underwriter | October 29, 2002
E-L Financial Corp. Ltd. (TSX: ELF), parent company of the Dominion of Canada General and Chieftain, is reporting a slight drop in income for the third quarter of this year as compared to the same period last year. Net operating income is $23.5 millon, or $6.59 million per share, for the most recent reporting period, […]
By Canadian Underwriter | October 25, 2002
Specialty insurer Kingsway Financial (TSX, NYSE:KFS) has applied to make an offering of trust preferred shares on the U.S. exchange. The offering could bring in US$50 million, plus over-allottment.Kingsway had planned an offering on both the U.S. and Canadian shares earlier this year, but withdrew the offering saying at the time that the company did […]
By Canadian Underwriter | October 23, 2002
A study released by rating agency A.M. Best on Ontario auto insurance suggests that the market’s loss ratio had risen by 10 percentage points to a high of 91.4% by the end of 2001. Auto insurers operating in Ontario brought in an average 9.5% increase in rates last year based on direct premiums written. The […]
By Canadian Underwriter | October 20, 2002
The withdrawal of Loyalist Insurance Company from the Ontario auto market has prompted A.M. Best to lower the company’s public data rating to B- from B.The rating agency notes that last year Ontario auto accounted for 60% of Loyalist’s direct written premiums and points to the company’s eroded capital position as a result of operating […]
By Canadian Underwriter | October 18, 2002
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.
