Industry
In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.”The increased cost of automobile insurance has been the focus of much attention lately,” the release, sent to papers in Nova Scotia, New Brunswick and PEI begins. It […]
By Canadian Underwriter | April 23, 2002
1 min read
An initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government, and the strike by Ontario’s public employees, have put the project on the backburner.Nonetheless, the […]
By Canadian Underwriter | April 19, 2002
In the wake of industry speculation on the fate of Internet-based insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15.In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the company […]
By Canadian Underwriter | April 18, 2002
2 min read
The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity [for the company]" as the new CEO takes the helm. Bardswick replaces Terry Squire who […]
By Canadian Underwriter | April 17, 2002
U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
By Canadian Underwriter | April 15, 2002
3 min read
For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist attacks, the company’s loss tally for 2001 is Cdn$7.11 billion (3.11 billion British pounds).The September […]
By Canadian Underwriter | April 10, 2002
Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the 2.2 million outstanding multiple voting shares. Fairfax’s also holds 8.4 million of Lindsey Morden’s outstanding […]
By Canadian Underwriter | April 8, 2002
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation.Acquisitions played a key role in the company’s growth, with 9 agencies in 11 communities added to Hi-Alta’s Western Insurance Network last year, as well as the addition of […]
By Canadian Underwriter | April 4, 2002
Stan Griffin, formerly the head of the Facility Association, has been selected to replace retiring George Anderson as president and CEO of the Insurance Bureau of Canada (IBC).Griffin began with the IBC in 1975 and rose to the position of vice president of its Ontario region, before moving to Facility in 1999. He returned to […]
By Canadian Underwriter | April 3, 2002
Broker consolidator Hi-Alta Capital Inc. is once more growing its Western Insurance Network (WIN) through acquisition, as well as the establishment of a new office in southeastern Alberta. Six new agencies have been added to WIN with the purchase of Prairie West Financial Group, Gateway Agencies and Chase Canada.Hi-Alta is buying the insurance, investment and […]
By Canadian Underwriter | April 2, 2002
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