Industry
Saskatchewan’s public insurer is the latest addition to class action lawsuits being filed against insurers following the McNaughton v. Co-operators decision.Since the Supreme Court refused to hear Co-operators appeal of an Ontario court decision that says policyholders should be refunded their deductible if their car is written off after an accident and then sold for […]
By Canadian Underwriter | April 1, 2002
1 min read
Vendor Applied Systems has appointed four new product managers. Dave DeGroot, Shannon Martin, Kathy Polizzi and Tony Villa bring almost 40 years of combined experience to their new roles. Kingsway Financial Services has named James Corcoran and J. Brian Reeve to its board of directors. Corcoran is a lawyer and former superintendent of insurance for […]
March 31, 2002
With the rise of high-profile court cases, particularly in the U.S., employment practices liability (EPL) has become a focus for the industry. The severity of EPL claims is growing, with many wondering when, or if, the trend will reach its peak.
6 min read
Almost from the start of the Internet "boom", pundits prophesied the death of the middleman. Everyone from high-profile technologists like Nicholas Negroponte to columnists in Wired and Fast Company declared that insurance brokers and other market intermediaries were stuck on the fast train to obsolescence. But those predictions are being proved wrong as the Internet promises to enable brokers as never before.
Montreal-based insurer Optimum General Inc. (TSE: OGI.A) posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for the previous year. This translates to a loss of 25 a share for the latest full year reporting period against the 2 a share in earnings made […]
Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing an even worse picture of a mere 0.5% return. Speaking at the recently held annual Swiss Reinsurance Co. Canada’s “Statistical Breakfast” seminar, the Insurance Bureau of Canada’s (IBC) chief economist Paul […]
3 min read
Broker consolidator Hi-Alta has added four new offices to its Western Insurance Network (WIN), including two in Alberta, and one each in BC and Saskatchewan. J.A. Buchan Agencies of Champion, AB, will be merged with Wes Fulton Agencies in nearby Vulcan, while Cochrane Insurance will eventually join Whittle Agencies in Cochrane, AB. The Prince George, […]
The insurance industry lost a longtime friend on March 5, with the passing of Peter D. Birkbeck (1920-2002), suddenly in Oakville, ON. After a 30-year career with CAFO Inc., he retired in 1985 as senior vice president and general manager. During his career he was also active in several industry associations, and was made an […]
Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. — which operates globally in the primary insurance, reinsurance and life sectors — has been put on the selling block by one of the company’s major shareholders, Deutsche Bank, a statement released by the group says. The troubled insurance group, which wrote total gross premiums of around US$8.5 billion […]
Waterloo-based The Economical Insurance Group saw its net income drop sharply in 2001, but managed to escape the year with a profit, and a growth in written premiums.Net income was $3.6 million last year, down from $19.6 million in 2000. Return on equity (ROE) stood at 0.6%, down from 3.0% the year prior. The company’s […]
By Canadian Underwriter | March 28, 2002
2 min read
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