Industry
All of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), slated to be officially opened by the beginning of July next year, will […]
By Canadian Underwriter | December 20, 2001
2 min read
Citigroup Inc. confirms that it will spin off Travelers Property Casualty Corp. Up to 20% of Travelers will be released through an initial public offering, and the remainder will be spun off to Citigroup shareholders.The deal follows a long and complicated history that saw Travelers become part of the initial Citigroup merger in 1998, and […]
By Canadian Underwriter | December 19, 2001
In the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica as a wholly-owned subsidiary.The deal will first have to pass muster with Clarica shareholders, the […]
By Canadian Underwriter | December 18, 2001
1 min read
The Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the province’s insurance regulations.With insurance legislation up for review in Newfoundland/Labrador, the IBC says the group […]
By Canadian Underwriter | December 17, 2001
Rating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co, and Kingsway Reinsurance (Bermuda) Ltd. When releasing the ratings, A.M. Best notes, "the Canadian group […]
By Canadian Underwriter | December 14, 2001
The broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.”Top-up” funding was expected, as CSIO president Klaas Westera noted at the centre’s annual general meeting in the […]
By Canadian Underwriter | December 13, 2001
Lloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year was 1991, when capacity hit US$15.8 billion.According to a Lloyd’s statement, the increase reflects confidence […]
By Canadian Underwriter | December 12, 2001
Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.Anthony spoke at a St. John Northwest Rotary Club gathering. He charges that the statistical calculation used by the lawyers in question to […]
By Canadian Underwriter | December 11, 2001
In a not unexpected move, the Financial Services Commission of Ontario (FSCO) is seizing control of troubled Canadian Millers’ Mutual’s assets.FSCO says the move was made in light of the insurer’s assets being deemed insufficient to provide for the company to continue in business and meet its financial obligations.The company, which has been in existence […]
By Canadian Underwriter | December 7, 2001
In the wake of dreadful third quarter results, two insurers have announced big job cuts at U.S. locations. CNA Financial says it will trim 1,850 employees, a whopping 10% of its workforce. And ING is announcing 1,600 job cuts, representing 15% of its U.S. insurance division workforce.Amsterdam-based ING says the job cuts are the result […]
By Canadian Underwriter | December 6, 2001
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