Industry
On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early retirement. Early reports suggest that Palozzi has accepted the position of executive vice president, client […]
By Canadian Underwriter | June 13, 2001
1 min read
Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures in terms of the offering, says president Alban D’Amours. Desjardins carried through a similar offering […]
Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter profit of $2 million which translated to earnings of 3c a share.Gross written premiums for […]
By Canadian Underwriter | June 12, 2001
The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of Canada (IBC).The industry’s taxed income for the first quarter of this year fell by 95% […]
By Canadian Underwriter | June 11, 2001
2 min read
Canada’s new federal financial services legislation under Bill C-8 entered the final stage of debate by the Senate following approval last week by the finance committee of the Senate. It is expected that the new legislation will be enacted by June 15 of this year before parliament breaks for the summer.The financial services legislation in […]
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident involving her Ford 1995 Explorer which allegedly "flipped" after one of the tires burst, resulting […]
By Canadian Underwriter | June 10, 2001
With the formal swearing in of B.C.’s Liberal government cabinet, a new finance minister takes the helm, and assumes responsibility for the province’s public insurance program. Gary Collins has been given the task of overseeing the Insurance Corporation of British Columbia as port of his overall finance ministry portfolio. In the past, ICBC has fallen […]
By Canadian Underwriter | June 8, 2001
Zurich Canada and Manulife Financial are teaming up to cross-sell insurance products to small business owners. The national alliance will see Zurich’s brokers refer clients to Manulife for group life and health insurance, with Manulife returning the favor with potential property and casualty insurance buyers. The partnership is a result of the sale of Zurich’s […]
Chubb Insurance Co. of Canada has launched a broker-supporting website focused on personal lines. Following a successful trial run of the site in December 2000, the company says the service will go live in Ontario now, while brokers in other province’s will gain access by the end of the summer this year.Typical broker features of […]
An Ontario-based insurance brokerage, Phoenix-Eastern Insurance Brokers Inc., has launched an online range of insurance covers aimed at non-profit associations and charities. Accessible through the Internet, the new service known as CAIP Comprehensive Associations Insurance Program will provide instant quotes on covers. The brokerage claims that the savings available to insureds through CAIP could be […]
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