Industry
CGNU’s Canadian holding company CGU has disposed of its equity stakes in Commercial Union Life and Norwich Union for a total of $297 million. Commercial Union was sold to Manulife Financial for $138 million and Norwich Union to a subsidiary of the American International Group (AIG) for $159 million. Both deals are subject to regulatory […]
January 31, 2001
2 min read
Like it or not, Winston Morris, chair of Canadian Council of Insurance Regulators (CCIR) and assistant deputy minister of commercial and corporate affairs in Newfoundland and Labrador, has found his name in the news quite a bit lately. Public hearings on the province’s Facility Association (FA) have become a sparring ground for insurers, brokers and […]
6 min read
As insurers dip their toes into the vast ocean of e-commerce, regulators are donning their lifeguard gear in an attempt to protect consumers and the industry itself from the potential dangers lurking there. At home and abroad, the as yet unknown hazards of online sales are being examined and framework rules put in place. Issues […]
Three of the public-traded broker consolidator networks, Equisure Financial Network (TSE:EFN), Hi-Alta Capital Inc. (TSE:HIA), and Vector Intermediaries Inc. (VSE:VTE), have reported stronger earnings and revenue growth for the third quarter of 2000. Equisure, which also announced the successful closure of the bid by financial services group ING to acquire all of the networks outstanding […]
U.S. property and casualty insurers saw their net income for the first nine months of last year fall by 5% to US$16.5 billion compared with US$17.4 billion reported for the same period in 1999, according to the Insurance Services Office INC. (ISO) and the National Association of Independent Insurers (NAII). The industry’s earnings plunge – […]
3 min read
Listed insurer Queensway Financial Holdings Ltd. (TSE:QFH) posted a third quarter 2000 loss of $49.1 million equal to $4.04 a share largely as a result of what the company describes as “accounting irregularities” revealed at one of its major U.S. operating subsidiaries, Sun States Group (SSG). Rating agency A.M. Best Co. has pulled back the […]
Canadian Independent Adjusters Association past president David Buzzeo passes the gavel to new president Paul Hancock at the association’s recent conference in Edmonton, AB. Jill Hepburn has been appointed vice president, underwriting and technical services for the Facility Association. Hepburn had been working for the association since last January, on loan from Royal & SunAlliance […]
December 31, 2000
1 min read
Temi Seibert (pictured right), director of the Insurance Marketing Communications Association (IMCA) says the organization and its members need to address the changing nature of financial services. The convergence of financial services, multiple distribution channels including the Internet and the increasing importance placed on price by consumers are all affecting the way companies market products. […]
One area of great confusion that exists in the insurance market in Canada today is the status of group property and casualty coverage. The advantage of group coverage is that it can be sold without a licensed broker being involved. As an increasing number of property and casualty insurance coverages are mass marketed or sold […]
New Year's Resolution?
5 min read
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