Industry
The Economical Insurance Group’s purchase of Hartford Insurance Co. of Canada should allow the Waterloo-based insurer to expand its U.S. presence, says vice president of marketing and distribution Tom Reikman. The sale, for which financial terms have not been disclosed, brings in about $35 million in premium to Economical. It also opens up a road […]
December 31, 2000
2 min read
Outsourcing has burst out of the margins for many property and casualty insurers. The Office of the Superintendent of Financial Institutions (OSFI) lists examples of existing and proposed outsourcing arrangements: .Information system management and maintenance (software development, data entry and processing, data centers, facilities management, end-user support, local area networks, help desks). .Document processing (cheques, […]
1 min read
In the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss has been dwarfed in comparison. The steep and sudden rise in healthcare costs has prompted […]
9 min read
First came the “dot.com startups”, then came the “dot.com crashes”. The year that Internet business is expected to break the backbone of traditional business operators has been widely and inaccurately predicted for some time, speakers at the Insurance Information Centre of Canada’s (IICC) recently held executive technology forum acknowledged. However, despite the hype surrounding the […]
6 min read
In today’s corporate world of cost-cutting, automation, mergers and acquisitions, the biggest challenge facing senior management is dealing with employees who feel “alienated” by events of change. Building a successful “new culture” is no easy task, as many insurance CEOs will testify, however, careful planning from a “top to bottom approach” based on openly communicated […]
3 min read
While 2000 was the year that “should have been, but wasn’t” in terms of industry price corrections, Canadian insurance CEOs appear to be approaching the new financial year with a steely and determined discipline. In fact, they should. After two years of dismal financial performance with an industry average return on equity of between 6% […]
Darren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change, and to remain relevant in such an environment, RIBO will have to be open to […]
The Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the quarter, which was almost entirely driven by investment gains, produced a slightly better return on […]
CGU Group Canada has sold its 75% stake in the Insurance Co. of Prince Edward Island (ICPEI) for $2.7 million. The deal, which is subject to regulatory approval, was struck with the Saskatchewan Government Insurance Co. (SGI). ICPEI’s other major shareholder, PEI-based brokerage network Cooke Holdings Inc., is said to have prompted the switch in […]
November 30, 2000
In an attempt to strengthen its capital, adjusters Lindsey Morden Group (TSE: LM) is making a rights offering to holders of outstanding subordinate voting shares. Lindsey Morden expects proceeds of approximately $20,350,000 to result from the offering, which would be used for “general corporate purposes”. However, a company press release states, “pending such use, the […]
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