Industry
Sorema N.A. recently celebrated the retirement of its Canadian chief agent Angus Ross (pictured, right) and the appointed of his successor, Francois Dagneau (left). Ross leaves the industry after more than 35 years, including 8 years with Sorema. Prior to becoming chief agent, Dagneau served as senior vice president for Sorema. Claude Smith has been […]
November 30, 2000
2 min read
"All hands on deck" was the central message delivered at the recently held 80th annual Insurance Brokers Association of Ontario (IBAO) convention. Under the theme "Pulling Together", the province's independent brokers joined to discuss issues including education, e-commerce and the upcoming federal election. In the face of what one speaker called "blinding change", brokers must band together to ensure their voice is heard by regulators, insurers and consumers.
5 min read
Looking into the crystal ball, Ted Belton sees a bright future for the Canadian property and casualty insurance industry – and a busy future for himself. Although officially retired from his post as director of research for RBC Underwriting Management Services this past summer, there is no stopping the man who has been a strong […]
6 min read
A controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue at stake is attempts by insurers over recent years to “cap” external legal expenses and […]
8 min read
The insurance industry donned its finest for the 45th annual Toronto Insurance Conference Black Tie Dinner recently, at the Four Seasons Hotel in Toronto. Among the guests were (clockwise from top, left to right): Employers Re’s Peter Borst, The Citadel Assurance’s Ernst Notz, The Travellers Casualty & Surety Company’s Brian Divell, RIBO past president Art […]
1 min read
Meloche Monnex Inc., the property and casualty arm of TD Bank Financial Group, has acquired the property and casualty insurance business of Canada Life. In return, Canada Life Assurance Company will take over the group savings business of TD Canada Trust, as well as receive a net cash payment of $75 million. Meloche Monnex will […]
As the Office of the Superintendent of Financial Institutions (OSFI) tabled its annual report for 1999-2000, superintendent John Palmer stressed the government regulator’s push towards accountability. “Improving OSFI’s accountability framework has been a challenging undertaking because so few precedents exist within the public sector and virtually none available within the regulatory community,” says Palmer. “Therefore, […]
Specialty insurer Kingsway Financial Services Inc. (TSE: KFS) reported a 48% increase in net income to $20.1 million for the nine month period ended September of this year compared with $13.6 million disclosed for the entire 1999 financial year. This produced a return on equity for the reporting period of 15%. The gain in earnings […]
The federal government’s announcement of an early general election for November of this year has scuttled hopes of having Bill-38, the national financial services legislation, passed within the fall sitting of parliament, confirms Paul Kovacs, vice president of the Insurance Bureau of Canada (IBC). Introduced by Finance Minister Paul Martin last year as a “white […]
October 31, 2000
In advance of its annual meeting this month, the Registered Insurance Brokers of Ontario (RIBO) has released a policy paper on the province’s proposal to remove the sole occupation requirement for brokers. RIBO favours changing the requirement to ‘principal occupation’, rather than removing it altogether, as has been suggested by the Financial Services Commission of […]
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