Industry
Another reinsurer has withdrawn capacity from the Canadian market with Rhine Reinsurance’s recent decision to discontinue its facultative business. The reinsurer experienced “marginal losses” in this area since it entered this particular line three years ago, says Patrick King, chief agent of the company’s Canadian operations. “Inadequate rates” were largely to blame, he comments. “Rates […]
August 31, 2000
2 min read
Although listed broker network consolidator Equisure Financial Network (TSE:EFN) produced a significant rise in revenue for the first six months of the current financial year compared with the same period the year prior, the network’s net earnings for the period fell as a result of acquisitional costs incurred toward the end of 1999. Revenue for […]
At the recent 2000 Canadian Insurance Congress held in Whistler, a panel of information technology executives drew focus to “commercialization of information technology”. Among the speakers was British Columbia’s industry luminary, Lawry Shand, who provided an insurance perspective on the much maligned and misunderstood world of information technology. Why maligned? Why misunderstood? There remains a […]
3 min read
I expect there was an audible and collective sigh of relief from the management of tobacco manufacturer RJR-MacDonald Co. and their insurers when a New York district court recently dismissed the Canadian federal government’s US$1 billion lawsuit. The lawsuit was filed on grounds of cross-border cigarette smuggling and lost tax revenue. Justice Minister Anne McLellan […]
4 min read
In a year dubbed “tough” and “challenging”, Royal & SunAlliance’s (RSA) Canadian operation has posted largely disappointing figures for the 1999 financial year. Net income dropped from $172 million in 1997 to $123 million in 1998, and then a further 11.4%, to $109 million for 1999. Poor underwriting results were largely to blame, deteriorating from […]
1 min read
With revenue growth exceeding costs for the third year in a row for 1999, the Insurance Corporation of British Columbia (ICBC) was able to increase its rate stabilization reserve to $381 million. The public insurer’s net income for last year amounted to $96 million, up from $74 million reported for the 1998 financial year. Investment […]
Ontario-based brokerage Cowan Insurance Group has teamed with Internet software developer Open Text Corporation and AOL Canada to introduce the first online, real-time multi-company quotation and buying system in Canada. The “cowaninsure.com” service, which was launched toward the end of August this year, will initially focus on the Ontario personal lines market through AOL Canada’s […]
Specialty insurer Kingsway Financial Services Inc. (TSE:KFS) reported net income of $10.4 million for the first six months of this year compared with $16.2 million achieved for the same period the year previous. Net earnings for the second quarter amounted to $7.2 million against the $3.2 million produced for the first quarter of the current […]
Manitoba’s drivers could see lower rates on their insurance next year as a result of a strong financial showing by the Manitoba Public Insurance Corporation (MPI) for the fiscal year ending February 29, 2000. MPI saw its net income rise significantly last year to $51.4 million, up from $38.3 million the previous year, largely as […]
With the recent finalization of the federal government’s proposed financial services reform legislation packaged under Bill-38 — set to be tabled before parliament in the fall — independent property and casualty insurance brokers have heaved a collective sigh of relief that the long fought battle to prevent banks from retailing insurance products through branches appears […]
July 31, 2000
7 min read
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