Industry
TSE-listed Kingsway Financial Services Inc. (KFS) disclosed an 18% rise in earnings to 86c a share for the 1998 financial year ended December compared with that of the previous year. The return on equity for the year clocked in at 13.4%. Net income for the year rose by 40% to $31 million compared with $22 […]
March 31, 1999
2 min read
January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC) at the recently held Annual Swiss […]
In response to the growing need for alternative and effective mechanisms in dealing with potential legal disputes, British Columbia’s insurance industry recently launched the Insurance Dispute Resolution Services of B.C. One of the more innovative features of this resolution process is that it covers disputes from consumers to differences arising between industry parties. A great […]
February 28, 1999
3 min read
Tony Thompson, founding publisher of Thompson’s World Insurance News passed away in his sleep in Toronto recently. He was 67. Thompson, widely respected throughout the insurance and media industries, started his weekly publication in 1988 as a one-man operation and built it up into one of Canada’s top insurance publications. Born in England, he arrived […]
1 min read
PMSC Ltd. has appointed Patrick Vice to the position of director of sales. Vice brings to the position over 18 years of experience in the insurance industry. David Wilmot has been named senior vice president and manager of Toa-Re Insurance Company of America and will serve as chief agent for the company’s new Canadian branch. […]
There are few leaders in the Canadian property and casualty insurance industry applying an optimistic view of business and earnings growth in 1999. In fact, premium growth across the lines is unlikely to exceed the country’s expansion of gross domestic product (GDP) for the year with the industry’s average combined ratio rising to neutralize any […]
4 min read
The fair-weather profit years which the property and casualty insurance industry has enjoyed since the mid-1990s is likely to run into a storm in 1999 with companies generating single digit returns on equity (ROE). Projections based on third-quarter StatsCan data suggests that the p&c industry achieved a modest 3% growth in premium income for 1998, […]
Zurich Canada has announced the acquisition of World Travel Protection (WTP), a Canadian travel insurance assistance and administration company. WTP offers travel insurance administration, case management and health information services to large institutions in the affinity and employee group markets. Prior to the acquisition, Zurich Canada held a 50% equity interest in WTP. Full ownership […]
Dominion of Canada General Insurance has joined the growing rank of insurance companies offering broker call centre services. In the spring of this year Dominion will launch Chieftain Insurance in the Alberta and Ontario personal lines markets. Dominion president George Cooke says Chieftain will initially offer a personal auto and property product sold through an […]
Hambro Insurance Services Group (HIS), a recently acquired subsidiary of Lindsey Morden Group Inc., has sold its 33% interest in Oracle Service Network Corporation — a provider of roadside and other assistance services in the U.S. and Canada — to Tampa-based Sykes Enterprises for 486,892 Sykes common shares. Sykes, an outsourcing consultant firm specializing in […]
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