Industry
News
February 28, 1999
3 min read
Vector Intermediaries Inc. (ASE: VTE) has entered into an agreement to sell its British Columbia operations. Regional vice president of Western Canada Rich Commerford has agreed to purchase Burnaby-based Charlton Insurance Agencies Ltd. as well as Macnaughton & Ward in Surrey and Langley, transactions that are a part of Vector’s continuing restructuring efforts and to […]
1 min read
The ramifications of the millennium bug are already hitting insurers, says Crawford Adjusters Canada vice president Glenn Gibson, who recently addressed a capacity crowd at the SCOR Canada/Lang Michener Claims Symposium in Toronto. Already in the U.S. – where the bulk of Y2K litigation is currently taking place — over 200 lawsuits have been settled […]
2 min read
Private passenger auto insurance rates in Ontario decreased during the fourth quarter of 1998 according to the latest rate information published by the Financial Services Commission of Ontario (FSCO). This is the 10th successive quarterly decrease since 1996. Of the 22 rate filings that were approved, 21 dealt with rate changes. The individual rate changes […]
The snowstorm which almost buried Toronto for the first two weeks of the new year is expected to cost insurers roughly $50 million, the Insurance Bureau of Canada (IBC) estimates. Around 115cm of snow fell on Toronto with heavy accumulations in other areas of southwestern Ontario in what was the first major storm of 1999. […]
The Hub Group Ltd., a broker consolidator, has gone public listing on the Toronto Stock Exchange as HBG. The initial public offering, underwritten by CIBC Wood Gundy Securities, distributed $11.7 million Hub common shares to the public at an opening price of $13.50. At press-time, HBG was trading at $17.55. Financial holding company Fairfax Financial, […]
Royal & SunAlliance Insurance Company of Canada has struck a strategic alliance with the Toronto-based broker network, CG&B Group. “We believe that in order for the CG&B Group to maintain our position as a profitable, growing and innovative firm we must expand through acquisitions,” says Rod Finlayson, CG&B senior vice president. “The investment will allow […]
ING Canada, through its Calgary-based subsidiary Western Union Insurance, has entered into a strategic alliance with B.C.-based BCAA. Under the agreement, ING will purchase BCAA’s subsidiary, BCAA Insurance Corporation, for undisclosed terms. BCAA will continue to sell home and auto insurance products through its 23-centre provincial-wide network with Western Union serving as the underwriter. The […]
January 31, 1999
The U.S. property and casualty insurance industry posted US$23.2 billion in net taxed income for the first nine months of 1998, showing a 15% drop from the $27.4 billion made over the same period in 1997. The decline is attributed mainly to higher catastrophe losses, according to Insurance Services Office, Inc. (ISO) and the National […]
The Professional Liability Underwriting Society (PLUS) recently held their international conference in Palm Springs, California, with over 2000 registrants in attendance. Founded in the U.S. in 1986 and having expanded into Canada in 1997, PLUS is a forum for individuals involved in the field of professional liability. Its mission mandate is to educate the industry […]
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