Industry
ING Canada emerged the victor in the longstanding bidding process to acquire broker network consolidator Equisure Financial Network (TSE:EFN). The deal was recently closed at a $7 a share cash offer, pegging the overall value at around $160 million. Subject to regulatory approval, the deal also depends on whether Equisure shareholders are willing to tender […]
September 30, 2000
2 min read
With the recent announcement that HSB Group Inc., parent company of the Boiler Inspection and Insurance Company (BI&I), will sell its stakeholding to American International Group Inc. (AIG), staff at BI&I are predicting “business as usual”. Both the management and name of the company will remain, says Gary Young, BI&I vice president. He expects the […]
1 min read
Following on the heels of Cowan Insurance’s online launch, Quebec brokers Di Perno & Associates has entered the online insurance fray with the launch of “AssureMoi.com Inc.” The site, issued through La Toile du Quebec, the world’s largest French language web portal, will offer auto, residential, medical and life coverage. It is expected to be […]
Two broker network consolidators, Hi-Alta and The Hub Group, have reported strong showings in the second quarter 2000, capitalizing on new acquisitions. Hi-Alta Capital Inc. (TSE: HIA) saw commission revenue jump almost 18%, to $9.95 million for the three-month period ending June this year, compared with the $8.84 million reported for the same quarter in […]
After several years of growth decline, the Canadian and U.S. property and casualty insurance markets appear to have turned a corner for the better based on results for the first quarter of this year. Industry economists and market analysts are particularly upbeat of a significant rise in net premiums recorded for the period, their enthusiasm […]
By Sean van Zyl, Editor | August 31, 2000
5 min read
1996 (59,812) 367,061 (41,717) 152,501 -27.4% 1995 (18,095) 214,560 1996 (59,812) 367,061 (41,717) 152,501 -27.4% 1997 (21,685) 399,078 38,127 32,017 1191% 1998 22,042 609,891 43,727 210,813 20.7% 1999 (59,220) 438,813 (81,262) (171,078) 47.5% Margins represent the favourable run-off of prior year claims estimates. Deficiencies represent the unfavourable develoment on the run-off of prior year claims […]
By Graham Cudlipp, president of GSC and Associates | August 31, 2000
4 min read
Another reinsurer has withdrawn capacity from the Canadian market with Rhine Reinsurance’s recent decision to discontinue its facultative business.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
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 […]
By David Plouffe, principal at Insurance Technology Advisors Ltd. | August 31, 2000
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 […]
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