Industry
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 […]
August 31, 2000
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 […]
2 min read
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 […]
By Sean van Zyl, Editor | July 31, 2000
7 min read
The Toronto Society of Fellows hosted its 6th annual charity ball recently at the Toronto Marriott Eaton Centre. The black-tie affair, which included dinner, dancing, a silent auction and a live auction hosted by CITYTV’s Gord Martineau, raised $150,000 for the Starlight Children’s Foundation and drew a capacity crowd of more than 540 people. Christina […]
July 31, 2000
Listening to the words of the financial services regulators, at both the provincial and federal levels, it would appear that a dim light is beginning to show at the end of the long tunnel of regulatory reform — an issue which numerous lobby organizations from across the insurance industry have been striving toward for years. […]
4 min read
The Chicago-based CNA Group is the latest of reinsurance players to be placed on the injury list as a result of losses on Canadian business. CNA Re, which writes its business in Canada through a wholly-owned U.S. registered subsidiary, Niagara Fire Insurance Company, has axed its Canadian management team and shifted control of the book […]
The Board of Directors of CG&B Group Inc. of Ontario announces that Jeff Brandham has been appointed president and chief executive officer. Brandham joined the insurance brokerage and financial services provider as a partner in 1979. AXA Canada has appointed Jean-Denis Talon, currently chairman of the board and president, to the position of chairman of […]
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