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U.S. property and casualty insurers are likely looking at a US$700 million price tag as a result of tornado and storm activity that blitzed 17 states during the week of April 27 to May 3 of this year, according to the Insurance Services Office (ISO). In total, approximately 218,000 claims from businesses and homeowners were […]
May 31, 2002
1 min read
Industry
Toronto-based Fairfax Financial Holdings (TSE: FFH) moved into recovery for the first quarter of this year. After a $346 million net loss for the 2001 financial year, the financial services company posted before tax earnings of $29 million for the first quarter of 2002. This reflects nearly a three-fold gain on the $11.3 million in […]
2 min read
There is a new "guy" in town. This is the message that Scott Tannas, CEO of broker consolidator Hi-Alta Capital Inc. - which is headquartered in the small town of High River, Alberta - sent out to the banking community at the company's recently held annual general meeting. At the AGM, Tannas revealed plans already well in the works that will see the first new federally chartered bank emerge on the Canadian landscape in what has been many years. Through the new bank legislation passed by Ottawa last year - which paved the way for smaller competitors to enter the domestic banking arena - Tannas intends to take on the banks at their own game. His strategy focuses on "community banking", which he believes the big five banks have neglected in their rush to economize through automated, centralized services.
7 min read
Claims
As insurance consumers we are inundated with offers and incentives to buy insurance or to switch companies. Most of us stay right where we are until we are given an incentive to leave, which all too often comes in the form of a badly handled claim. While a bad claim experience is not the only […]
3 min read
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced at the company’s annual general meeting. Shareholders also approved a change of name for the company to Western Financial Group, which will trade on the Toronto Stock Exchange under […]
At a Center for the Study of Insurance Operations' (CSIO) board meeting held in 1999, someone raised the topic of technology trends within the insurance industry. Little did we know that this seemingly harmless discussion would lead to the world's first insurance portal. Those initial hopes have transformed into an industry mobilized with a common goal of broker-company communication for the future. Less than three years later we are on the verge of seeing this vision become a reality.
5 min read
Risk
The Risk and Insurance Management Society honored retiring Canadian director of legislative, risk management and public affairs Lloyd Hackett recently at its annual conference in New Orleans. Making the presentation is Mike Phillipus, vice president of communications & external affairs for RIMS. As the company moves it focus to commercial lines, Zurich North America Canada […]
The Ontario Chapter of the Risk and Insurance Management Society (RIMS) held its annual dinner at the Hudson’s Bay Company in downtown Toronto recently. Past president Ed Martingano passed the gavel to new president Karin McDonald, and also presented a donation for $10,000 to the Women in Insurance Cancer Crusade, represented by chair Jan Tomlinson. […]
Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income came in at $16.3 million versus $9.2 million for the first quarter 2001. This translates to earnings of 33 a share for the latest quarter compared with 27 posted […]
Noting the rising awareness of natural disaster costs, both in financial and human terms, the Institute for Catastrophic Loss Reduction (ICLR) has revealed a full slate of research programs for the year ahead. At the institute’s annual general meeting held in Toronto recently, executive director Paul Kovacs noted the focus has been sharpened for the […]
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