Risk
Corporate management may be feeling caught out in the rain, facing the backlash of investors and lawmakers in the wake of the "dot.com meltdown" and Enron's collapse. But, will they be facing such a wet reception from their directors and officers (D&O) liability carriers?
March 31, 2002
9 min read
Auto
Collision repair chain CARSTAR Canada announces the purchase of its Durham operation in Oshawa, ON. The acquisition comes following the passing of former franchise owner Bernie Hurst, who died in a car accident last fall. The Durham CARSTAR acquisition means that there are now 11 corporate stores nationwide.
1 min read
Industry
Montreal-based insurer Optimum General Inc. (TSE: OGI.A) posted a net loss of $2.7 million for the 2001 financial year ended December compared with earnings of $168,000 reported for the previous year. This translates to a loss of 25 a share for the latest full year reporting period against the 2 a share in earnings made […]
When I walked into the golf club’s dining room, the first people I saw were my two broker friends, Bob and Stan. Bob Davies was co-partner in a successful midtown brokerage which placed a lot of business with our insurance company. Stan was a broker in a town of some 30,000 an hour outside the […]
There is widespread industry agreement that claims costs are spiraling out of control. The industry’s economic woes cannot simply be tied to inadequate rates, or even catastrophic events such as September 11. At the recent Joint Claims Conference in Toronto, a discussion of the merits of outsourcing became a lesson to insurers in what needs […]
5 min read
No one within the North American property and casualty insurance industry donned “rose tinted glasses” in their anticipation of the final financial returns for 2001. Beleaguered by a long-term worsening claims environment, plummeting investment returns, and the final blow of the September 11 terrorist attacks, most insurers were left in a state of “battle shock” […]
4 min read
Canadian property and casualty insurers ended the 2001 financial year with a meager 3% return on equity, with the final quarter industry results showing an even worse picture of a mere 0.5% return. Speaking at the recently held annual Swiss Reinsurance Co. Canada’s “Statistical Breakfast” seminar, the Insurance Bureau of Canada’s (IBC) chief economist Paul […]
3 min read
Broker consolidator Hi-Alta has added four new offices to its Western Insurance Network (WIN), including two in Alberta, and one each in BC and Saskatchewan. J.A. Buchan Agencies of Champion, AB, will be merged with Wes Fulton Agencies in nearby Vulcan, while Cochrane Insurance will eventually join Whittle Agencies in Cochrane, AB. The Prince George, […]
The insurance industry lost a longtime friend on March 5, with the passing of Peter D. Birkbeck (1920-2002), suddenly in Oakville, ON. After a 30-year career with CAFO Inc., he retired in 1985 as senior vice president and general manager. During his career he was also active in several industry associations, and was made an […]
Home
Direct writer Co-operators General Insurance (TSE: CCS.PR.A) finished last year with a loss, both in fourth quarter and yearend results. Overall, the company suffered an after tax loss of $10.8 million, or 97 per share, compared with income of $31.7 million, or $1.13 per share, in 2000. Losses for the fourth quarter 2001 were $2.6 […]
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