Risk
U.S., Minnesota- based specialty risk insurer St. Paul Companies has acquired London Guarantee Insurance Co. from Canadian-based Great West Lifeco. Inc. for $125 million. The deal has boosted St. Paul to lead-ranking underwriter of surety business in Canada. The deal was closely followed by an announcement by St. Paul in the U.S. that it had […]
August 31, 2001
2 min read
Industry
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70% drop in the industry’s taxed earnings to $269 million for the first half of this […]
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801 a share for the first six months of this year (June […]
1 min read
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. CASIU/ACFE Claims Fraud Seminar. Toronto, ON. Contact Penny Hill at 416-480-9475 or email acfe.toronto@sympactico.ca for details. October 2. Ottawa […]
Ted Belton, author of “The Belton Report”, says in the latest quarterly issue that pricing cycles cannot be blamed on surplus financial capacity. Although the industry has been consistently overcapitalized for two decades, pricing has continued to fluctuate. “The driving force behind fluctuations in the availability and cost of property and casualty insurance is underwriting […]
Insurance market Lloyd’s of London is predicting that loss for the last two years will exceed 2 billion pounds (US$3 billion). Because Lloyd’s reports its results three years in arrears, it must estimate losses in the interim. For 1999, the market expects losses of 1.39 billion pounds (US$2 billion) and for 2000, losses of 694 […]
By Canadian Underwriter | August 31, 2001
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year.Net income growth was an astounding […]
By Canadian Underwriter | August 30, 2001
With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent of Financial Institutions (OSFI) for a similar seven-year term.Among Le Pan’s responsibilities will be overseeing […]
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400 million, would see CGI provide information technology support to FFIC’s 80 locations across the U.S. […]
By Canadian Underwriter | August 29, 2001
A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons for the sale’s failure were not given, although in an earlier statement Queensway had alluded […]
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