Risk
Following the great “premium chase” of recent years, Canada’s property and casualty insurers have finally woken up to a reality: “we have sinned”. This was the underlying conclusion reached and admitted to by presidents of some of the lead ranking companies represented at this year’s Canadian Insurance Congress. While the negative impact of inadequate pricing […]
June 30, 2001
3 min read
With the recent introduction of new insurance-related stocks on the American market, and the movement of Canadian stock companies onto exchanges south of the border, it would seem insurers are playing in the equities market spotlight. Speculation that the downfall of the technology sector could spur a return to more tried and true performers is coupled with recognition that hardening rates will bring a return to confidence in the insurance sector. But who among the Canadian players will come out on top? CU asks analysts and public company management what the key to stock market success will be.
9 min read
The Financial Services Commission of Ontario (FSCO) has levied a $75,000 fine and a “cease and desist order” against Robert L. Brown who, through an entity called Tri-Continental Exchange, is said to have sold bogus insurance policies within the province. Brown allegedly sold invalid insurance products through “barter companies” in Ontario. Subsequent to what FSCO […]
1 min read
Specialty risk insurer Kingsway Financial Services Inc. (TSE: KFS) has entered into an “alliance” with Texas-based auto insurer Reliant American Group Inc. to market the company’s underwriting products. “We see a lot of potential for the distribution of Reliant American’s commercial auto, garage liability and general liability products through our licensing and underwriting capabilities, with […]
Industry
The Canadian property and casualty insurance industry achieved a dismal 3.8% return on equity for the last four consecutive quarters through to the end of March 2001, according to the latest preliminary financial figures released by the Insurance Bureau of Canada (IBC). The industry’s taxed income for the first quarter of this year fell by […]
2 min read
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the “unwavering commitment” of the province’s new premier Gordon Campbell to increase private enterprise in B.C. Specifically, Cooke refers to the new Liberal provincial government’s stated position […]
Following the release of a draft proposal for the merger of Ontario’s Financial Services Commission of Ontario (FSCO) and the Ontario Securities Commission (OSC) set for this coming fall, former FSCO head Dina Palozzi has announced her early retirement. Reports suggest that Palozzi has accepted the position of executive vice president, client relations, at investment […]
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. CARSTAR Industry Conference. Calgary, AB. Call Lisa Mercanti-Ladd at 1-800-701-9452, ext. 234 for details. August 16 to 19. Canadian […]
Following improved financial performance for the last quarter of 2000, the Co-operators General Insurance Co. reported a net loss of $20 million for the first quarter of this year, equal to 107c a common share against last year’s first quarter profit of $2 million which translated to earnings of 3c a share. Gross written premiums […]
A Canadian class action lawsuit has been filed against auto manufacturer Ford and tire manufacturer Firestone for use of defective and unsafe products on Ford Explorer models. The action was initiated by Michelle Rambharos of Brampton following a vehicle accident involving her Ford 1995 Explorer which allegedly “flipped” after one of the tires burst, resulting […]
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