Claims
A tornado struck Quebec’s Lac-St-Jean area last night, causing damage to approximately 15 houses without any personal injuries resulting. St-Gedeon, which is located north of Quebec City, is reported to having suffered the most damage with downed power poles and trees. Hydro-Quebec says about 900 of its consumers lost power last night. The electricity was […]
By Canadian Underwriter | June 20, 2001
1 min read
Industry
U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure from the Japanese market early last year.The move is intended to allow the company to […]
Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated at about $235 million.The decision was based on fears that R&SA Life “may not have […]
By Canadian Underwriter | June 19, 2001
2 min read
Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals in all classes of general insurance, CG&B should expand the brokerage’s product offerings with its […]
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 […]
By Canadian Underwriter | June 18, 2001
Home
Following on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual commission revenue of about US$7 million.J.P. Flanagan, which deals in property, casualty and professional liability […]
Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.At that time, former Equisure president George Hutchison noted that “ING has been very public in wanting […]
The executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in Vancouver.Under the terms of the merger, Parsons Brown’s current president, Al Pollock, will step down […]
By Canadian Underwriter | June 15, 2001
A national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such as the Insurance Bureau of Canada (IBC) and the Vehicle Information Centre of Canada (VICC). […]
Fairfax Financial Holdings’ U.S.-based reinsurance operation, Odyssey Re, began trading yesterday on the New York Stock Exchange following a successful public placement of 17.1 million shares valued at US$18 a share. The company, which is ranked among the top ten reinsurers in the U.S., will have a market capitalization of around US$1.2 billion with 65 […]
By Canadian Underwriter | June 14, 2001
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