Risk
A recently released Swiss Re Sigma report titled "Capital Market Innovation in the Insurance Industry" suggests that the value of alternative risk securitization solutions will increase tenfold by 2010. The report notes that approximately US$12.6 billion has been funneled into capital market insurance vehicles since 1996 with catastrophe bonds accounting for nearly half of this […]
By Canadian Underwriter | June 14, 2001
2 min read
Industry
Members of Quebec’s desjardins caisses have joined forces to introduce a wireless Internet service which will enable their clients to access information and perform transactions through cellular telephones. The movement announced the wireless technology today, in conjunction with developer Wysdom Inc., and says that the service will be available to customers by the fall of […]
1 min read
Western Surety Company has opened its first branch office located in Halifax, Nova Scotia. “We’ve been looking at expanding our operations, and with the excellent business we have already established in Atlantic Canada, it just made sense to open an office in Halifax. This is an exciting opportunity for Western Surety and for Atlantic Canadian […]
On the verge of the merger of the Financial Services Commission of Ontario (FSCO) with the Ontario Securities Commission (OSC) set to take place in the early fall of this year, former FSCO head Dina Palozzi has announced her early retirement. Early reports suggest that Palozzi has accepted the position of executive vice president, client […]
By Canadian Underwriter | June 13, 2001
Le Mouvement des caisses Desjardins plans to raise US$ 400 million this coming fall to finance acquisitional growth outside of the Quebec market, specifically with the intent of acquiring insurance and brokerage interests.The Quebec-based financial services co-operative will issue debentures in terms of the offering, says president Alban D’Amours. Desjardins carried through a similar offering […]
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 for […]
By Canadian Underwriter | June 12, 2001
Claims
Homeowners of Chisholm and Slave Lake, located 150 kilometers north of Edmonton, Alberta, will be covered under most insurance policies for additional living expenses they incurred when the areas in question were evacuated as a result of a forest fire which broke out toward the end of May this year, according to Jim Rivait, a […]
Ohio, U.S.-based commercial brokerage group Assurex International has acquired risk management specialist CMW Insurance Services Ltd. located in Burnaby, British Columbia. Details of the transaction were not made public. CMW Insurance specializes in the risk areas of construction, property development, manufacturing, aviation, hospitality, high-tech and the retail industry. Its services include employee benefits, financial management, […]
By Canadian Underwriter | June 11, 2001
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 95% […]
The Risk and Insurance Management Society (RIMS) has announced the formation of an advisory council to lead the development of its new “fellow” designation. Based on the Canadian-made Fellow of Risk Management, the new educational level promises to take a different direction.Workshop-style courses will be added to the curriculum, replacing the former requirement for three […]
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