Risk
U.K. insurer The British Aviation Insurance Group Ltd. (BAIG) has acquired U.S. specialty underwriter Associated Underwriters Inc. (AAU) for an undisclosed amount. BAIG focuses on global aviation risks while AAU acts as a syndicate manager in the aviation and satellite markets. Subject to regulatory approval, the deal became effective from the beginning of September this […]
August 31, 2000
2 min read
Industry
In a year dubbed “tough” and “challenging”, Royal & SunAlliance’s (RSA) Canadian operation has posted largely disappointing figures for the 1999 financial year. Net income dropped from $172 million in 1997 to $123 million in 1998, and then a further 11.4%, to $109 million for 1999. Poor underwriting results were largely to blame, deteriorating from […]
1 min read
Estimates suggest that roughly 65% of Canadian small to medium size enterprises (SMEs) engaged in manufacturing currently do not have equipment breakdown coverage, according to research by the Boiler Insurance and Inspection Company of Canada (BI&I). Clearly the owners of small and medium size businesses are reluctant to pay additional premium for extended coverage over […]
3 min read
Claims
Although much of the damage caused by the Pine Lake tornado was insured, the Alberta government has set aside funds to pay for uninsured losses and to cover emergency service expenses. The multimillion-dollar relief package includes an automatic $3,000 award to each adult and $750 to each child affected by the tornado. The package also […]
With revenue growth exceeding costs for the third year in a row for 1999, the Insurance Corporation of British Columbia (ICBC) was able to increase its rate stabilization reserve to $381 million. The public insurer’s net income for last year amounted to $96 million, up from $74 million reported for the 1998 financial year. Investment […]
Ontario-based brokerage Cowan Insurance Group has teamed with Internet software developer Open Text Corporation and AOL Canada to introduce the first online, real-time multi-company quotation and buying system in Canada. The “cowaninsure.com” service, which was launched toward the end of August this year, will initially focus on the Ontario personal lines market through AOL Canada’s […]
Specialty insurer Kingsway Financial Services Inc. (TSE:KFS) reported net income of $10.4 million for the first six months of this year compared with $16.2 million achieved for the same period the year previous. Net earnings for the second quarter amounted to $7.2 million against the $3.2 million produced for the first quarter of the current […]
Manitoba’s drivers could see lower rates on their insurance next year as a result of a strong financial showing by the Manitoba Public Insurance Corporation (MPI) for the fiscal year ending February 29, 2000. MPI saw its net income rise significantly last year to $51.4 million, up from $38.3 million the previous year, largely as […]
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. National Association of Surplus Lines Offices Convention. Chicago, ILL. For more information call 816-741-3910. September 13 to 17. Insurance […]
Scor Canada welcomes Henry Klecan Jr. to succeed Dominique Lavallee as president and CEO. Klecan was previously senior vice president of The Citadel Insurance Company. After 12 years in Scor’s North American offices, Lavallee heads to Paris, to lead the company’s Risk Management and Control Department. Gary Gardner is returning to Crawford Adjusters Canada, to […]
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