Risk
The 1990s saw considerable attention drawn to the global benefits of the so-called "hot" developing economies such as South America, Asia and the former Eastern Bloc countries. Most recently, we have seen plunging stock markets and economic uncertainty resulting in these same areas. Strangely, these have a link with trends in Canadian financial supervision.
June 30, 1999
6 min read
Industry
Economical Mutual Insurance Company has announced plans to purchase the insurance-related assets of the Family Group of Companies, which filed for bankruptcy protection in British Columbia earlier this year. Swiss Reinsurance Company, a Family creditor, joins Economical and will receive its minority equity interest to partially off-set the $20 million owed to them by Family. […]
1 min read
“We’re in a world where the ‘world of products’ is going to get even bigger,” predicts Norma Nielson, chair of insurance at the University of Calgary. A major issue arising from the “blurring of traditional product lines” and the multi-skills today required of financial service intermediaries, is how the regulators will react to the selling […]
U.S.-based Allstate Corporation has acquired CNA’s personal lines business in a transaction valued at $1.2 billion. The deal calls for Allstate to pay CNA $140 million in cash for the business and company shell. Also, Allstate will utilize about $950 million of its capital to support the new premium volume and will pay a marketing […]
2 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. Strategy Institute: Changing Face of Canadian P&C Insurance Forum. Contact Strategic Institute at 416-944-8833. Metro Toronto Convention Centre, Toronto, […]
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First-quarter results of the U.S. property and casualty insurance industry show signs of improvement; largely on the back of increased investment earnings derived from higher interest rates. The industry’s after tax income for the period clocked in at US$9.2 billion compared with US$9.5 billion for the same period a year ago, reports the Insurance Services […]
Queensway Financial Holdings Inc. and St. Paul Companies released their first quarter earnings, with both showing results mirroring industry trends. Both companies followed the industry’s alarming trend of rising operating ratios. And while Queensway’s premium volume rose considerably — the result of 1998 acquisitions just now being added to the books, St. Paul Companies experienced […]
Promoting regional unity and getting out on the road to read member needs and concerns first hand are central issues of the Insurance Brokers Association of British Columbia’s strategic growth plan for the year ahead. Although brokers should remain competitive within their ranks, the time has come for the province’s brokerage community to stand together […]
May 31, 1999
5 min read
When the Financial Services Commission of Ontario (FSCO) introduced mandatory mediation of statutory accident benefits disputes, insurance companies quietly rejoiced. Essentially, the new rules preclude plaintiffs from launching an action at law prior to mediating issues in dispute which fall under Ontario Regulation 403 to Bill 59 such as benefits for medical and rehabilitation costs, […]
4 min read
Equisure Financial Network Inc. (TSE: EFN) released record first quarter figures, setting new highs in revenue, net income, earnings, shareholders equity, assets and EBITDA (earnings before interest, taxes, depreciation and amortization). The company’s consolidated revenue was up 3% from 1998’s $21.1 million to $21.6 million. Net income rose by 38% to $1.05 million from $762,000 […]
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