Industry
Equisure Financial Network Inc. (TSE: EFN) has entered into an agreement to acquire Sudbury-based Dinan Insurance Brokers and Financial Services Ltd., a multi-line general insurance and financial service brokerage. The undisclosed purchase price will be paid partly in cash and partly in Equisure shares. Equisure is acquiring a well known regional broker in Dinan. It […]
March 31, 1999
1 min read
TSE-listed Queensway Financial Holdings (QFH) posted a 59% drop in earnings a share to 52c for the financial year ended December 1998 compared with the previous year. The company’s directors attribute the earnings decline primarily as a result of a once-off cost associated with a claims under-reserve of $13 million disclosed at Paradigm Insurance Co., […]
2 min read
St. Paul Companies, an insurance and reinsurance group and the parent of St. Paul Canada — has released its yearend 1998 figures posting a dramatic decrease in earnings over 1997. Net income plummeted from 1997’s US$929 million to $89.3 million in 1998. While decreased revenues account for much of the decline from the company’s record […]
Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record profits aside, Transatlantic also saw a steady increase in marketshare posting an increase of 7.7% […]
Risk
Intense competition, increasing litigation and the rising cost of claims is decreasing profitability in directors and officers (D&O) liability insurance market, a panel of executives told the D&O Liability and Issues Symposium sponsored by the Professional Liability Underwriting Society (PLUS). John Cavoores, president of National Union Fire Insurance Company, warns that growing competition in the […]
In January, more than two hundred of the world’s leading scientists met in Geneva to discuss what we should do about our changing weather. This gathering is part of an even larger working group that has been making steady research progress for more than ten years. But as each new storm passes, it reminds us […]
6 min read
The CICMA and CIAA 99 Joint Conference – held in Toronto in February – focused on the competitive challenges reshaping the p&c insurance industry. The overall message delivered at the event was clear: the process of industry change, mainly as a result of merger and acquisitional activity, is far from over with the effects being […]
Lindsey Morden Claims Services Ltd. has officially changed its name to Cunningham Lindsey Canada Ltd., a move to harmonize the company’s identity worldwide. “As a large, strong global company, sharing this common identity amongst our claims and risk management services illustrates our ability to provide seamless, consistent service around the world,” says Ken Polley, president […]
This month, insurer General Accident will officially change its name to CGU Group Ltd. The Canadian operation will operate as CGU Insurance Company of Canada. According to head of corporate communications Diane Scott, the change harmonizes the Canadian name with the company’s worldwide brand, which has been operating under the CGU Group title since General […]
Despite a $11.7 million decline in after-tax income for the financial year ended December 1998, the Co-operators General Insurance Company says it is encouraged by the 7.4% marketshare it notched up during the year. After-tax income for the year amounted to $55.1 million compared with $66.8 million for the 1997 financial year. This marks the […]
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