Industry
TSE-listed Kingsway Financial Services Inc. (KFS) disclosed an 18% rise in earnings to 86c a share for the 1998 financial year ended December compared with that of the previous year. The return on equity for the year clocked in at 13.4%. Net income for the year rose by 40% to $31 million compared with $22 […]
March 31, 1999
2 min read
January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC) at the recently held Annual Swiss […]
Risk
Property & casualty insurance is a pure risk product that must be kept separate from the financial, wealth management and investment-based services provided by life insurers and banks, George Cooke, president of Dominion of Canada General Insurance Company, told a Toronto Board of Trade breakfast recently. Cooke, advocating banks not be allowed to retail insurance […]
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January 1999 was the third-costliest January for the U.S. in terms of catastrophe claims on record with insurers paying an estimated $1.75 billion in damages. The claims result from four events, according to Insurance Services Office, Inc.’s Property Claim Services (PCS) unit. During that month alone, catastrophe losses exceeded, by $750 million, the total cat […]
1 min read
In response to the growing need for alternative and effective mechanisms in dealing with potential legal disputes, British Columbia’s insurance industry recently launched the Insurance Dispute Resolution Services of B.C. One of the more innovative features of this resolution process is that it covers disputes from consumers to differences arising between industry parties. A great […]
February 28, 1999
3 min read
‘-based Reliance National, a subsidiary of Reliance Group, has introduced Enterprise Earnings Protection Insurance (EEPI), the first insurance policy designed to protect publicly held companies against earnings disruption volatility and adverse results. EEPI covers a wide range of circumstances that can negatively impact a corporation’s earnings, such as a decrease in demand for goods and […]
The Dallas Convention Centre will host the 37th Annual RIMS Conference & Exhibition, expected to draw more than 9,000 risk management professionals from April 11th to the 16th. The conference will feature guest speaker Colin L. Powell, former U.S. Joint Chief of Staff. It will also host more than 150 educational programs and 40 industry […]
Tony Thompson, founding publisher of Thompson’s World Insurance News passed away in his sleep in Toronto recently. He was 67. Thompson, widely respected throughout the insurance and media industries, started his weekly publication in 1988 as a one-man operation and built it up into one of Canada’s top insurance publications. Born in England, he arrived […]
PMSC Ltd. has appointed Patrick Vice to the position of director of sales. Vice brings to the position over 18 years of experience in the insurance industry. David Wilmot has been named senior vice president and manager of Toa-Re Insurance Company of America and will serve as chief agent for the company’s new Canadian branch. […]
Risk managers believe they have gained a small victory on the quality of service battleground with the insurance industry. The Risk & Insurance Management Society Inc. (RIMS) and global-brokers J&H Marsh & McLennan recently issued a joint statement to the effect that the brokerage has agreed to reveal contingency commission arrangements to clients on request. […]
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