Industry
BUS Systems Inc. announced today the departure of Daniel Fauteux, vice president, business development of the company.As the founder and a major shareholder of the Company, Daniel remains committed to BUS’s success, and we wish him all the best in his new endeavours, Claude Savard, president and CEO of BUS, said in a release. Operation […]
By Canadian Underwriter | November 16, 2007
2 min read
The Autorit des marches financiers (AMF) handed a $5,000 fine against Richard Langevin Assurances Lte under section 115 of the Act respecting the distribution of financial products and services.The firm is also required to produce, to the AMFs satisfaction, details of the control and supervisory measures set up to ensure that the firm, the officers […]
1 min read
Despite reporting gains in its general insurance operations, Desjardins Group, an integrated cooperative financial group, recorded combined surplus earnings in 2007 Q3 of Cdn$248 million, down Cdn$80 million or 24.4% from the same quarter of 2006. This decrease was primarily due to a write-down of 8.3%, or Cdn$160 million (pre-tax), related to non-bank-sponsored, asset-backed commercial […]
By Canadian Underwriter | November 15, 2007
E-L Financial Corporation Limited, parent company of the Dominion of Canada General Insurance Company, has reported a 74% decrease in 2007 Q3 profits over the same period last year.The company posted a net income of Cdn$20.3 million for 2007 Q3, compared to its 2006 Q3 profit of Cdn$77.7 million.On a year-to-date basis, E-L Financial earned […]
Optimum Group Inc., a privately owned international financial group, and Optimum General Inc., a Canadian property and casualty underwriter, have announced an acquisition by way of an amalgamation. Optimum General will be a wholly-owned subsidiary of Optimum Group and the related parties of Optimum Group. “The decision to take Optimum General private is an initiative […]
Shortly after Johnson Inc. announced its acquisition of Kingston, Ont.-based brokerage Thomson Jemmett Vogelzang (TJV), both the Dominion of Canada General Insurance Company and Aviva Canada Inc. have cancelled all broker contracts with the company.George Cooke, president and CEO of Dominion, says he was absolutely shocked and very disappointed when he heard that TJV had […]
By Canadian Underwriter | November 14, 2007
Canadian insurers are asking industry regulators to consider switching from a system of filing auto insurance rate changes and then waiting for regulatory approval to a more flexible system that would allow insurers to charge their proposed rate changes immediately upon filing them with the regulator.I believe it is entirely realistic to have every jurisdiction […]
A post-remembrance day windstorm has served as a reminder that the British Columbia winter storm season is underway, and residents should be prepared for future severe storms, the Insurance Bureau of Canada (IBC) warns. Roughly 90,000 B.C. Hydro customers were without power on Nov. 12, after the first windstorm of the season first made waves […]
By Canadian Underwriter | November 13, 2007
The Canadian independent broker channel might be swallowed up quickly if hungry European insurers turn their eyes toward the Canadian insurance market, Colin Simpson, president and CEO of York Fire and Casualty Insurance, warned delegates at the York Fire Third Annual Executive Forum.The Canadian distribution channel is already getting blurred because of market players such […]
By Canadian Underwriter | November 12, 2007
Spot checks by the Registered Insurance Brokers Association (RIBO) regarding the degree to which Ontario brokers are in compliance with insurance regulators new marketplace principles have resulted in a Good Housekeeping seal of approval.The Canadian Council of Insurance Regulators (CCIR) and the Canadian Council of Insurance Services Regulatory Organizations (CISRO) developed three new marketplace conduct […]
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