Industry
ING Canada Inc. (TSX: IIC.LV) will offer its policyholders the option of an "accident forgiveness" clause on their auto insurance as from July of this year, a company statement says. The Ontario government is believed to be aggressively pushing for a standard accident forgiveness clause to be contained in all auto covers. Discussions between the […]
By Canadian Underwriter | May 15, 2005
2 min read
Western Financial Group (TSX: WES) lifted net income for the first quarter of this year by 80% to $1.1 million from the $587,000 disclosed for the same period in 2004. Earnings for the latest reporting period clocked in at 4c a share, reflecting a 25% increase on the 3c a share posted for the first […]
1 min read
Hub International Ltd. (TSX: HBG) has gained shareholder approval for its 2005 equity incentive plan (EIP) and the election of new board director. Hub says that the new EIP does not increase the number of equity awards that the company can grant. Under the plan, the company’s board can award up to 3.6 million common […]
By Canadian Underwriter | May 12, 2005
ING Canada Inc. (TSX: IIC.LV) notched up a return on equity of 28.9% for the first quarter of this year with net income soaring by 38% to $158.5 million compared with the $115.1 million disclosed for the same period in 2004. Earnings clocked in at $1.19 a share for the latest reporting period, reflecting modest […]
3 min read
Students Against Impaired Driving (OSAID) has announced a major sponsorship from Aviva Canada and that Aviva is the first corporate sponsor since OSAID’s inception in 1987 to provide core funding to OSAID Inc. According to OSAID, this funding will allow OSAID to maintain a full-time staff person to run the provincial office that manages 5,000 […]
The Insurance Brokers Association of Manitoba (IBAM) has appointed Tony Taronno, managing partner of Winnipeg-based Horizon Tuxedo, as its president for the 2005/6 annual term. Taronno takes over the helm from George Miller who will now assume the role of association’s board chair. "Tony will be an excellent leader for the association, as well as […]
By Canadian Underwriter | May 11, 2005
Lindsey Morden Group Inc. (TSX: LM.SV) the holding company for the Cunningham Lindsey Group of subsidiaries has issued a statement denying rumors "circulating in the U.K. insurance press" that the company intends disposing of any of its British operations or considering a merger with another adjusting firm. Specifically, the statement refers to outside parties GAB […]
A study of the North American property and casualty insurance industry by Conning Research and Consulting predicts that insurers will enjoy a second year of underwriting profit for 2005, assuming that catastrophic losses remain in the normal annual range of US$13-$14 billion. "Higher prices, tighter covers and more effective deductibles are the key contributors to […]
By Canadian Underwriter | May 10, 2005
Financial services group and broker network consolidator Western Financial Group (TSX: WES) has acquired a minority shareholding in Falkins Insurance Group, a major brokerage network operating from 10 locations in British Columbia’s southeastern region. The terms of the deal have not been disclosed.Under the arrangement, which Western describes as a "strategic partnership", the two groups […]
Approximately 400 insureds who purchased home, auto or commercial insurance from York Commonwealth Direct Insurance Co. do not have coverage at the moment, says a Registered Insurance Brokers of Ontario (RIBO) statement. The broker self-regulating body says it has begun contacting the parties in question to inform them of their current situation, and that York […]
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