Industry
The Canadian market was “the right fit” for the newest office in the Markel International stable, says the company’s CEO Gerry Albanese. The move into Canada through MINT Canadian Specialty Underwriters (MCSU) was based on several factors, he notes. “We like the location…It’s a sophisticated economy, a growing economy. Our products fit right in…” The […]
February 28, 2005
1 min read
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) continues to bleed red ink, with its financial return for the first three quarters of the current financial year (ending December 2004) showing a net loss of $2.39 million compared with a loss of $969,400 shown for the same period the year before. The latest return equates […]
2 min read
E-L Financial Corp. Ltd. (TSX: ELF), parent of Dominion of Canada General Insurance Co., posted net income for 2004 of $129.9 million, or $31.93 a share. This is more than double the 2003 net income of $46.9 million, or $11.66 a share. Significant growth came from general insurance operations, where net income reached $83.7 million […]
Northbridge Financial Corp. (TSX: NB), the Canadian operations of Fairfax Financial Holdings, posted record net earnings for 2004 of $162.2 million, equal to $3.19 a share compared with follows earnings of $153.0 million, or $3.07 a share reported the year prior. For the fourth quarter ending December 31, 2004, Northbridge posted earnings of $48.1 million, […]
The Canadian property and casualty insurance industry will likely finish 2004 with a 65% increase in net profit of $4.2 billion compared with the $2.5 billion reported the previous year, according to preliminary financial data recently released by the Insurance Bureau of Canada (IBC). The industry’s return on equity (ROE) for 2004 shows a record […]
In the United States, yet another deep pocket has been found to finance third-party automobile injury claims. Is the trend beginning here?
By Glenn McGillivray | February 28, 2005
10 min read
In an industry focused on risk management techniques for insureds, it is ironic that we spend so little time "managing" the risks confronting our own industry. In the fable of the "shoemaker's children" it is always the children of the shoemaker who are the last to receive shoes. Similarly, our industry spends considerable time and effort assisting customers with their risk management problems, while the same effective techniques are often missing from our own internal planning process.
By Philip Cook | February 28, 2005
5 min read
The introduction of federal privacy legislation to the insurance industry one year ago had the potential to clarify boundaries in handling customer information. But in reality, privacy rules have blurred many lines and thrown long-standing industry practices into question, say speakers at the OIAA Claims 2005 conference.
By Vikki Spencer | February 28, 2005
4 min read
It is common for equipment manufacturers and service providers to put clauses in customer contracts that exclude breakdown from incidents involving water, fire, mishandling, etc. These types of losses are usually covered by a property insurance policy. Since most of the vendors are aware of this fact they use this to advantage in an attempt to profit from an insured's loss.
By John Hicks of LWG Consulting | February 28, 2005
All new drivers in Saskatchewan will be subject to a new graduated licensing system as of September 1, 2005, says the province’s public insurer.Saskatchewan Government Insurance (SGI) says the program has three stages learner, novice 1 and novice 2 which will allow new drivers to pass to a “class 5” driver’s license in 18 months […]
By Canadian Underwriter | February 28, 2005
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