Industry
Calgary-based Anthony Clark International Insurance Brokers Ltd. says it has complete a private placement worth nearly $337,000, which will go to the company’s working capital.The offering, costing $1.28 per unit, involved 263,000 units consisting of one common share and one warrant to purchase a common share of the company sometime in the next 2 years […]
By Canadian Underwriter | March 4, 2004
1 min read
The insurance operations of HSBC Bank Canada, known as Canadian Direct Insurance Inc., are to be purchased by Canadian Western Bank according to a letter of intent signed by the banks. Terms of the deal are a cash payment of $25.4 million, including a 25% premium over book value. Canadian Direct will continue to operate […]
By Canadian Underwriter | March 3, 2004
Despite improving financial results, A.M. Best has downgraded the financial strength ratings of Allianz Insurance Co. of Canada and subsidiary Trafalgar Insurance Company of Canada. Allianz dropped to “A-” (excellent) from “A”, while Trafalgar fell to “B+” (very good) from A. Each has also been assigned a negative outlook.The downgrade comes despite acknowledge improved results […]
By Canadian Underwriter | March 2, 2004
Thieves are targeting sedans, including older model vehicles, for parts, says a new report by the U.S. National Insurance Crime Bureau (NICB).The non-profit organization, which was established to fight vehicle theft and insurance fraud, looked at the most stolen vehicles in 2002. Two sedans, the 1989 Toyota Camry and the 1994 Honda Accord topped the […]
By Canadian Underwriter | March 1, 2004
2 min read
The merger of Brouwer Claims Canada & Co. with McLarens Canada is a “natural step”, says Brouwer chairman and CEO Jacob Brouwer.The two adjusting firms have signed an agreement in principle to merge, creating a national firm with 75 locations.The two firms will be able to share their individual strengths, notes Brouwer. McLarens is focused […]
As claims managers and adjusters entered the new year they faced tough federal privacy legislation which presented a host of unknown factors to their work environment: public reaction, professional limitations, and whether the industry’s existing claims handling standards would hold up under the new rules. So, when both sides met at the annual Joint Claims […]
By Vikki Spencer | February 29, 2004
5 min read
The Toronto Metro Convention Centre was home to the Insurance Institute of Ontario (IIO) Convocation and Awards Dinner. Amongst the honorees were (clockwise from top) Sunit Datta, Rajdeep Chopra and Richard Y.K. Liu, all of whom were presented with multiple awards by IIO president Patrick King (left) and Insurance Institute of Canada chairman Glenn Gibson […]
February 29, 2004
3 min read
2003 saw a giant leap in net income for Guelph, Ontario-based Co-operators General Insurance Co. (TSX: CCS.PR.A). The company generated net profit of $44.0 million for the 2003 financial year versus a loss of $1.1 million reported the year prior. This equates to earnings a share of $1.78 for 2003 against a loss of 48 […]
Have insurers finally found their “financial feet”? Initial industry financial data revealed by the Insurance Bureau of Canada (IBC) at Swiss Reinsurance Co. Canada’s recently held “Statistical Breakfast” seminar suggests at dramatic improvement in underwriting across most lines of business for the 2003 financial year with most of the top-ranked companies showing healthy profitability. From […]
By Sean van Zyl, Managing Editor | February 29, 2004
4 min read
Property and casualty insurers finished the 2003 financial year with a return on equity (ROE) of 10.7%, according to initial data released by the Insurance Bureau of Canada (IBC). The latest full-year return reflects a nine percentage point improvement in ROE on the meager 1.7% return posted for the 2002 financial year. Notably, the top […]
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