Industry
Passages: from the French "passager", literally meaning to execute a passage - the insurance industry today is navigating its way through a host of changes, not the least of which is being provided by a constantly shifting legal and regulatory environment. For Canada's mutual insurers, which met recently in Montreal for the annual Canadian Association of Mutual Insurance Companies (CAMIC) convention, some of these challenges take on a unique flavor.
By Vikki Spencer | November 30, 2003
5 min read
Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance Group is a Florida-based managing general agent (MGA) specializing in commercial automobile lines. Kingsway says […]
November 30, 2003
1 min read
New legislation introduced by the Ontario Liberal government to freeze auto insurance rates offers both “good news” and “bad news” for insurers, says the Insurance Bureau of Canada (IBC). While the IBC opposed the idea of formalizing the rate freeze, which became effective from October 23, the legislation takes into consideration that the solvency of […]
2 min read
The St. Paul Companies Inc. and Travelers Property Casualty Corp. recently announced a merger of the two companies to form a US$20 billion global operation based on net written premiums. The deal, which involves a trading of stock between the two companies, is subject to regulatory approval with the expectation that it will be finalized […]
The concern over brokers facing limited market availability was among the issues faced this past year by the Registered Insurance Brokers of Ontario (RIBO). At its recent AGM, the organization’s outgoing president Art Langley notes, “2003 has been a difficult year for both consumers and brokers. Changes within our industry have put a lot of […]
Third quarter net taxed earnings of Fairfax Financial Holdings Ltd. (TSX: FFH) dropped into the red this year with a loss of $20 million, which amounts to $1.67 a share. This compares with a net taxed profit of $281.4 million ($19.31 a share) posted for the third quarter of last year. This year’s third quarter […]
3 min read
Henry Klecan Jr., the president of SCOR Canada, has been given management control of the international group’s troubled U.S. operations. Describing the move south as a “secondment”, Klecan says he will remain fully involved with the Canadian operation whilst undertaking the restructuring of the U.S. company. Over the past two years, the U.S. operation has […]
A new study commissioned by the insurance industry suggests a publicly-run auto insurance system in New Brunswick could prove very costly.The study, released by the Centre for Spatial Economic and Shift Central Inc., says such a system would be a detriment to the province’s financial position.Among the negative effects is a net loss of $64 […]
By Canadian Underwriter | November 28, 2003
The Dominion of Canada General Insurance Co. CEO George Cooke is taking issue with comments made by former Ontario Minister of Enterprise Jim Flaherty. Cooke notes that his company’s Ontario auto insurance rate filing in September reflected the fact that changes made by the previous Conservative government reflect that there were no real savings in […]
In its pre-budget submission to the federal government released this week, the Insurance Brokers Association of Canada (IBAC) is asking the federal government to conduct a study of the impact of the goods and services tax (GST) on brokers. Currently, brokers are tax exempt in terms of collecting GST on insurance sales, but must pay […]
By Canadian Underwriter | November 27, 2003
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