Industry
A new survey by the Insurance Bureau of Canada suggests Quebec’s drivers may not be quite so pleased with possible reforms to their auto insurance system.The survey comes as Quebec’s government considers changes to its auto insurance system such as reinstating the right to sue and limiting benefits for drivers who are found criminally responsible […]
By Canadian Underwriter | October 8, 2003
2 min read
Hub International Ltd. (TSX: HBG) has acquired Davis Bodie Insurance Services Inc. based in Thousand Oaks, CA for an undisclosed cash amount. The brokerage, which generates about US$600,000 in annual revenue, will form part of the broker network consolidator’s Hub of California Inc. operation, based in Los Angeles.Lee Davis, the senior partner of the acquired […]
By Canadian Underwriter | October 7, 2003
1 min read
A task force established by Atlantic Canada’s premiers has come out against implementing public auto insurance in the region. The “Atlantic Insurance Harmonization Task Force” found “no significant reason to transform the private enterprise delivery system to a government monopoly supplier”.The findings were released Friday as part of a report on auto insurance in the […]
By Canadian Underwriter | October 6, 2003
Manitoba Public Insurance (MPI) says it is on track for strong results in 2003, with net income coming in at $39.2 million for the first-half ending August 31. This is up from $26.1 million reported during the same period last year.Investment income helped the cause, up to $48 million for the six-month period. And earned […]
Kingsway Financial Services Inc. (TSX, NYSE: KFS) says it has completed a private placement of trust preferred securities for net proceeds of US$9.7 milion.The almost US$10 million in 30-year floating rate trust preferred securities were sold only in Canada. The company says “the net proceeds of the offering will be used to provide additional capital […]
By Canadian Underwriter | October 2, 2003
The financial results of Canadian and U.S. insurers for the first half of this year suggest that the two marketplaces are converging in a positive direction after several years of runaway claims costs. For both U.S. and Canadian companies, the second quarter of this year marked the first drop in the combined ratio to below […]
By Sean van Zyl, Editor | September 30, 2003
4 min read
I tell you, all hell is going to break loose, Dave!” The face of Tony, our company’s human resources manager, reflected the displeasure he was feeling. He was normally a pretty laidback sort of fellow – but not right now. “People are going to say this damn staff survey is my idea! But, like all […]
By Axiom | September 30, 2003
10 min read
The independent adjusting profession is experiencing a period of transition, driven by market demands and legislative considerations. Notably, insurers are under increasing pressure to reduce claims and expense costs, which has added to the challenges before adjusters. And, while new claims handling technology offers cost reduction to both parties through better service and information, true efficiency will only come through cooperation.
By Fred Plant, a partner at Plant Hope Adjusters Ltd. | September 30, 2003
5 min read
Taking over the presidency of the largest provincial independent brokerage association in the country shortly after what could be called a historic "landslide election" resulting in a new government for Ontario could be a daunting challenge for most people. That, however, is just the beginning of what may appear to the casual observer to be "overwhelming odds" as independent brokers continue to deal with the harsh realities of a "hard market" where insurance availability and pricing have become contentious political issues across Canada. For Doug Grahlman, who will take the helm of the Insurance Brokers Association of Ontario (IBAO) at the association's annual convention to be held this month, the top priority on his agenda for the year ahead is "communication" - at both the government and consumer levels.
6 min read
U.S. property and casualty insurers increased net taxed income for the first half of this year to US$14.5 billion – representing a 3.3 times rise on the US$4.4 billion reported for the same period last year, according to data released by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). As […]
September 30, 2003
3 min read
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