Industry
As the final image on the large-screen television faded away, the golf professional clicked a switch and the lights in the small room came on. “Okay, people,” he said with a smile. “These were the fundamentals of how to get up and down from a greenside bunker.” He quickly passed out two sheets of paper […]
July 31, 2003
9 min read
A familiar face in unfamiliar times. Brokers face perhaps their most challenging market ever, trying to sell rate increases and find coverage for exposures insurers are leery to touch. Auto insurance has become a political hot potato in almost every province, on the back of consumer outrage at rising rates and lack of availability. The struggle to get the CSIO portal off the ground continues, and the ever-present threat of the big banks loom again. This landscape, however, offers opportunity for brokers, says incoming IBAC president Ken Orr.
By Vikki Spencer | July 31, 2003
6 min read
Kingsway Financial Services Inc. (TSX: KFS) has launched a lawsuit against the former directors, auditors and actuaries of a recent U.S. acquisition, American Country Holdings Inc. Kingsway alleges that the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc., understated the reserves of American Country’s subsidiary American Country Insurance Co. which […]
1 min read
Hub International Ltd. (TSX: HBG) has signed a proposal to acquire the brokerage assets of Chicago-based Near North National Group. Near North has been in talks to sell off its assets following indictment on federal fraud charges against the company and its former CEO Michael Segal. News of the intended acquisition saw Hub’s share price […]
Although Toronto-based Goran Capital Inc. (TSE: GNCN) managed to cut its net loss in almost half for the first quarter of this year, the company’s bleeding continues. The insurer’s net loss for the latest quarter amounted to $3.6 million compared with the $6.0 million loss reported for the same period last year. This equates to […]
2 min read
SCOR Group deputy COO Pierre-Denis Champvillard is taking early retirement. He served the company for 32 years. BELAIRdirect has promoted Janice Nickle to the position of regional claims manager – Ontario. She was formerly casualty claims manager – Ontario, bringing more than 20 years experience to the new post, and is immediate past president of […]
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new legislation also […]
3 min read
In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative Party (CP) government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of this year or face an automatic 20% reduction in the price of coverage. The new […]
By Canadian Underwriter | July 30, 2003
Kingsway Financial Services Inc. has launched a lawsuit against the former directors and auditors of its recent acquisition, American Country Holdings Inc. Kingsway alleges the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc. understated the reserves of American Country’s insurance subsidiary for the years 1998 through 2001, and associated costs […]
A new regulatory framework for electronic vehicle immobilization from Transport Canada is drawing criticism from insurers. The Insurance Bureau of Canada (IBC) says the program is flawed and will be a step back in the fight against vehicle theft.The regulation would require all new passenger cars and light duty trucks to have electronic immobilizers if […]
By Canadian Underwriter | July 29, 2003
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