Industry
Rating agency A.M. Best has placed under review the financial strength rating of Gerling Canada Insurance Company (rated A-, excellent). The review follows news that the company’s German parent, Gerling Konzern Allgemeine, will sell the operation to a group of Canadian investors.”The current under review status reflects the pending sale of Gerling Canada to a […]
By Canadian Underwriter | May 5, 2003
1 min read
Kingsway Financial Services Inc. (TSX: KFS) saw net income rise by 50% year-on-year to $24.4 million for the first quarter of the current financial year compared with the $16.3 million reported for the same period in 2002. This translates to a 48% increase in diluted earnings of 49c a share against the 33c a share […]
By Canadian Underwriter | May 2, 2003
2 min read
Broker network Hub International Limited (NYSE, TSX: HBG) reports growth in both revenue and earnings, on the back of growth in Canada and rising contingent commissions, for the first quarter ending March 31, 2003.For the quarter, revenue was up 39% to US$68.9 million, from US$49.5 million in the first quarter last year. During the same […]
The insurance industry’s lobby group renewed its call for action on proposed legislation to change New Brunswick’s auto insurance system. The Insurance Bureau of Canada (IBC) is specifically fighting for the passage of tort reform to limit awards for non-economic damages, i.e. “pain and suffering”, in auto accident related lawsuits.The push comes as auto insurance […]
By Canadian Underwriter | May 1, 2003
Broker network Western Financial Group (TSX: WES), which also now has it own bank, has received approval to buy back up to 589,958 of its common shares. This represents 5% of the 11,799,163 issued and outstanding common shares.As well, the Toronto Stock Exchange has approved a repurchase of up to $578,755 in aggregate principal amount […]
U.S. property and casualty insurers disclosed net income of US$2.9 billion for the 2002 financial year compared with a net loss of US$7 billion reported the year before, according to data collected by the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). The industry’s latest annual return translates to a […]
April 30, 2003
Why are the roles of selling, servicing and processing often blurred in brokerages? It usually points back to the principal and executive team. A clear definition of accountabilities can get the right people in the right jobs.
By Rick Bauman | April 30, 2003
5 min read
In a recent decision, the B.C. Court of Appeal stated the following: "[the] bank and its outsourcer do not need provincial insurance licenses to sell credit card balance insurance." The court case, which involved Scotiabank and a telesales vendor in the selling of credit card insurance which had been primarily opposed by the B.C. Superintendent of Financial Institutions, could have broad-reaching implications nationally for the retailing of insurance products where provincial and federal regulations come into conflict.
By Stuart Carruthers | April 30, 2003
7 min read
First there was the fall of Markham General, representing a market loss of about $80 million in annual capacity. As underwriting losses from auto insurance, specifically personal lines arising from mostly minor bodily injury (BI) claims in the Ontario market, began to mount over 2002, the true cost of years of price cutting became evident […]
By Sean van Zyl, Editor | April 30, 2003
4 min read
Montreal-based “Assuremoi.com” plans to move into the Ontario market following its successful launch in Quebec. Assuremoi president Mark DiPerno says the Internet brokerage is “posting great numbers” in Quebec, giving 50 to 60 quotes per day on its personal lines offerings. The site can do end-to-end auto policy transactions, and referrals on the more complex […]
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