Industry
Canadian property and casualty insurers produced a net profit for the second quarter of this year of $192 million, reflecting a 30% drop compared with the $275 million reported for the same period the year previous. The industry’s net earnings for the first six months of this year fell by 20.5% to $300 million compared […]
By Canadian Underwriter | August 22, 2002
3 min read
Following the wind-up of Ontario-based Markham General, bodyshops are reporting that previously filed claims are not being paid. This follows a Toronto Star report early this week that stated cheques issued by the failed insurer are bouncing.The Collision Industry Action Group, in an information piece sent out to shopowners, notes that it has been contacted […]
1 min read
RBC Insurance increased premium and deposit income for the third quarter of the group’s financial year by 22% to $536 million compared with the $440 million reported for the same period a year prior. Net earned premiums rose by 27% year-on-year for the latest quarterly reporting period to $423 million (3-Q 2001: $334 million).The insurance […]
By Canadian Underwriter | August 21, 2002
Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has entered into a debt financing arrangement of US$5 million (Cdn$7.9 million) with Textron Financial Corp. The funding was arranged through the broker’s U.S. subsidiary Addison York Insurance Brokers LLC for the purpose of acquiring additional property and casualty insurance brokerages.Completion of the debt […]
Despite a rough showing overall for Montreal’s Desjardins-Laurentian Financial Corporation, the company’s p&c unit performed well in the second quarter of 2002.Net premiums for life/health and general insurance were up 9% for the quarter ending June 30, 2002, to $660.1 million from $603.7 million for the same period last year. The company reports growth across […]
Aon Corp., the world’s largest brokerage, says it has resolved issues with the U.S. Securities Exchange Commission (SEC) over financial reporting. Aon highlighted the issues when releasing its second-quarter 2002 results recently, including such things as reporting of investment impairments and business restructuring charges. The news, combined with the announcement that Aon was putting on […]
By Canadian Underwriter | August 20, 2002
Continuing poor financials have induced A.M. Best to lower the rating of Quebec-based Optimum General’s p&c insurance subsidiaries. Optimum’s five subsidiaries, previously rated as B (fair) now have a financial strength rating of C++ (marginal).The subsidiaries include Quebec-based Optimum Farm Insurance and Optimum Insurance Company, Ontario’s Optimum Frontier and B.C.’s Optimum West. The action also […]
By Canadian Underwriter | August 19, 2002
Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”, beginning in September.In the interim, ICBC chair will take over the duties of president and […]
2 min read
Lea Algar was appointed the chair of the board of directors of the newly created General Insurance Ombudservice (GIO) at the organization’s first meeting. The GIO board consists of seven members, two of which are insurance industry appointees. George Anderson, former CEO of the Insurance Bureau of Canada (IBC) sits on the board along with […]
By Canadian Underwriter | August 15, 2002
In its second quarter 10-Q filing with the Securities and Exchange Commission, Viacom Inc. said August 14 that it received 9,700 new asbestos-related personal injury claims. In total, the company said it was a party to about 118,000 asbestos claims pending as of June 30. Viacom is a defendant in lawsuits claiming various asbestos-related personal […]
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