Industry
Insurers have been sowing the seeds of online technology for several years, and as some within the industry would put it, this has been in the "shopping" phase rather than the "buying" phase. The problem was, while other financial services were putting money into solutions and reaping the benefits, most particularly the banks, insurers have had little to show for their efforts. For an industry accused of lagging behind in the online race, many have been asking when will insurers start to implement online solutions, and see the fruits of their many years of research.
By Vikki Spencer | May 31, 2002
10 min read
Toronto-based Fairfax Financial Holdings (TSE: FFH) moved into recovery for the first quarter of this year. After a $346 million net loss for the 2001 financial year, the financial services company posted before tax earnings of $29 million for the first quarter of 2002. This reflects nearly a three-fold gain on the $11.3 million in […]
May 31, 2002
2 min read
There is a new "guy" in town. This is the message that Scott Tannas, CEO of broker consolidator Hi-Alta Capital Inc. - which is headquartered in the small town of High River, Alberta - sent out to the banking community at the company's recently held annual general meeting. At the AGM, Tannas revealed plans already well in the works that will see the first new federally chartered bank emerge on the Canadian landscape in what has been many years. Through the new bank legislation passed by Ottawa last year - which paved the way for smaller competitors to enter the domestic banking arena - Tannas intends to take on the banks at their own game. His strategy focuses on "community banking", which he believes the big five banks have neglected in their rush to economize through automated, centralized services.
By Sean van Zyl, Editor | May 31, 2002
7 min read
Western-based broker network consolidator Hi-Alta Capital Inc. (TSE: HIA) has applied for a federal chartered bank license under the new banking legislation, CEO Scott Tannas announced at the company’s annual general meeting. Shareholders also approved a change of name for the company to Western Financial Group, which will trade on the Toronto Stock Exchange under […]
1 min read
At a Center for the Study of Insurance Operations' (CSIO) board meeting held in 1999, someone raised the topic of technology trends within the insurance industry. Little did we know that this seemingly harmless discussion would lead to the world's first insurance portal. Those initial hopes have transformed into an industry mobilized with a common goal of broker-company communication for the future. Less than three years later we are on the verge of seeing this vision become a reality.
By Klaas Westera president of the Center for the Study of Insurance | May 31, 2002
5 min read
Kingsway Financial Services (TSE, NYSE: KFS) marked yet another record quarter, with net income rising 77% year-on-year for the first three months of 2002. Net income came in at $16.3 million versus $9.2 million for the first quarter 2001. This translates to earnings of 33 a share for the latest quarter compared with 27 posted […]
Noting the rising awareness of natural disaster costs, both in financial and human terms, the Institute for Catastrophic Loss Reduction (ICLR) has revealed a full slate of research programs for the year ahead. At the institute’s annual general meeting held in Toronto recently, executive director Paul Kovacs noted the focus has been sharpened for the […]
Broker network consolidator Hub International Ltd. (TSE: HBG) doubled net earnings to $4.9 million for the first quarter of the 2002 financial year compared with the $2.5 million reported for the same period a year ago. On a fully diluted basis, earnings rose by 62% year-on-year to 21 a share (1-Q 2001: 13 a share). […]
Canadian property and casualty insurers lifted net profit by 25% to $123 million for the first quarter of this year compared with the $99 million in profit posted at the end of March 2001. Much of this recovery came on the heels of rate increases implemented last year across nearly all lines of business, as […]
The general insurance sector of Quebec-based financial services firm Desjardins Group contributed $0.3 million to a healthy first quarter 2002 for the company as whole. This compares with a $5 million negative contribution for the first three months of 2001 from the p&c operations.The reason for the turnaround is growth in all lines of business […]
By Canadian Underwriter | May 31, 2002
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