Industry
A proposed rating service for the Centre for the Study of Insurance Operations (CSIO) portal, to make it more inclusive for member insurers, is a go. Late last week the CSIO board approved the creation of the rating service, which will allow member companies who are not yet ready to fully participate in the portal […]
By Canadian Underwriter | May 13, 2002
1 min read
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 21c a share (1-Q 2001: 13c a share). […]
By Canadian Underwriter | May 10, 2002
B.C.’s public insurer is reporting a net loss for the first quarter 2002 of $30.4 million. This compares with a loss of $39.1 million in the first three months of 2001 for the Insurance Corporation of B.C. (ICBC).However, only $9 million of this loss is attributable to insurance operations, with $21 million coming from non-insurance […]
2 min read
The London, Ontario annual airshow has been cancelled, its organizers announced, as a result of the excessive cost of insurance. Reports from the International Council of Air Shows Inc. (ICAS) suggest that Canadian airports are now demanding that airshow organizers obtain $50 million in general liability coverage per show, and additional insurance for war and […]
By Canadian Underwriter | May 8, 2002
On the brink of retirement after ten years as president of the Insurance Bureau of Canada, George Anderson took the opportunity recently to call on the government to act on insurance issues. At a luncheon hosted by the Insurance Institute of Ontario, Anderson pointed out that in areas such as rising health care costs being […]
By Canadian Underwriter | May 6, 2002
3 min read
At its AGM in Toronto today, 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 is at $16.3 million versus $9.2 million for the first quarter 2001.The result is earnings per share of $0.33 for the quarter, compared […]
By Canadian Underwriter | May 2, 2002
Auto insurers may have been caught asleep at the wheel, in light of the recent decision in McNaughton versus The Co-operators. The Supreme Court of Canada refused the insurer leave to appeal a decision which could see deductibles returned to thousands of drivers who have written off their vehicles. In the wake of the decision, and as insurers await potential certification of the case as a class action, industry-wide reaction is still being measured. But no clear answers are in sight -- insurers and the legal public note that the case is raising as many questions as answers, with a potential pile-up of claims waiting to be addressed.
By Vicki Spencer | April 30, 2002
11 min read
Dear Editor, Re: Veteran Griffin to lead IBC, CU web site, April 3, 2002 I keep in touch with the Canadian industry through your web site (www.canadianunderwriter.ca). It was great news that Stan (Griffin) was appointed as George (Anderson)’s successor. Congratulations to both of them as they move into another chapter of their lives. Well […]
April 30, 2002
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation. Acquisitions played a key role in the company’s growth, with 9 agencies in 11 communities added to Hi-Alta’s Western Insurance Network last year, as well as the addition […]
U.S. property and casualty insurers produced a negative return on equity of 2.7% for the 2001 financial year compared with a 6.5% ROE reported the year before. This plunge into the red resulted from skyrocketing catastrophe claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
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