Industry
Royal & SunAlliance Insurance Co. of Canada says it will not stand by as an imposter entity continues to use the insurer’s corporate name to market what would appear to be fraudulent insurance products.Royal has launched an official investigation into an entity called "Royal and Sun Alliance" which has been advertising its services through newspapers […]
By Canadian Underwriter | April 26, 2002
1 min read
Saskatchewan’s public insurer says it will offer a discount to drivers with good track records, and punish those with driving offenses, starting in July of this year. Saskatchewan Government Insurance (SGI) says the discount program will total about $16 million in discounts in its first year. Set to launch in July to follow the passage […]
By Canadian Underwriter | April 25, 2002
2 min read
A non-licensed financial services entity calling itself "Royal and Sun Alliance: International Loans and Insurance Group" has set up a website under that name, listing a Toronto address and telephone number.The Office of the Superintendent of Financial Services (OSFI) has issued a bulletin warning that the entity is not licensed to sell insurance in Canada. […]
By Canadian Underwriter | April 23, 2002
In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.”The increased cost of automobile insurance has been the focus of much attention lately,” the release, sent to papers in Nova Scotia, New Brunswick and PEI begins. It […]
An initiative by the Ontario government and the Insurance Bureau of Canada (IBC) to get uninsured vehicles off the road has been delayed by a few roadblocks, the IBC says. Most notably, the change in leadership of the Conservative government, and the strike by Ontario’s public employees, have put the project on the backburner.Nonetheless, the […]
By Canadian Underwriter | April 19, 2002
In the wake of industry speculation on the fate of Internet-based insurer Markham General, the company has told its brokers that all existing policies will be cancelled as of 12:01 a.m. on June 15.In a letter to brokers approved by Financial Services Commission of Ontario (FSCO) Superintendent Philip Howell, and dated April 12, the company […]
By Canadian Underwriter | April 18, 2002
The Co-operators Group’s chairman Peter Podovinikoff officially appointed Katherine Bardswick as the group’s new president and CEO at the company’s annual general meeting which was held in Vancouver, B.C. today. Podovinikoff also hinted at "unveiling of plans for future prosperity [for the company]" as the new CEO takes the helm. Bardswick replaces Terry Squire who […]
By Canadian Underwriter | April 17, 2002
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 for the previous year. This poor financial performance resulted from skyrocketing catastrophic claims, including losses arising from the September 11 terrorist attacks, while investment earnings and capital gains withered over the […]
By Canadian Underwriter | April 15, 2002
3 min read
For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist attacks, the company’s loss tally for 2001 is Cdn$7.11 billion (3.11 billion British pounds).The September […]
By Canadian Underwriter | April 10, 2002
Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the 2.2 million outstanding multiple voting shares. Fairfax’s also holds 8.4 million of Lindsey Morden’s outstanding […]
By Canadian Underwriter | April 8, 2002
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