Industry
The insurance industry lost a longtime friend on March 5, with the passing of Peter D. Birkbeck (1920-2002), suddenly in Oakville, ON. After a 30-year career with CAFO Inc., he retired in 1985 as senior vice president and general manager. During his career he was also active in several industry associations, and was made an […]
March 31, 2002
1 min read
Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. — which operates globally in the primary insurance, reinsurance and life sectors — has been put on the selling block by one of the company’s major shareholders, Deutsche Bank, a statement released by the group says. The troubled insurance group, which wrote total gross premiums of around US$8.5 billion […]
3 min read
Waterloo-based The Economical Insurance Group saw its net income drop sharply in 2001, but managed to escape the year with a profit, and a growth in written premiums.Net income was $3.6 million last year, down from $19.6 million in 2000. Return on equity (ROE) stood at 0.6%, down from 3.0% the year prior. The company’s […]
By Canadian Underwriter | March 28, 2002
2 min read
The latest acquisition for specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) has passed two hurdles. The purchase of American Country Insurance Company in Illinois has been approved by the state regulator and is being endorsed by the board of parent company American Country Holdings Inc. Kingsway is offering US$2.10 for each common share, US$12 […]
By Canadian Underwriter | March 27, 2002
Montreal-based insurer Optimum General is shutting down its Atlantic offices following unacceptable losses in the region’s auto market. The company will cease to write new business and stop renewing policies as of July 1, 2002. Current policies will be honored, with a minimum staff at the Moncton office to handle claims. The Halifax office will […]
By Canadian Underwriter | March 26, 2002
Broker network consolidator Vector Intermediaries Inc. (CDNX: VTE) has sold its Atlantic Canada operation, King Financial Ltd., to Huestis Group for an undisclosed amount. The deal, which is subject to due diligence review and approval by the CDNX, is expected to be finalized by the end of April this year.Huestis is a local brokerage operator […]
By Canadian Underwriter | March 25, 2002
Canada’s insurance regulators have finished a project intended to harmonize and streamline the classes of insurance across provincial borders. There are now 16 classes, reduced from the 50 different types of insurance found overall in various provinces and territories, says the Canadian Council of Insurance Regulators (CCIR). The only exception is Quebec, where there are […]
By Canadian Underwriter | March 22, 2002
Despite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice president Don Forgeron reiterated the industry lobby group’s position that changes are needed to the […]
By Canadian Underwriter | March 21, 2002
In the wake of the Supreme Court of Canada’s decision not to allow an appeal in the case of McNaughton v. The Co-operators General Insurance Company of Canada, similar suits are now being launched in Ontario and Alberta. The case, which involves insurance companies charging a deductible on cars written off following collisions and then […]
By Canadian Underwriter | March 19, 2002
Cologne, Germany-based Gerling Versicherungs Beteiligungs A.G. which operates globally in the primary insurance, reinsurance and life sectors has been put up for sale by one of the company’s majority shareholders, Deutsche Bank, a statement released by the group says.The troubled insurance group, which wrote total gross premiums of around US$8.5 billion for 2000, indicated earlier […]
By Canadian Underwriter | March 15, 2002
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
