Industry
In response to the high number of late filings from federally-regulated financial services companies, including insurers, the Office of the Superintendent of Financial Services (OSFI) has proposed regulations for “late and erroneous filings” penalties. The proposed regulation, which at the time of going to press was still open to “comment”, is needed OSFI says because […]
December 31, 2001
1 min read
Results for broker network consolidators to the end of September 2001 show increased revenues and signs that the hardening market will have positive impact on bottom-lines. Calgary-based Anthony Clark International Insurance Brokers (TSE: ACL) posted a 14% increase in revenue to $2.2 million for the six months to end September of this year compared with […]
2 min read
The Registered Insurance Brokers of Ontario (RIBO) annual general meeting, held recently in Toronto, marked the 20th anniversary of the province’s self-regulatory body for property and casualty insurance brokers. Over the past year, RIBO faced new challenges through changes in Ontario’s financial services regulation structure, specifically the merger of the Financial Services Commission of Ontario […]
All of the major sector players operating in the Canadian financial services environment from banks, life insurers, property and casualty insurers, health insurers, investment dealers and mutual funds have co-founded a new national consumer ombudsman office. The National Financial Services OmbudService (NFSO), slated to be officially opened by the beginning of July next year, will […]
By Canadian Underwriter | December 20, 2001
Citigroup Inc. confirms that it will spin off Travelers Property Casualty Corp. Up to 20% of Travelers will be released through an initial public offering, and the remainder will be spun off to Citigroup shareholders.The deal follows a long and complicated history that saw Travelers become part of the initial Citigroup merger in 1998, and […]
By Canadian Underwriter | December 19, 2001
In the wake of Canada’s new financial service legislation and the relaxation of ownership restrictions, the first of the big lifeco mergers has been proposed. SunLife Canada is prepared to pay $7.3 billion in an all-share deal to acquire Clarica as a wholly-owned subsidiary.The deal will first have to pass muster with Clarica shareholders, the […]
By Canadian Underwriter | December 18, 2001
The Insurance Bureau of Canada (IBC) has taken up arms against a coalition of personal injury lawyers in Newfoundland and Labrador, accusing the group of spreading "misinformation" to the public as the lobby battle wages on for reform to the province’s insurance regulations.With insurance legislation up for review in Newfoundland/Labrador, the IBC says the group […]
By Canadian Underwriter | December 17, 2001
Rating agency A.M. Best has reaffirmed the "A" (excellent) rating of the Canadian insurance operations of Kingsway Financial Services Inc. (TSE: KFS). The operations in question include Kingsway General Insurance Co., York Fire & Casualty Insurance Co., Jevco Insurance Co, and Kingsway Reinsurance (Bermuda) Ltd. When releasing the ratings, A.M. Best notes, "the Canadian group […]
By Canadian Underwriter | December 14, 2001
The broker-insurer portal currently under construction by the Centre for the Study of Insurance Operations (CSIO) got a shot in the arm from its board of directors, who voted unanimously to fund the project through a special assessment.”Top-up” funding was expected, as CSIO president Klaas Westera noted at the centre’s annual general meeting in the […]
By Canadian Underwriter | December 13, 2001
Lloyd’s of London says it will have record-breaking capacity in 2002, to the tune of US$17.2 billion. This, combined with last year’s capacity of US$15.4 billion, means the market’s capacity has grown 20% in two years. The previous highest year was 1991, when capacity hit US$15.8 billion.According to a Lloyd’s statement, the increase reflects confidence […]
By Canadian Underwriter | December 12, 2001
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