Industry
The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) over their latest discussion document released on auto insurance regulation. The IBC says the latest government offering predates discussions that occurred between the insurance industry and FSCO, and does not reflect the true […]
November 30, 2001
2 min read
At the recent Insurance Brokers of Canada annual conference, the 2001-2002 IBAC executive committee took office. Pictured are, from left, president Ginny Bannerman, president-elect Brian Gilbert, vice-president Keith Wilson, executive director Brendan Wycks, vice-president Ken Orr and chair of the board Kevin Umlah. Cunningham Lindsey announces the appointment of Bill Hornick as president and CEO […]
1 min read
ING Canada has acquired Zurich North America Canada’s personal lines book of business as well as its commercial business valued at less than $50 million through an integrated cash and “asset swap” deal. In total, ING acquired about $540 million in annual premium from Zurich while the latter received around $80 million in annual “big […]
4 min read
Specialty insurer Kingsway (TSE: KFS) reported record earnings and revenue for the third quarter 2001. Unlike many insurers who have seen abysmal results due to September 11 losses, Kingsway posted net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000. This translates to record quarterly earnings of 36c […]
Montreal-based B.F. Lorenzetti (BFL) is set to buy a majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted commercial brokerage offices in Halifax and Quebec City. BFL says the acquisition makes it the largest independent commercial brokerage with 132 employees and over $125 million […]
Canadian property and casualty insurers produced a record-low return on equity (ROE) of 1.8% for the first nine months of this year against the 7.4% return achieved a year previous, according to the latest quarterly Perspective financial report released by the Insurance Bureau of Canada (IBC). The dramatic drop in the industry’s ROE is reflected […]
3 min read
Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest reporting period rose by an impressive 39% to $674,900 against the $485,600 made to the […]
By Canadian Underwriter | November 30, 2001
The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government with a proposal aimed at curtailing the rise in personal injury claims while at the […]
Despite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The company was hit not only with September 11 losses, which it confirmed at US$1.84 billion, […]
By Canadian Underwriter | November 29, 2001
Montreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the commercial brokerage offices in Halifax and Quebec city.BFL says the acquisition makes it the largest independent commercial brokerage with 132 employees and over $125 million in […]
By Canadian Underwriter | November 27, 2001
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