Industry
Originally introduced in June 2000 as Bill C-38, the legislation died on the order paper that fell when the federal election dissolved parliament. Reintroduced in February 2001, the legislation was passed particularly swiftly considering the protracted review process that led up to it, and the magnitude of the changes it will usher in for the […]
By Francesca Iacurto, director of public affairs at IBAC | September 30, 2001
6 min read
First enacted in June 1998, Quebec's financial services intermediary legislation, Bill-188, has reached a critical stage in its implementation. Starting from September this year, financial intermediaries including property and casualty insurance brokers will be subject for the first time to earning compulsorily continuing education credits, while other contentious sections of the law still have to be put into effect.
By John Morin, president of Morin, Elliott Associates Ltee | September 30, 2001
3 min read
When two insurers come together, whether as a result of a takeover or a merger, one of the most pressing issues to be resolved is the development of a strategic plan. Some companies, approaching a takeover or merger, choose to take a proactive approach and bring in an independent consulting firm to take them through the strategic planning process in advance. Whether they are about to buy or be bought, or simply join forces, a strong plan in place protects the strength of the combined corporate culture, and enables the new organization to strive forward.
By Liz Fleming | September 30, 2001
5 min read
Following disclosure by Insurance Corporation of British Columbia (ICBC) chair Nick Geer of an expected $150 million loss for the current financial year, the Insurance Bureau of Canada (IBC) has called on the B.C. provincial government to conduct an independent financial review of the crown insurer. ICBC is operated by the provincial government and therefore […]
September 30, 2001
Employees of Royal & SunAlliance Canada (below) “took it all off” to raise money for breast cancer research. The second annual Close Shave for a Friend involved 30 employees nationwide, who raised more than $15,000 through sponsorships. The event was also a chance to honor the memory of fellow employees lost to the disease. Sherwood […]
1 min read
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth for the first six months of 2001. The company, which operates mainly in Western Canada offering a wide range of financial products including insurance, saw revenue and net income rise over last year. Net income growth jumped by […]
2 min read
Allstate Canada CEO and president Mike Haskell is moving on to the company’s U.S. headquarters, to become vice president of product operations. Mike Donoghue, formerly vice president of claims in the U.S., returns to Canada to become the new CEO. Royal and SunAlliance Canada president and CEO Bob Gunn will assume the role of Group […]
A research study conducted by the Insurance Bureau of Canada (IBC) of the insurance buying public in Atlantic Canada suggests that over 85% of those surveyed believe that the property and casualty insurance industry continues to be profitable. Last year, insurers notched up a loss of $190 million from the region, observes the IBC’s Atlantic […]
Lloyd’s of London, which has been accused of dragging its heels in posting an estimate of losses from the U.S. terrorist attacks of September 11, has come in with a US$1.9 billion figure. The loss reflects information from more than 100 affected syndicates and involves thousands of members, both corporate and individual. The US$1.9 billion […]
By Canadian Underwriter | September 26, 2001
Concerns over the financial solvency of U.S. insurers in the wake of the September 11 terrorist attacks on the World Trade Center and Pentagon should soon be answered. The National Association of Insurance Commissioners (NAIC) says it will be assessing and monitoring insurer solvency and plans a summit to discuss the impacts of the tragedy […]
By Canadian Underwriter | September 25, 2001
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