Industry
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA), parent of the Western Insurance Network (WIN), reports strong growth in 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 was an astounding […]
By Canadian Underwriter | August 30, 2001
1 min read
With the seven-year term of current superintendent John Palmer coming to a close, Nicholas LePan is set to become the government’s top watchdog of financial institutions. Formerly deputy superintendent, Le Pan will become head of the Office of the Superintendent of Financial Institutions (OSFI) for a similar seven-year term.Among Le Pan’s responsibilities will be overseeing […]
Canadian-based insurance technology vendor CGI Group Inc. (NYSE: GIB; TSE: GIB.A) announces it has inked a 10-year deal with California-based Fireman’s Fund Insurance Company, a subsidiary of Allianz.The deal, which CGI predicts is worth between US $350 million to US$400 million, would see CGI provide information technology support to FFIC’s 80 locations across the U.S. […]
By Canadian Underwriter | August 29, 2001
A previously announced deal to sell the remaining insurance properties of troubled Queensway Financial Holdings has run aground. In a press release, Queensway announces that the deal to sell its U.S. insurance companies to Argonaut Group “has been terminated”. Reasons for the sale’s failure were not given, although in an earlier statement Queensway had alluded […]
Insurer Liberty International Canada is filing suit against beleaguered Canadian animation company Cinar. The suit, to the tune of $900,000, was filed in Quebec Superior Court.Cinar has come under fire recently, facing allegations of tax fraud and heavy financial losses. The company had seen a recent turnaround, posting profits of $1.7 million in the second […]
By Canadian Underwriter | August 28, 2001
Canada’s property and casualty insurers came home with a meager 2.6% return on equity (ROE) for the 12-month period to end June this year. The latest quarterly financial figures released by the Insurance Bureau of Canada (IBC) show a 70% drop in the industry’s taxed earnings to $269 million for the first half of this […]
By Canadian Underwriter | August 26, 2001
2 min read
PetCare Insurance Brokers, a subsidiary of Pethealth Inc. (CDNX: PTZ), will soon be marketing its pet insurance products through Petcetera’s stores and Internet site. In a deal involving the acquisition of certain assets of Western pet insurer PAWS Health Plans Inc., Petcare will have exclusive rights to provide pet insurance to B.C.-based Petcetera’s customers. The […]
By Canadian Underwriter | August 24, 2001
A hail storm that struck Winnipeg early this week is costing the province’s public insurer dearly, reports the Canadian Press. Manitoba Public Insurance says that it will be paying out more than $3 million in claims for vehicles damaged by the severe weather.Hood, fenders and car roofs were damaged by hail as large as hardballs, […]
By Canadian Underwriter | August 23, 2001
The body representing Lloyd’s Names says the market should see a return to profitability as soon as next year, despite several years of dismal performance. In a recently released report, the Association of Lloyd’s Members, which represents most of the individual investors in the insurance market, writes that the catastrophes that have plagued Lloyd’s in […]
By Canadian Underwriter | August 22, 2001
Rating agency Standard & Poor’s has maintained its negative outlook position of the European reinsurance market based on the industry’s 2000 financial returns. If anything, the rating agency notes, the financial strength ratings of companies may be downgraded. Although the European reinsurance market notched up 9% growth in premiums for 2000, Standard & Poors believes […]
By Canadian Underwriter | August 20, 2001
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