Industry
Canadian financial services holding company E-L Financial Corporation Ltd. (TSE: ELF) saw earnings for the first half of 2001 drop by 9% to $30.8 million compared with the $33.8 million reported for the same period the year prior. This equates to earnings of 801c a share for the first six months of this year (June […]
By Canadian Underwriter | July 31, 2001
1 min read
Swiss Re announced today that it will acquire Lincoln National Corporation’s reinsurance operation, Lincoln Re, headquartered in Fort Wayne, Indiana, for US$2 billion. Swiss Re will integrate Lincoln’s reinsurance operations into the Swiss Re North American Life & Health unit.In addition to the purchase price, Lincoln National will retain US$500 million of capital currently supporting […]
By Canadian Underwriter | July 30, 2001
The Insurance Corporation of British Columbia (ICBC) says it will cut up to 800 jobs by the end of the year, in a move that some observers expect is in preparation for competition in the provincial auto insurance market.The government-run insurance corporation has had a monopoly on insurance in the province, but Liberal Premier Gordon […]
By Canadian Underwriter | July 26, 2001
Approximately $700,000 worth of stolen goods was recently recovered by Quebec police following the theft of three vehicles which had been equipped with cellular-based tracking systems (manufactured by Boomerang Tracking Inc.).The theft of all three vehicles occurred separately on the same day, according to a Boomerang press statement, and were traced within an hour. "In […]
By Canadian Underwriter | July 24, 2001
The newly-elected Liberal government in British Columbia has made good on its promise to clean house at the Insurance Corporation of B.C. (ICBC). The recent appointment of new chairman Nick Geer has been followed by the replacement of other board positions. The only remaining member is ICBC president and CEO Thom Thompson.The changes come as […]
By Canadian Underwriter | July 19, 2001
Royal Bank of Canada (TSE, NYSE: RY) has announced the sale of Louisiana-based State National Fire Insurance Company to an undisclosed Louisiana company. Royal Bank had acquired State National Fire as part of its buyout of Liberty Life and Liberty Insurance Services late last year.While no details of the sale have been released, Royal Bank […]
By Canadian Underwriter | July 18, 2001
A strange mix of droughting and flooding across western Canada is prompting farmers to ask for government aid. Drought has reaked havoc in the west of Saskatchewan, causing six communities to declare emergencies, and the Alberta government has already promised $90 million in relief to ranchers there, the National Post reports. Flooding has taken its […]
By Canadian Underwriter | July 17, 2001
In the wake of the retirement of Dina Palozzi, former CEO and superintendent of the Financial Services Commission of Ontario (FSCO), Phil Howell will fill the position on an interim basis. The announcement brought praise from the Insurance Bureau of Canada (IBC), which had asked that the appointment be made from within the province’s Finance […]
Insurers acting through the industry’s national lobby body, the Insurance Bureau of Canada (IBC), are currently engaged in high-level meetings with provincial government officials in Atlantic Canada with a view to introducing rapid reform to the basic auto insurance product.The need to take corrective action in lieu of the significant rise in auto claim costs […]
By Canadian Underwriter | July 16, 2001
2 min read
The Registered Insurance Brokers of Ontario (RIBO) has called on the Ontario government’s Ministry of Finance for recognition of the unique differences that exist between property and casualty insurance products and their distribution modes compared with the life, deposit-taking and securities sectors operating in the province.In a letter addressed to John O’Toole, the parliamentary assistant […]
By Canadian Underwriter | July 13, 2001
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