Industry
An earthquake measuring 5.7 on the Richter Scale shook residents of Haines Junction and Burwash Landing which are located in Destruction Bay, the southwest section of the Yukon Territory during the early hours of yesterday morning. The shaker’s epicenter was pinpointed to about 140 kilometers northwest of Haines Junction, according to the Geological Survey of […]
By Canadian Underwriter | June 27, 2001
1 min read
Lloyd’s intermediary Universal Star Ventures Corporation announces that the sale of the assets of subsidiary Ken Davies & Associates Insurance Services Inc. to Canadian Farm Insurance Services Inc. has been finalized. The sale had been announced in February, but did not become effective until April.At the time, Universal Star said the sale would allow the […]
By Canadian Underwriter | June 25, 2001
Rating agency A.M. Best has issued a financial strength rating of "A" (excellent) for CGU Insurance Co. of Canada and a rating of "A-" (excellent) to group subsidiaries Scottish & York Insurance Co., and Traders General Insurance Co. The rating agency also assigned an "A" (excellent) rating to Barbados-based Victoria Reinsurance Ltd., which reinsures the […]
By Canadian Underwriter | June 20, 2001
U.S. based insurer Allstate has announced plans to sell its European auto insurance business to London’s Direct Line, a subsidiary of The Royal Bank of Scotland. The decision to unload the German and Italian direct auto business follows Allstate’s departure from the Japanese market early last year.The move is intended to allow the company to […]
Royal & SunAlliance has sold its Canadian life operations to Maritime Life Assurance Company, the Canadian arm of U.S. giant John Hancock Life. Maritime has agreed to purchase all outstanding shares of R&SA Life, with the cash purchase price estimated at about $235 million.The decision was based on fears that R&SA Life “may not have […]
By Canadian Underwriter | June 19, 2001
2 min read
Toronto area insurance and financial services network CG&B Group Inc. has bought Brampton brokerage Kylie & Associates. The acquisition brings CG&B’s annual property & casualty premiums up to more than $80 million, states a company press release.While Kylie currently deals in all classes of general insurance, CG&B should expand the brokerage’s product offerings with its […]
Speaking at the recently held AGM of the Insurance Brokers Association of British Columbia (IBABC) in Kelowna, George Cooke of the Dominion of Canada General Insurance Co. praised the "unwavering commitment" of the province’s new premier Gordon Campbell to increase private enterprise in B.C. Specifically, Cooke refers to the new Liberal provincial government’s stated position […]
By Canadian Underwriter | June 18, 2001
Equisure Securities Ltd., the investment arm of Equisure Financial, has been sold to IPC Financial Network. ING Canada Inc., which bought 49% of the outstanding shares in Equisure last fall, also owns 26% of the common shares of IPC.At that time, former Equisure president George Hutchison noted that “ING has been very public in wanting […]
The executive management of brokerage Parsons Brown will be merged with that of the TOS Insurance Group, according to a new statement issued by the parent company, HUB International Ltd. (TSE: HBG). Both of the HUB companies are based in Vancouver.Under the terms of the merger, Parsons Brown’s current president, Al Pollock, will step down […]
By Canadian Underwriter | June 15, 2001
A national committee representing government and the private sector has been formed to battle the growing problem of vehicle theft. The new initiative, known as "Project 6116", is supported by the federal government as well as insurance industry organizations such as the Insurance Bureau of Canada (IBC) and the Vehicle Information Centre of Canada (VICC). […]
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