Industry
Non-standard auto insurer Kingsway Financial Services Inc. (TSE: KFS) more than doubled net income for the 2000 financial year to $27.5 million (1999: $13.6 million). This translated to earnings of 81 a share (1999: 38), with the company posting a 10.7% return on equity for year. Strong business growth was mostly responsible for the earnings […]
March 31, 2001
1 min read
The new federal privacy legislation, while not affecting the insurance industry until 2004, needs to be addressed now, representatives of the Insurance Information Centre of Canada (IICC) and the Insurance Bureau of Canada (IBC) told guests at a “Privacy and Security” breakfast, held recently in Toronto. Chief among the concerns in the new legislation is […]
It was a packed house recently for the Toronto Insurance Women’s Association (TIWA) Wine & Cheese Party, held at the Metro Toronto Convention Centre. About 2,000 attendees were present for the event, which is a chance to renew acquaintances, sample wine and vie for several door prizes. And it was all thanks to the efforts […]
After 34 years with Lindsey Morden, CEO Kenneth Polley has announced his intention to retire from that position. Polley will remain as chairman, while Francis Chou, a director of the corporation and vice president of Fairfax Financial Holdings will act as interim CEO. Queensway Financial Holdings Limited has announced the resignation of director Keith Henry. […]
2 min read
Queensway Financial Holdings Ltd. (TSE: QFH) has entered into an agreement to sell its U.S. subsidiaries North Pointe Financial Services Inc. and Hermitage Insurance Co. to the Argonaut Group Inc. for US$36.5 million. The troubled specialty insurer, which operates in both Canada and the U.S., is also considering the disposal of its remaining U.S. interests […]
Another U.S.-based property and casualty insurer has decided to pack bags and depart the lackluster Canadian personal lines market. Kemper Canada was recently acquired by the Royal & SunAlliance Co. of Canada for an undisclosed amount. The change in ownership is not expected to result in any significant staff changes, both companies say in a […]
Winnipeg-based The Boyd Group Inc. (TSE: BYD.A) has acquired Atlanta, U.S.-based Car-Tech Holdings Inc. for an undisclosed amount. The deal will require Boyd issuing 264,286 Class-A shares valued at around $1.4 million as part payment for the acquisition. The Car-Tech deal involves four “high-volume” repair facilities located in metro Atlanta, Georgia. As part of the […]
The Canadian property and casualty insurance industry disclosed a $130 million taxed loss for the final quarter of last year, the first quarterly loss in almost 18 years, observes Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC). The IBC’s preliminary financial figures for 2000 (based on reports of over 90% of companies) […]
It is with deepest regrets that CU announces the passing of Fred Funston, on January 11, 2001, following a brief illness. Fred, a veteran of World War II, was long-time general manager of the Canadian Federation of Insurance Agents and Brokers (now the Insurance Brokers Association of Canada) and a frequent contributor to this magazine. […]
February 28, 2001
What do legendary rockers Aerosmith, boy band *Nsync and the Insurance Brokers Association of Canada have in common? All three were featured in the half-time show of this year’s SuperBowl game. It was a touchdown of sorts for the national association, which had been rethinking its national campaign. It was also a fast start for […]
By Vikki Spencer | February 28, 2001
6 min read
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