Industry
The Canadian property and casualty insurance industry’s net income for the first three quarters of 2000 rose by 9% to $261 million against the $239 million reported at the end of September 1999. This modest growth in earnings for the quarter, which was almost entirely driven by investment gains, produced a slightly better return on […]
December 31, 2000
2 min read
CGU Group Canada has sold its 75% stake in the Insurance Co. of Prince Edward Island (ICPEI) for $2.7 million. The deal, which is subject to regulatory approval, was struck with the Saskatchewan Government Insurance Co. (SGI). ICPEI’s other major shareholder, PEI-based brokerage network Cooke Holdings Inc., is said to have prompted the switch in […]
November 30, 2000
In an attempt to strengthen its capital, adjusters Lindsey Morden Group (TSE: LM) is making a rights offering to holders of outstanding subordinate voting shares. Lindsey Morden expects proceeds of approximately $20,350,000 to result from the offering, which would be used for “general corporate purposes”. However, a company press release states, “pending such use, the […]
1 min read
Sorema N.A. recently celebrated the retirement of its Canadian chief agent Angus Ross (pictured, right) and the appointed of his successor, Francois Dagneau (left). Ross leaves the industry after more than 35 years, including 8 years with Sorema. Prior to becoming chief agent, Dagneau served as senior vice president for Sorema. Claude Smith has been […]
"All hands on deck" was the central message delivered at the recently held 80th annual Insurance Brokers Association of Ontario (IBAO) convention. Under the theme "Pulling Together", the province's independent brokers joined to discuss issues including education, e-commerce and the upcoming federal election. In the face of what one speaker called "blinding change", brokers must band together to ensure their voice is heard by regulators, insurers and consumers.
By Vikki Spencer | November 30, 2000
5 min read
Looking into the crystal ball, Ted Belton sees a bright future for the Canadian property and casualty insurance industry – and a busy future for himself. Although officially retired from his post as director of research for RBC Underwriting Management Services this past summer, there is no stopping the man who has been a strong […]
6 min read
A controversy which has been simmering for several years now could boil over at any moment with the consequence being higher and more frequent court damage awards being made against insurers, predict senior partners of litigation defense firms. The issue at stake is attempts by insurers over recent years to “cap” external legal expenses and […]
By Sean van Zyl, Editor | November 30, 2000
8 min read
The insurance industry donned its finest for the 45th annual Toronto Insurance Conference Black Tie Dinner recently, at the Four Seasons Hotel in Toronto. Among the guests were (clockwise from top, left to right): Employers Re’s Peter Borst, The Citadel Assurance’s Ernst Notz, The Travellers Casualty & Surety Company’s Brian Divell, RIBO past president Art […]
Meloche Monnex Inc., the property and casualty arm of TD Bank Financial Group, has acquired the property and casualty insurance business of Canada Life. In return, Canada Life Assurance Company will take over the group savings business of TD Canada Trust, as well as receive a net cash payment of $75 million. Meloche Monnex will […]
As the Office of the Superintendent of Financial Institutions (OSFI) tabled its annual report for 1999-2000, superintendent John Palmer stressed the government regulator’s push towards accountability. “Improving OSFI’s accountability framework has been a challenging undertaking because so few precedents exist within the public sector and virtually none available within the regulatory community,” says Palmer. “Therefore, […]
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