Industry
On February, 28, the Insurance Brokers Association of Canada will launch its new television campaign, running until June 11, on network and specialty television. The campaign will be supported by a strong print campaign explaining the benefits of dealing within the independent broker channel. The campaign is intended to do one thing -- brand the BIP logo in the consumer minds and direct them towards unbiased, professional advice when purchasing property & casualty insurance.
By Mabel Sansom, executive director Insurance Brokers Association o | January 31, 2000
3 min read
Queensway Financial Holdings Limited has announced the appointment of Glenn Gibson as chief financial officer of Queensway replacing Cathy Wilson. Gibson brings more than 17 years of financial management to his new role. Chubb & Son vice president John Owens, has been named the North American field marketing manager at the Chubb Group of Insurance […]
January 31, 2000
2 min read
The British-listed stock price of Royal & SunAlliance has skyrocketed on rumors of a planned multi-billion dollar bid for the company by Zurich Financial Services. No comment has been made by either the Zurich or Royal & SunAlliance global head-offices. On the local front, Lyn Whitham, vice president of communications at Zurich Canada, says she […]
More shots have been fired in the hostile takeover bid by Equisure Financial Network of fellow consolidator Canada Brokerlink. Equisure, a holder of 700,000 shares in Brokerlink, has appealed to the Ontario Securities Council to set aside a shareholder rights plan enacted by Brokerlink just days before Equisure’s takeover bid went public. The rights plan […]
Responding to a market survey of insurance brokers across Canada, ING Halifax is offering brokers three different partnership models in the coming years, Don Lough, ING Halifax president, told lunch guests at a recent Metropolitan Toronto Insurance Brokers meeting. ING research conducting over the past few years has found insurance brokers prioritize carrier consistency and […]
December 31, 1999
Each year U.S. insureds are involved in about 35 million automobile accidents. The cost to repair these vehicles tops an eye-popping nine billion dollars — more than the combined 1998 net incomes of Microsoft, Sears and Disney. Not surprisingly, automobile insurance companies in the U.S. and Canada are seeking tools to better allocate their resources […]
By Michael Andrews | December 31, 1999
In a move towards cutting $500 million out of its operating expenses, CIBC recently announced it was cutting 4200 jobs, roughly 10% of its entire workforce. While the bank will not release figures on the jobs being cut — maintaining they are across the board — CIBC sources have indicated an internal memo announced CIBC […]
1998 proved to be a record year for mergers and acquisitions (M&As) in the insurance industry, with total transactions exceeding US$150 billion. But the pace of insurance M&As sputtered in the second half of 1998, failing to pick up any real momentum in 1999. What lies ahead for 2000?
By David Carr | December 31, 1999
8 min read
Pressed with rising claim costs and cutthroat pricing, insurers are having to look for cost-effective ways to reduce operating costs. Technology is expected to play a significant role in this respect in coming years, however an area offering enormous short-term scope is electronic settlement of casualty losses. Virtual settlement has finally come to Canada.
By Gary Winston, Director and General Manager of Canadian Operation | December 31, 1999
The independent adjuster faces an array of challenges in the year ahead, concedes new Ontario Insurance Adjusters Association (OIAA) president Christina Welton. Greater regulatory scrutiny on licensing, a pending court case that could introduce more liability for claims professionals, and the ever present carrier cost squeeze will continue to make life interesting for the industry. […]
By Lowell Conn | December 31, 1999
6 min read
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