Industry
Global reinsurer Transatlantic Holdings Inc. has reported record net income earnings for 1998, up 33.4% from 1997’s US$185.5 million to 1998’s $247.5 million. Net income diluted on a common share basis rose $1.76 from 1997’s $5.34 to 1998’s $7.10. Record profits aside, Transatlantic also saw a steady increase in marketshare posting an increase of 7.7% […]
March 31, 1999
1 min read
This month, insurer General Accident will officially change its name to CGU Group Ltd. The Canadian operation will operate as CGU Insurance Company of Canada. According to head of corporate communications Diane Scott, the change harmonizes the Canadian name with the company’s worldwide brand, which has been operating under the CGU Group title since General […]
Despite a $11.7 million decline in after-tax income for the financial year ended December 1998, the Co-operators General Insurance Company says it is encouraged by the 7.4% marketshare it notched up during the year. After-tax income for the year amounted to $55.1 million compared with $66.8 million for the 1997 financial year. This marks the […]
2 min read
TSE-listed Kingsway Financial Services Inc. (KFS) disclosed an 18% rise in earnings to 86c a share for the 1998 financial year ended December compared with that of the previous year. The return on equity for the year clocked in at 13.4%. Net income for the year rose by 40% to $31 million compared with $22 […]
January ice storm losses, rate cutting and poor investment returns are the major culprits pointing to a 42% drop in property and casualty insurers’ earnings to $1.137 billion for 1998 compared with 1997’s earnings of $1.960 billion, says Paul Kovacs, chief economist of the Insurance Bureau of Canada (IBC) at the recently held Annual Swiss […]
In response to the growing need for alternative and effective mechanisms in dealing with potential legal disputes, British Columbia’s insurance industry recently launched the Insurance Dispute Resolution Services of B.C. One of the more innovative features of this resolution process is that it covers disputes from consumers to differences arising between industry parties. A great […]
February 28, 1999
3 min read
Tony Thompson, founding publisher of Thompson’s World Insurance News passed away in his sleep in Toronto recently. He was 67. Thompson, widely respected throughout the insurance and media industries, started his weekly publication in 1988 as a one-man operation and built it up into one of Canada’s top insurance publications. Born in England, he arrived […]
PMSC Ltd. has appointed Patrick Vice to the position of director of sales. Vice brings to the position over 18 years of experience in the insurance industry. David Wilmot has been named senior vice president and manager of Toa-Re Insurance Company of America and will serve as chief agent for the company’s new Canadian branch. […]
There are few leaders in the Canadian property and casualty insurance industry applying an optimistic view of business and earnings growth in 1999. In fact, premium growth across the lines is unlikely to exceed the country’s expansion of gross domestic product (GDP) for the year with the industry’s average combined ratio rising to neutralize any […]
By Sean van Zyl, Editor | February 28, 1999
4 min read
The fair-weather profit years which the property and casualty insurance industry has enjoyed since the mid-1990s is likely to run into a storm in 1999 with companies generating single digit returns on equity (ROE). Projections based on third-quarter StatsCan data suggests that the p&c industry achieved a modest 3% growth in premium income for 1998, […]
By Ted Belton, director of research at RBC Underwriting Management | February 28, 1999
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