Claims
Montreal-based Optimum General Inc. (TSX: OGI.A) is reporting net income of $259,000 ($0.02 per share) for the first quarter ending March 31, 2004, compared to a net loss of $291,000 ($0.02 per share) for the same period a year ago.Gross written premiums were up 3.5% for the comparative period, to $30.9 million from $29.7 million […]
By Canadian Underwriter | May 18, 2004
1 min read
Auto
The Alberta government is now promising drivers a minimum 5% rate reduction as a result of auto reforms being put in place. Earlier indications were that the average rollback would be 10%.The Alberta government release also indicates the 5% reduction will be seen by “good drivers”, and that the reduction remains tied to reforms which […]
Industry
Two Illinois trials are keeping broker contingent commissions in the spotlight in the U.S., the Wall Street Journal reports. WSJ says the two cases, one involving a local government and another a fair organizer, highlight that the issue of contingent commissions goes beyond large account commercial clients to small businesses which may be less aware […]
More than half of brokers surveyed in a recent poll say the market is showing signs of softening, and an even greater number say growth in the coming year will come from increased marketshare rather than rates. The survey, published by accounting firm Mazars and the British Insurance Brokers Association (BIBA) finds 53% of respondents […]
By Canadian Underwriter | May 17, 2004
2 min read
The Ontario Bar Association (OBA) says while it supports the Law Society of Upper Canada’s (LSUC) regulation of paralegals, assurances are needed that government funding will be in place to support the regulatory system.”Critical to the success of this regulatory initiative is secure, adequate Ontario government funding and this must include money for appropriate enforcement […]
The lack of resolution to Alberta’s auto reform melee is going to keep brokers on their toes in the year ahead, it was noted at Monday’s annual general meeting of the Independent Insurance Brokers Association of Alberta (IIBAA).Dennis Gartner, assistant deputy minister of the Ministry of Finance, acknowledged the government did not expect the current […]
Reporting at the Alberta Brokers Conference, new Insurance Brokers Association of B.C. (IBABC) president Brian Fitzpatrick says he was “shocked by the firing of Nick Geer”, CEO of Insurance Corp. of B.C. “Many people saw him as one of the best presidents we’ve seen in years,” Fitzpatrick noted. “It seems as if making ICBC an […]
Risk
Insurance Technology Advisors Ltd. (ITA) has been retained by two Canadian technology firms to conduct market research on p&c insurers Companies participating in the research will also receive an executive report on overall IT trends for the industry. The study will address: IT deployment, vendor management issues, functional areas of interest and IT risk management […]
By Canadian Underwriter | May 16, 2004
Despite recent charges stemming from reserve shortfalls at Pilot Insurance, the CEO of parent Aviva Canada says the company has completed a restructuring plan and is now on “strong financial footing”.Last week, the Financial Services Commission of Ontario (FSCO) confirmed the filing of charges against Pilot’s former CEO Stu Kistruck and CFO Colin Simpson for […]
Alberta-based broker network and bank Western Financial Group (TSX: WES) is reporting net income for the first quarter ending March 31, 2004 hit $784,000, a whopping 537% increase over a year ago, when the company reported income of $123,000. This translates to earnings per share of $0.03 for the most recent quarter, versus break-even a […]
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