Industry
Jean-Francois Blais will take over as CEO of AXA Canada with news of the retirement of Jean-Denis Talon. Blais has been with the company since 1988, most recently as president and COO. Talon will remain as chairman of the company he has served for 22 years. Insurance Search Bureau announces the appointment of Sean Cassidy […]
April 30, 2004
2 min read
Claims
After successive quarters in the red, and following a restructuring process, The Loyalist Insurance Group (TSX Venture: LOY) has posted a profit for 2003 of $185,000. Although modest, the income comes against a lost of almost $3.9 million for 2002.Results do not include those of Loyalist Group Ltd, in which the holding company has reduced […]
By Canadian Underwriter | April 29, 2004
Risk
The International Olympic Committee (IOC) has, for the first time, purchased a large-scale insurance policy on its next games, to be held in Athens this summer.The US$170 million policy covers the interests of National Olympic Committees and International Federations, and the IOC says it plans to have similar policies in place for upcoming games in […]
1 min read
Insurers can access new guidance on transactions from the Office of the Superintendent of Financial Institutions (OSFI), which the regulator says will assist in preparing applications for regulatory approval.Among the areas covered by the new guidance are orders to commence business or add/delete a class of business for Canadian companies, or orders to insure Canadian […]
Hub International’s Kaye Insurance Associates Inc. is amongst a group of brokerages who are being asked to provide information to New York Attorney General Eliot Spitzer as part of a probe into contingent commissions.Also receiving subpoenas thus far are Marsh, Willis and Aon. The brokers have all released statements noting that they will comply with […]
By Canadian Underwriter | April 28, 2004
With 2003 ending in a flurry of high-profile insurance mergers, the stage is set for further m&a activity in 2004, says a new report by Conning & Co. 2003 had been expected to follow the two-year trend of low activity both in size and number of transactions. However, three transactions which ranked among the top […]
Auto
Quebec’s Justice Minister, Marc Bellemare, has resigned his cabinet post, and will retire from political life.The news may signal a bright note for insurers, as Minister Bellemare was the lead force working to change Quebec’s auto insurance system. Bellemare wanted to introduce tort back into the system, but insurers balked, noting that Quebec is the […]
The Facility Association (FA) the industry’s pool for high-risk drivers is coming off a challenging 2003, where volumes rose and losses topped $490 million.At the FA’s agm in Toronto Wednesday, CEO David Simpson explained that premium volume for 2003 was up 303% to almost $1.1 billion, representing 5.1% marketshare. Last year produced a combined ratio […]
In a scathing press release, Alberta’s plaintiffs’ lawyers are lashing out at proposed changes to the province’s auto insurance system which would limit the right of those with minor injuries to collect “non-economic” damages.The Alberta Civil Trial Lawyers Association says the proposed regulations, which cap “pain and suffering” awards for soft tissue injuries at $4,000, […]
By Canadian Underwriter | April 27, 2004
Hub International Ltd. has established its 11th “hub”, this time in the Pacific Northwest U.S., with the purchase of Seattle, Washington-based Bush, Cotton & Scott, LLC. The brokerage specializes in general insurance and surety bonding for construction firms in Washington, and is the largest privately-held construction specialist in the Northwest with annual revenues of US$9 […]
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