Industry
Alberta-based Western Financial Group (TSX: WES) increased net income for the third quarter of this year by 45% to $516,810 compared with the $356,677 reported for the same period a year ago. This equates to diluted earnings of 2 a share for the latest quarterly reporting period against the 1 a share shown for the […]
November 30, 2003
2 min read
Risk
The Toronto Insurance Conference (TIC) hosted its annual “Black Tie Dinner” at Toronto’s Four Seasons Hotel recently. In attendance were company and vendor representatives, along with TIC member commercial brokers. Guest speaker for the event was Carla Collins, comedian and radio and television personality. ***************************************** Applied Systems Canada Inc. wrapped up its 15th anniversary celebration […]
Auto
The Insurance Bureau of Canada operations at 240 Duncan Mills Rd. are moving to 2235 Sheppard Ave. East, Toronto. Enterprise Rent-a-Car has named Jim Thompson as vice president and general manager of its Alberta group. He has been with the company for 12 years, most recently as regional vice president in North Los Angeles.s. ENCON […]
"Cautious optimism" - would seem to generally sum up the points of view of primary insurer CEOs in looking ahead to 2004. While this year saw the first signs of a profit recovery within the Canadian property and casualty insurance industry - with the premium pool rising by almost a third to reach a staggering $30 billion - the past 12 months also dealt insurers several blows in the form of higher catastrophe losses, rising prior-year adverse reserve developments, a spilling of red ink from the Facility Association, and provincial political intervention on loss-making mandatory covers. The latter, which applies to mostly personal lines auto, remains the greatest concern of insurers as governments have been slow to react with necessary product loss reduction reforms whilst introducing politically-motivated rate freezes. With much riding on the future viability of the auto product, insurer CEOs partaking in CU's annual "strategic outlook" are hesitant to declare the industry "out of the woods" in terms of achieving a healthy and stable marketplace.
By Sean van Zyl, Editor | November 30, 2003
16 min read
When David Simpson took over leadership of the Facility Association (FA) in 2001, the auto insurance industry was on the cusp of difficult times - facing mounting losses and rate inadequacy. Over the past two years, that situation has come to a head, and its impact has been seen in rising volumes and mounting losses for FA, the industry's pool for high-risk drivers.
By Vikki Spencer | November 30, 2003
6 min read
When the market of "last resort" - the property and casualty insurance industry's Facility Association (FA) - begins to show exponential growth, something in the market is wrong...terribly wrong! The FA is presently growing at an alarming rate, with total business of about $1 billion, while losses for just this year have topped $500 million. Ultimately, insurers have to ask just where does the "buck stop".
By Bob Tisdale, President and COO of Pembridge Insurance | November 30, 2003
8 min read
The skies may have been clear over St. Pete's Beach for the annual North American Insurance Conference this fall, but the prospects for the insurance industry are far from bright, speakers told the conference. Insurers are facing a crisis of confidence, with everyone from regulators to raters, and especially consumers, taking a jaundiced view of the industry. And, alarmingly, there are fears the industry may already be sinking back into the soft pricing/writing for marketshare environment that led to its current stormy situation.
Passages: from the French "passager", literally meaning to execute a passage - the insurance industry today is navigating its way through a host of changes, not the least of which is being provided by a constantly shifting legal and regulatory environment. For Canada's mutual insurers, which met recently in Montreal for the annual Canadian Association of Mutual Insurance Companies (CAMIC) convention, some of these challenges take on a unique flavor.
5 min read
Some in the property and casualty insurance industry believe that “price stabilization” could translate into “soft market” as insurers head into a new year. U.S. industry results at this year’s half mark already showed a dramatic reduction in the growth between net written and net earned premiums – suggesting that business is being renewed at […]
3 min read
Kingsway Financial Services (TSX: KFS) has sold its approximate 25% equity stake in USA Insurance Group to BISYS Group Inc. (NYSE: BSG) for a net proceed (consisting of both cash and stock in BSG) of about US$19.6 million. USA Insurance Group is a Florida-based managing general agent (MGA) specializing in commercial automobile lines. Kingsway says […]
1 min read
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