Risk
From hard to worse. This is the situation facing the nation's brokers as they try to communicate rising premiums to clients, at the same time they are struggling to find markets for their business. From B.C. to Newfoundland the struggles are shaping up as brokers try to place business in a market that seems ambivalent, if not outright hostile, to accepting risks. And all of this turmoil is taking place amidst a changing regulatory playing field.
By Vikki Spencer | September 30, 2002
10 min read
Industry
Despite an encouraging half-year financial return, The Co-operators General Insurance Co. (TSX: CCS.PR.A) saw its net income drop for the second quarter reporting period as claims costs rose. The company’s net income fell to $7 million for the quarter ending June compared with the $11.5 million reported for the same period a year earlier. This […]
September 30, 2002
2 min read
Claims
The Canadian Independent Adjusters’ Association held its annual Conference and Trade Show at the Deerhurst Resort near Huntsville, ON. Amidst the networking opportunities, educational designations were also awarded. Pictured, Rod Palmer of Crawford Adjusters Canada receives his Fellow of the CIAA designation from outgoing CIAA president Keith Edwards. Also receiving the FCIAA were Bob Krywiak, […]
1 min read
Toronto-based Goran Capital Inc. (TSX: GNC) came home with a disappointing performance for the second quarter of 2002. For the three months of the company’s financial year to end June, Goran suffered a net loss of $8.4 million, worse than the $6.1 million loss from last year’s second quarter. The latest loss amounted to 155 […]
A package to reform the 300-year-old Lloyd’s of London insurance market was passed by members, despite opposition by individual names. At a seminar sponsored by Lloyd’s in Toronto just prior to the vote, deputy chair John Coldman called for unity to back the reforms. “We have never regarded standing still as an option. This is […]
3 min read
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U.S. property and casualty insurers rose net taxed income for the first half of this year by 66% to US$4.6 billion compared with the US$2.8 billion reported for the same period a year ago, according to industry data collected by the Insurance Services Office (ISO) and the National Association of Independent Insurers (NAII). Insurers’ net […]
The New York-based Insurance Information Institute (III) is tallying losses from the September 11, 2001 terrorist attacks at US$40.2 billion. The attacks represents not only the largest loss in insurance history, but also the most complex, notes III president Gordon Stewart. “The vast majority of claims for homes and autos have been paid, but commercial […]
Second-quarter results for Western Financial Service (TSX: WES), formerly Hi-Alta Capital, are on track to hit the company’s yearend targets. Revenue is up 21.4% for the quarter ending June 2002 to $7.6 million, versus $6.2 million for the same period a year earlier. Net income rose to $477,662 for the most recent quarter compared to […]
Announcements in Coming Events are run free of charge as a service to the industry. Items should be submitted by the first of the month prior to the month in which the announcement is to appear. To post events online, visit www.canadianunderwriter.ca and click on “Submit Your Event”. WICC Night to Shine Halloween Bash. Toronto, […]
Lorie J. Guthrie Phair has been named president and CEO of brokerage Hargraft Schofield Inc. based in Toronto. Guthrie Phair operated her own family brokerage for 20 years, is a past president of RIBO and past president of the IBTR. Kingsway Financial has named John McGlynn as a vice president working on financial control and […]
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