Industry
RBC Insurance increased premium and deposit income for the third quarter of the group’s financial year by 22% to $536 million compared with the $440 million reported for the same period a year prior. Net earned premiums rose by 27% year-on-year for the latest quarterly reporting period to $423 million (3-Q 2001: $334 million).The insurance […]
By Canadian Underwriter | August 21, 2002
1 min read
Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has entered into a debt financing arrangement of US$5 million (Cdn$7.9 million) with Textron Financial Corp. The funding was arranged through the broker’s U.S. subsidiary Addison York Insurance Brokers LLC for the purpose of acquiring additional property and casualty insurance brokerages.Completion of the debt […]
Despite a rough showing overall for Montreal’s Desjardins-Laurentian Financial Corporation, the company’s p&c unit performed well in the second quarter of 2002.Net premiums for life/health and general insurance were up 9% for the quarter ending June 30, 2002, to $660.1 million from $603.7 million for the same period last year. The company reports growth across […]
Claims
Toronto-based Goran Capital Inc. (TSX: GNC) is reporting dismal results for the second quarter of 2002. For the three months ending June 30, the company suffered a net loss of $8.4 million, worse than the $6.1 million loss in last year’s second quarter. Net loss per share is $1.55 versus $1.05 for the same period […]
By Canadian Underwriter | August 20, 2002
Losses from flooding throughout Europe could reach EUR 1 billion (Cdn$1.54 billion), suggests a report from Swiss Re.Heavy rainfall has led to flooding in the Black Sea region, and through Germany, Austria, Russia, Bulgaria, Romania, Italy, Spain, the Czech Republic and United Kingdom. Thus far, 100 fatalities have been reported, but the flood conditions continue […]
Aon Corp., the world’s largest brokerage, says it has resolved issues with the U.S. Securities Exchange Commission (SEC) over financial reporting. Aon highlighted the issues when releasing its second-quarter 2002 results recently, including such things as reporting of investment impairments and business restructuring charges. The news, combined with the announcement that Aon was putting on […]
Risk
The U.S. government has yet again extended its offering of third party war-risk liability insurance to the country’s aviation industry. The program, put in place following the withdrawal of private insurers from the market after the September 11, 2001 terrorist attacks, will now last until October 16, another 60 days beyond the last deadline of […]
By Canadian Underwriter | August 19, 2002
Continuing poor financials have induced A.M. Best to lower the rating of Quebec-based Optimum General’s p&c insurance subsidiaries. Optimum’s five subsidiaries, previously rated as B (fair) now have a financial strength rating of C++ (marginal).The subsidiaries include Quebec-based Optimum Farm Insurance and Optimum Insurance Company, Ontario’s Optimum Frontier and B.C.’s Optimum West. The action also […]
Just a few short months after taking the post, new Insurance Corporation of British Columbia (ICBC) president Kevin Benson is resigning. In a press release, the public insurance notes that Benson is leaving “to pursue a unique opportunity in Ontario”, beginning in September.In the interim, ICBC chair will take over the duties of president and […]
2 min read
Lea Algar was appointed the chair of the board of directors of the newly created General Insurance Ombudservice (GIO) at the organization’s first meeting. The GIO board consists of seven members, two of which are insurance industry appointees. George Anderson, former CEO of the Insurance Bureau of Canada (IBC) sits on the board along with […]
By Canadian Underwriter | August 15, 2002
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