Industry
The insurance industry has gone through two years of a hard market which started mid-2000 and became more restrictive following the disaster of September 11 of last year. Currently, the tight conditions experienced within the marketplace remain a dominating factor, particularly for managing general agents (MGAs) and program business.
By Bill Star, president of Kingsway Financial Services Inc. | July 31, 2002
5 min read
Risk
Regulators are putting more pressure on insurers for reporting and filing requirements. Companies can complain - or they can respond.
By Glen Piller, president of Iter8 Inc. | July 31, 2002
4 min read
It is evident that the key to improving profitability for insurance operations is reducing capital costs and creating more efficiency in day-to-day business functions. In the paper and regulatory-intensive world of insurance, efficient document management is critical to the business process.
By Sean Allen, director of financial services at Xebec | July 31, 2002
6 min read
With most insurers and reinsurers having completed their second-quarter financial returns, there is a general air of optimism within industry ranks that the “worst is behind” as price firming action taken over the past 12 months begins to filter through to the income-statement’s bottom-line. However, many companies are still experiencing the “sins of the past”, […]
By Sean van Zyl, Editor | July 31, 2002
Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) is withdrawing its initial public offering (IPO) for its U.S. subsidiary Crum & Forster Holdings, citing “current unfavorable market conditions”. Fairfax filed a registration with the U.S. Securities and Exchange Commission in March to offer the common stock. The company also notes that it has netted US$69 million […]
July 31, 2002
1 min read
Royal & SunAlliance is introducing a new specialty operation, “knowledgeworks”, to focus on lines that require expert knowledge and underwriting skills. Billed as “an insurance think-tank” the new operation will largely be “invisible” to the broker and customer, writing business for insurer clients. The first product, yacht insurance, will soon be followed by additional lines, […]
As risk managers converge in Saskatoon for the 27th Canadian Risk and Insurance Management (CRIMS) Conference in September, it is not difficult to predict what will be on their minds. The current market turmoil, including rising premiums, tightening terms and companies exiting lines of business or the market altogether, is causing major headaches for corporate insurance buyers. Hoping to bring insurers, risk managers and business partners together, conference chair Nowell Seaman says there is no more crucial time for networking and discussing the issues at hand than now.
By Vikki Spencer | July 31, 2002
7 min read
Auto
A bill introduced in Ontario’s legislature to create a standard for the collision repair industry is receiving support from the association representing the province’s car dealers. In a press release, the Ontario Automobile Dealers Association (OADA), says the Collision Repair Standards Act, 2002, introduced by MPP Frank Klees will help protect consumers and the environment. […]
Following several years of disappointing underwriting experience, Lloyd’s of London has unveiled a restructuring plan which it hopes will “modernize the market” and create a more comparable financial performance environment with its competitors. Lloyd intends for the market to be operated as a “franchise of businesses” under the directorship of a “franchise board”. The Lloyd’s […]
Gerling Global Reinsurance Co. (GGR) will continue to operate in Canada despite the recent announcement made by the company’s Germany-based parent Gerling Versicherungs Beteiligungs A.G. that the group will be pulling out of the reinsurance business in the U.S., says John Kartechner president of the Canadian GGR. The media announcement, which indicated that Gerling will […]
2 min read
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
