Industry
For the first time ever, Lloyd’s of London is reporting it financial results on an annual basis, but the picture is not a rosy one for 2001. With Cdn$4.53 billion (1.98 billion British pounds) losses from the September 11 terrorist attacks, the company’s loss tally for 2001 is Cdn$7.11 billion (3.11 billion British pounds).The September […]
By Canadian Underwriter | April 10, 2002
2 min read
Claims
As expected, U.S. President George Bush used a Monday press conference to tout the importance of a federal backstop for terrorism insurance. In a speech to labor leaders, Bush urged the Senate to pass a bill creating a federal program to offer terrorism reinsurance to insurers, citing lost jobs and stalled construction projects resulting from […]
By Canadian Underwriter | April 9, 2002
Financial services holding company Fairfax Financial Holdings (TSE: FFH) has increased its stake in adjusting firm Lindsey Morden Group. Fairfax has acquired 789,230 subordinate voting shares in Lindsey Morden, with the result that the company now owns all of the 2.2 million outstanding multiple voting shares. Fairfax’s also holds 8.4 million of Lindsey Morden’s outstanding […]
By Canadian Underwriter | April 8, 2002
1 min read
Risk
The U.S. House of Representatives has proposed a bill to extend the limit on third-party liability damages as a result of terrorist attacks until the end of 2003. The bill, put forward by Rep. John Mica, chair of the House Subcommittee on Aviation, continues the limit of $100 million established by law after the terrorist […]
By Canadian Underwriter | April 5, 2002
Sources are reporting that a Monday meeting and press conference scheduled by U.S. President George Bush will see him calling for the federal government to put together a terrorism reinsurance plan. The Washington Post, as well as U.S. insurance industry sources say that Bush, Director of Homeland Security Tom Ridge and National Economic Advisor Larry […]
By Canadian Underwriter | April 4, 2002
Broker consolidator Hi-Alta Capital Inc. (TSE: HIA) saw increased revenue and net income for the financial year ended December 31, 2001, the company’s sixth year of operation.Acquisitions played a key role in the company’s growth, with 9 agencies in 11 communities added to Hi-Alta’s Western Insurance Network last year, as well as the addition of […]
Stan Griffin, formerly the head of the Facility Association, has been selected to replace retiring George Anderson as president and CEO of the Insurance Bureau of Canada (IBC).Griffin began with the IBC in 1975 and rose to the position of vice president of its Ontario region, before moving to Facility in 1999. He returned to […]
By Canadian Underwriter | April 3, 2002
Broker consolidator Hi-Alta Capital Inc. is once more growing its Western Insurance Network (WIN) through acquisition, as well as the establishment of a new office in southeastern Alberta. Six new agencies have been added to WIN with the purchase of Prairie West Financial Group, Gateway Agencies and Chase Canada.Hi-Alta is buying the insurance, investment and […]
By Canadian Underwriter | April 2, 2002
Saskatchewan’s public insurer is the latest addition to class action lawsuits being filed against insurers following the McNaughton v. Co-operators decision.Since the Supreme Court refused to hear Co-operators appeal of an Ontario court decision that says policyholders should be refunded their deductible if their car is written off after an accident and then sold for […]
By Canadian Underwriter | April 1, 2002
Vendor Applied Systems has appointed four new product managers. Dave DeGroot, Shannon Martin, Kathy Polizzi and Tony Villa bring almost 40 years of combined experience to their new roles. Kingsway Financial Services has named James Corcoran and J. Brian Reeve to its board of directors. Corcoran is a lawyer and former superintendent of insurance for […]
March 31, 2002
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