Risk
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. Institute for Catastrophic Loss Reduction Severe Weather Conference. Ottawa, ON. For information contact Tracy Waddington at 416-362-2031 ext. 352 […]
March 31, 2002
2 min read
Industry
Waterloo-based The Economical Insurance Group saw its net income drop sharply in 2001, but managed to escape the year with a profit, and a growth in written premiums.Net income was $3.6 million last year, down from $19.6 million in 2000. Return on equity (ROE) stood at 0.6%, down from 3.0% the year prior. The company’s […]
By Canadian Underwriter | March 28, 2002
Claims
Following a proposal announced last week by Germany to extend existing government guarantees against terrorism and war related losses for the airline industry, the European Commission has voted approval for a 60-day extension to allow the European airline industry to come up with an alternative solution to traditional insurance cover. Existing European government guarantees against […]
By Canadian Underwriter | March 27, 2002
1 min read
The latest acquisition for specialty insurer Kingsway Financial Services (TSE, NYSE: KFS) has passed two hurdles. The purchase of American Country Insurance Company in Illinois has been approved by the state regulator and is being endorsed by the board of parent company American Country Holdings Inc. Kingsway is offering US$2.10 for each common share, US$12 […]
Montreal-based insurer Optimum General is shutting down its Atlantic offices following unacceptable losses in the region’s auto market. The company will cease to write new business and stop renewing policies as of July 1, 2002. Current policies will be honored, with a minimum staff at the Moncton office to handle claims. The Halifax office will […]
By Canadian Underwriter | March 26, 2002
Broker network consolidator Vector Intermediaries Inc. (CDNX: VTE) has sold its Atlantic Canada operation, King Financial Ltd., to Huestis Group for an undisclosed amount. The deal, which is subject to due diligence review and approval by the CDNX, is expected to be finalized by the end of April this year.Huestis is a local brokerage operator […]
By Canadian Underwriter | March 25, 2002
Canada’s insurance regulators have finished a project intended to harmonize and streamline the classes of insurance across provincial borders. There are now 16 classes, reduced from the 50 different types of insurance found overall in various provinces and territories, says the Canadian Council of Insurance Regulators (CCIR). The only exception is Quebec, where there are […]
By Canadian Underwriter | March 22, 2002
Despite a change in public attitudes towards tort reform in Newfoundland, the Insurance Bureau of Canada is continuing to push for changes to the auto insurance system there. In an address to the St. John’s Rotary Club, IBC regional vice president Don Forgeron reiterated the industry lobby group’s position that changes are needed to the […]
By Canadian Underwriter | March 21, 2002
The German government announced today that it plans on extending existing guarantees against terrorism and war losses for its airlines by another 60 days. European government guarantees against such losses expire at the end of March this year.Governmental involvement in airline terrorism risk coverages resulted after the September 11 attacks in the U.S., which lead […]
By Canadian Underwriter | March 20, 2002
In the wake of the Supreme Court of Canada’s decision not to allow an appeal in the case of McNaughton v. The Co-operators General Insurance Company of Canada, similar suits are now being launched in Ontario and Alberta. The case, which involves insurance companies charging a deductible on cars written off following collisions and then […]
By Canadian Underwriter | March 19, 2002
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