Risk
In the wake of the September 11 terrorist attacks in the U.S., which sparked concerns globally of a reinsurance withdrawal from covering such risks, the Insurance Bureau of Canada has presented a proposal to the federal government that would see the creation of a temporary reinsurance mechanism available to insurers.
By Stan Griffin, executive vice president of regional operations at the IBC | November 30, 2001
4 min read
Terrorism exclusions in Canadian property policies, are they necessary? As the deadline for reinsurance renewals nears, many insurers are looking for alternative solutions to the vexing problem of providing - or not providing - coverage for terrorism related risks.
By Brian Reeve, partner at Cassels Brock & Blackwell LLP | November 30, 2001
7 min read
In 1991, fires raged through the hills of eastern San Francisco, killing 25 and leaving thousands homeless. This travesty cost insurers more than US$1.5 billion. Not since the 1906 San Francisco earthquake set that city ablaze, had the world seen fire losses on such a scale. Just two years later, the Los Angeles area was […]
By Vikki Spencer | November 30, 2001
10 min read
Industry
ING Canada has acquired Zurich North America Canada’s personal lines book of business as well as its commercial business valued at less than $50 million through an integrated cash and “asset swap” deal. In total, ING acquired about $540 million in annual premium from Zurich while the latter received around $80 million in annual “big […]
November 30, 2001
Specialty insurer Kingsway (TSE: KFS) reported record earnings and revenue for the third quarter 2001. Unlike many insurers who have seen abysmal results due to September 11 losses, Kingsway posted net income of $14.3 million, a 47% increase over the $9.7 million reported for third quarter 2000. This translates to record quarterly earnings of 36c […]
1 min read
With the economic recession beginning to eat away at the operating margins of Canadian commerce across all sectors, coupled with the anticipated hike in insurance prices that businesses face for 2002, one of the biggest and immediate challenges facing commercial brokers in Canada is whether or not their clients will survive these building cost pressures, […]
By Sean van Zyl, Editor | November 30, 2001
The ability displayed by the property and casualty insurance industry and other financial institutions in effectively dealing with the events of September 11 testifies to the value of effective risk management and planning, observes Nick Le Pan, head of the Office of the Superintendent of Financial Institutions (OSFI). Speaking at the Insurance Bureau of Canada’s […]
2 min read
Montreal-based B.F. Lorenzetti (BFL) is set to buy a majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted commercial brokerage offices in Halifax and Quebec City. BFL says the acquisition makes it the largest independent commercial brokerage with 132 employees and over $125 million […]
Canadian property and casualty insurers produced a record-low return on equity (ROE) of 1.8% for the first nine months of this year against the 7.4% return achieved a year previous, according to the latest quarterly Perspective financial report released by the Insurance Bureau of Canada (IBC). The dramatic drop in the industry’s ROE is reflected […]
3 min read
Claims
The Co-operators General Insurance (TSE: CCS.PR.A) is showing signs of a rebound, announcing after tax net income of $267,000 for the third quarter to end September 2001. This is a far cry from the same period last year, when the company reported a loss of $3.3 million. This translates to a loss per common share […]
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