Industry
Broker network consolidator Hi-Alta Capital Inc.’s (TSE: HIA) revenue for the first nine months of this year rose by 19% to $17.3 million compared with the $14.5 million reported for the same period in 2000. Net earnings for the latest reporting period rose by an impressive 39% to $674,900 against the $485,600 made to the […]
By Canadian Underwriter | November 30, 2001
1 min read
The Insurance Bureau of Canada (IBC) is increasing pressure on Newfoundland’s government to introduce reform to the province’s auto insurance market after years of escalating losses resulting mostly from personal injury claims.Earlier this year the IBC approached the Newfoundland government with a proposal aimed at curtailing the rise in personal injury claims while at the […]
Despite being among the heaviest hit by the September 11 terrorist attacks on the World Trade Center and Pentagon, and posting a third quarter loss of US$1.07 billion, Munich Re says it will still post a profit for the year.The company was hit not only with September 11 losses, which it confirmed at US$1.84 billion, […]
By Canadian Underwriter | November 29, 2001
2 min read
Risk
Following the September 11 terrorist attacks, the industry has begun to see worldwide consolidation, and this is expected to continue, says PriceWaterhouse Coopers. In its yearend forecast, PWC’s Transaction Services Group says there will be more merger and acquisition (m&a) activity, resulting in fewer companies in the future, but a stronger industry overall.”What happens in […]
By Canadian Underwriter | November 28, 2001
Auto
Innovative Insurance Corporation, a wholly-owned subsidiary of glass repair chain Autoglas Maintenance Inc, is officially set to sell its product in Ontario. The company already offers a stand alone auto glass insurance product with a $50 deductible in Alberta, Nova Scotia, New Brunswick and B.C.The product, in existence since 1995, was originally offered to Autoglas […]
Montreal-based B.F. Lorenzetti (BFL) is set to buy majority interest in Vancouver’s Stewarts Insurance Services Ltd. The move is the latest in an acquisition phase that has netted the 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 in […]
By Canadian Underwriter | November 27, 2001
Lloyd’s of London says its net exposure from the September 11 terrorist attacks is now estimated at US$2.8 billion. This is an increase of 45% over an early estimate of US$1.9 billion.The revised estimate is the result of new property and business interruption claims and increasing reinsurance exposures in light of other insurers increasing their […]
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 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 of $0.06 for the […]
By Canadian Underwriter | November 26, 2001
Canadian insurers brought home a record-low ROE of 1.8% for the first nine months of this year against the 7.4% return made over the same period in 2000, according to latest Insurance Bureau of Canada (IBC) financial data.Net income for the latest quarter fell by 46.7% to $165 million compared with the $310 million made […]
By Canadian Underwriter | November 23, 2001
Home
Following the announcement of a “swap” deal between Zurich and ING, which saw Zurich’s personal lines and small commercial books head to ING, Chubb Canada is announcing it has acquired the renewal solicitation right to Zurich’s non-auto personal lines. The “Preeminence” book is targeted to high-net-worth clients in Ontario, Quebec and B.C.”This transaction will further […]
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