Claims
British Columbia’s public insurer is reporting a net loss of $7 million for the third quarter of 2001, a sharp drop from last year’s net income of $70 million for the same period.And for the first nine months of the year, the Insurance Corporation of B.C. (ICBC) says it has lost $38 million, as compared […]
By Canadian Underwriter | November 23, 2001
2 min read
Risk
ING Canada and Zurich North America Canada have concluded a deal through which the Dutch financial services company will acquire the latter’s property and casualty personal lines insurance book. In turn, Zurich will renew the large commercial and corporate risks previously underwritten by ING. No value has been attached to the deal, and it appears […]
By Canadian Underwriter | November 22, 2001
Industry
British Columbia’s public insurer has found a new president and CEO following the retirement of Thom Thompspon. Kevin Benson, former head of Canadian Airlines will assume the post at the beginning of the new year.The Insurance Corporation of British Columbia (ICBC) announces the appointment as it heads into perhaps its most difficult period, with private […]
1 min read
In a speech to Australian risk managers, Lloyd’s of London chair Sax Riley says businesses will have to change their approach to insurance in the post-September 11 market. Specifically, corporate clients will need to reassess their insurance buying in light of hardening prices and the potential for coverage to be less available.”Businesses need to conduct […]
Kingsway Financial Services Inc. (TSE:KFS, NYSE: KFS) says it is planning a public offering of 7.5 million common shares, and up to an additional 1.125 million common shares for over-allotments. The shares will be offered in both the U.S. and Canada.The offering will be led by HSBC Securities and CIBC World Markets. A preliminary prospectus […]
By Canadian Underwriter | November 21, 2001
A new poll, conducted by Pollara, suggests that almost one in four Canadians knows someone who has committed personal injury insurance fraud. These results, commissioned by the Canadian Coalition Against Insurance Fraud (CCAIF), go hand-in-hand with an earlier CCAIF study that revealed 26% of all personal injury claims are fraudulent.The new poll also shows 92% […]
With the arrival of the U.S. Thanksgiving weekend, concern is growing over when legislation creating a government-backed terrorism pool will be returned by Congress. The National Association of Professional Insurance Agents (PIA) is adding its voice to the concerns, calling on Congress to pass the bill when it resumes after the holiday.The bill will provide […]
By Canadian Underwriter | November 20, 2001
Manitoba Public Insurance (MPI) has received approval for its 2002-2003 rate structure from the province’s Public Utilities Board. The structure means basic Autopac policyholders will pay an average of $555 in premiums, the same rate paid since 1998.MPI had hoped to offer a rate reduction, but after unexpected high claims, some as a result of […]
Paris-based reinsurer Scor says its premiums are up 45% for the third quarter 2001, with premium income totaling Cdn$4.851 billion. Even without the consolidation of Scor Life Re and Sorema, the company’s premium income was up 25% compared with the same period last year.All of this helps to offset the company’s losses from the September […]
By Canadian Underwriter | November 19, 2001
Broker network consolidator Hub International Ltd. (TSE: HBG) increased net earnings for the third quarter of this year by 71% to $3.2 million compared with $1.9 million made for the same period a year prior. Earnings on a fully diluted basis amounted to 15c a share against 10c a share shown at the end of […]
By Canadian Underwriter | November 16, 2001
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