Industry
Specialty auto insurer Kingsway Financial Services (TSE: KFS) continues to see growth in premiums and earnings mid-way through 2001. In a press release, Kingsway CEO Bill Star notes that the company is reporting record profits, earnings per share and premium levels for the second quarter of the year, and in year-to-date totals. Net income increased […]
August 31, 2001
1 min read
Kingsway Financial Services CEO Bill Star (center) rings the opening bell at the New York Stock Exchange on July 11, celebrating the company’s first day of listing on the exchange. Star is joined, at his immediate right, by Kingsway CFO Shaun Jackson. With the listing, Kingsway becomes the first Canadian property and casualty insurer to […]
Claims
Dear Editor, Re: Linden Rees, “Ex Gratia” article (CU, June 2001). In his very first paragraph, Mr. Rees refers to a claim that “may not be covered”. He later states that “highly dubious” claims should not be covered. I beg to differ. Insurers continually broaden coverages and reduce rates to obtain business. When times get […]
Kingsway Financial Services announces the appointment of Frank Amodeo as vice president. Amodeo has more than 20 years experience in the insurance industry, most recently heading up the Canadian branch of Winterthur International. David L. Emerson has been appointed a director to the boards of Royal & Sun Alliance’s five Canadian companies. Emerson is currently […]
After more than 10 years of heated debate and political positioning by various stakeholders, the new federal financial services legislation under Bill C-8 was proclaimed this past June. The new legislation was passed with the all-important block against the banks selling insurance products through their branches - this despite a delay in the bill's delivery due to the last minute general election call in the fall of last year. The fact that banking representatives made it clear before the Senate Financing Committee just prior to the passing of Bill C-8 that they expect financial services reform to be re-addressed incoming years, is a clear sign that independent insurance brokers cannot let up the pressure in their political lobbying campaign, says Ginny Bannerman, incoming president of the Insurance Brokers Association of Canada (IBAC).
By Sean van Zyl, Editor | August 31, 2001
6 min read
In this era of rapid growth and development, technology is the key that unlocks opportunity. Unfortunately, the insurance industry has been slow to adopt technology as a primary tool, preferring instead to simply replace manual tasks with automation, and upgrade the old technology, with new, fast, low-cost systems. It is not that the industry is […]
By Ivor Kaye, Grantech Systems Inc. | August 31, 2001
4 min read
Risk
There has been a great deal of noise in the media about the necessary price hardening of the markets brought about by insurers' poor financial results, but it remains to be seen whether these increasing rates will translate into improved earnings anytime soon. "Given the significant underpricing over the past several years", says one study conducted by A.M. Best, "it is unlikely"
By Andrew Rickard | August 31, 2001
7 min read
Auto
Following last fall’s announcement that Quebec brokerage DiPerno and Associates would be among the first to launch an online sales vehicle, AssureMoi.com president Mark DiPerno says the site will be up and running at the beginning of October. The first stage will offer auto quotes to Quebec customers in both official languages. When the project […]
2 min read
Rehabilitation healthcare costs associated with auto injuries have almost overnight become one of the biggest cost concerns for Canadian insurers. While the dramatic rise in treatment costs has much to do with attempts by the provincial governments over recent years to shift the spiraling healthcare cost burden onto the private sector, the greater injury to insurers lies in the myriad of unregulated service providers operating in the rehab sector and the ineffectiveness of the current "fee-for-service" payment system.
By Ian Campbell and Barbara Sulzenko-Laurie of the IBC | August 31, 2001
U.S., Minnesota- based specialty risk insurer St. Paul Companies has acquired London Guarantee Insurance Co. from Canadian-based Great West Lifeco. Inc. for $125 million. The deal has boosted St. Paul to lead-ranking underwriter of surety business in Canada. The deal was closely followed by an announcement by St. Paul in the U.S. that it had […]
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